Simplifies Mutual Investments with five minutes transaction timeframe
January 3rd, 2017: BankBazaar.com, India’s leading financial marketplace, today announced the launch of its paperless and presence-less Mutual Fund(MF) platform. It facilitates Mutual Funds online where investors are enabled to evaluate, select and purchase the product within minutes. Compliant with SEBI norms, BankBazaar’s MF platform has OTP-based eKYC process which makes investment instant, paperless, and presence-less. The launch of the mutual funds rounds off the credit and savings product offerings from BB with a wealth creation product. SEBI currently permits investment of Rs.50000 in a financial year per Asset Management Company for investors using Aadhaar based eKYC using OTP based authentication.
Presently, BankBazaar’s MF platform is offering mutual fund products on one-time investment model. Soon, BankBazaar’s MF platform will present mutual fund products of all major fund houses and include monthly investment SIP option by the end of this quarter. The platform is based on advance technology to provide real time portfolio options to customers based on their current financial profile. The search results are optimized based on the inputs provided by the customer and consist of funds that have fared well in a long-term performance analysis.
In addition, BankBazaar will offer a personalized dashboard that will allow customers to track all their investment at one place. Customers can also invest more or redeem anytime through this dashboard. With this instant customization option, BankBazaar.com has de-jargonized the entire mutual fund purchase, making it simple especially for new investors.
On the occasion launching the MF platform, Ajit Narasimhan, Head- Savings & Investment categories, BankBazaar.com said, “MFs allow for goal-oriented wealth creation. As an inflation-proof investment that can be invested in both debt and equity asset classes, MFs provide varying degrees of returns for customers across all levels of risk appetite. With interest rates trending down and demonetization, investment avenues such as Fixed Deposits are also delivering lower returns. So this instant paperless presence-less MF product by BankBazaar with a simplified application process and portfolios for everyone from the highly risk averse to the more adventurous investor is the right product to fill the gap at the right time.”
BankBazaar has the widest range of financial products under its umbrella from over 85+ of the biggest public and private sector banks, NBFCs and other financial institutions in India. It gets an average of 10 million visitors per month. The company raised USD 80M through its funding from investors like Amazon, Fidelity Growth Partners, Mousse Partners, Sequoia India and Walden International.
BankBazaar.com, ranked as the best financial website in India by the Internet And Mobile Association of India (IAMAI) and as the best emerging brand by CMO Asia, is India’s first neutral online marketplace that gives you instant customized rate quotes on loans, credit cards or any other personal finance products. It simplifies the loan application process. Anyone can instantly search for tailor-made offers, compare, customize it as per his or her need or profile and apply for their finance products. It is designed with smart technology capabilities and over 50 of India’s leading financial institutions have chosen to integrate themselves with the platform. For the online consumer today, banking is as easy as shopping for anything online. What’s more, BankBazaar’s services are completely free!
BankBazaar.com services are available through the web-portal, made-for-mobile web service, or the BankBazaar app available on the Android play store and iOS app store. It helps consumers compare best offers across various banks and NBFCs. Apart from these, it gives the consumer the latest news/trends and insights into managing finances better. The consumers can track their application and troubleshoot issues in the process through a host of channels like the BankBazaar app, WhatsApp, Email, Voice-support etc.