GURGAON, India, July 31, 2016 /PRNewswire/ —
– Builds Omni-Channel Experience for Customers Through Online Platform, Mobile App and Customer Support Services
– Receives Positive Response on its Mobile App. Boasts of Customers From Over 180 Cities Within Few Months of Operation
Online financial marketplace, Paisabazaar.com today announced the launch of its mutual funds platform; further expanding its investment portfolio that so far includes Savings Accounts services. This platform has been on beta phase since the past 3 months and is now fully operational, providing access to real time information and impartial advice to consumers as per their requirement. Paisabazaar.com has tied up with most of the leading fund houses to provide the widest of choices for its users. It also plans to further strengthen the investment product portfolio by launching fixed deposits in the coming weeks.
This development comes close on the heels of Paisabazaar.com strengthening its portfolio by venturing into car loans and savings product segment earlier this year; and is in sync with their vision of becoming one stop destination for lending and investment products. Through its mutual funds platform, Paisabazaar.com aims to capitalize on individual investors who seek smaller savings of up to 25 Lakhs, and expand the distribution reach into non-metro and tier-3 towns. In fact, in the brief period that the site and mobile app has been live, the company has received tremendous response from customers from over 180 cities.
Paisabazaar.com has invested heavily in product and technology in order to ensure seamless customer experience. The platform offers complete paperless process for customers who are already KYC verified. They merely have to register, open their account and start investing – all within a few minutes. For customers who don’t have their KYC verified, the platform also offers Aadhar based e-KYC process, a completely online process keeping in mind consumers’ convenience. At the moment, the paperless process is live on the company website http://www.paisabazaar.com and would soon be launched on its mobile app.
Apart from paperless process, the company had also set up instant SIPs on its platform. This allows KYC verified customers to start investing instantaneously, without having to wait for processing of bank mandates, which usually takes around 2-3 weeks. The company aims to develop automated suite of financial management solutions for its customers (popularly known as Robo Advisory). This would help consumers gain perspective on their financial wellbeing and recommend fund options on the basis of their financial goals, current assets and liabilities.
Paisabazaar.com has integrated MF platform with its mobile app in an attempt to facilitate omni-channel experience for customers. This allows customers to compare funds, choose and invest in mutual funds on the basis of their financial goal and risk appetite; with minimal paperwork. Paisabazaar mobile app is currently available on Android-enabled platform and will be available on iOS platform by the end of this quarter.
Commenting on the announcement, Naveen Kukreja, CEO and Co-founder,Paisabazaar.com said, “Investments are integral to every individual’s financial portfolio irrespective of their income and lifestyle; and mutual funds are one of the most effective way to build corpus, given that it offers the flexibility to make lumpsum investment or pay in smaller amount through SIPs. Our platform aims to simplify the process of investing in mutual fund by minimizing paperwork and documentation procedures, thereby promoting mutual funds investment amongst investors.”
India has one of the highest savings rate in the world, with tier-2 and tier-3 cities reporting significant increase in accumulation of income over a period of time. However, most of these savings are in the form of fixed deposits and insurance. Mutual funds industry is yet to make headway in terms of penetrating this segment, owing to limited awareness about its potential as an investment instrument and weaker distribution network. Paisabazaar.com aims to address this gap by reaching out to this untapped segment through its investment advisory platform.
Paisabazaar.com provides access to ease of investing in mutual funds anywhere and at any given point in time. The website offers capability to conclude KYC procedures online post which, customers can transfer funds through the company’s payment gateway and start investing as per their convenience and requirement.
Paisabazaar.com is India’s largest online financial marketplace for investment and lending products. It currently offers all kinds of retail lending products such as personal loans, home loans, loan against property, auto loan, gold loan, education loan and credit cards. It also offers investment products including mutual funds, savings account and fixed deposits (to go live soon) on its platform.
Since its inception in early 2014, the company has marked a staggering growth and now has over 8 million visitors coming to its website each year. Paisabazaar.com currently partners with more than 40+ financial institutions across different categories with 90+ products on offer. It receives 2.5 million enquiries and disbursals of Rs.2000 crore in loans on an annualized basis.
The portal has been recently conferred with Economic Times ‘Best BFSI Brand Award’. Apart from this, Paisabazaar.com has been recognized as an ‘Emerging Brand’ at the prestigious CMO Asia Awards, as well as by Indian Brand Convention.
Paisabazaar is part of Policybazaar group, India’s largest online insurance platform and is an InfoEdge (Naukri.com), Premji Invest, Tiger Global Management, Temasek, Steadview Capital, Ribbit Capital and Inventus Capital Investee Company. The portal specializes in making purchase decisions easy by helping consumers with analysis of insurance products based on price, quality and key features. The portal has been conferred with the ‘Best Financial Website’ award for two years in a row (2013 and 2014) at the prestigious India Digital Awards presented by the Internet & Mobile Association of India (IAMAI). Currently, the website boasts of over 45 million visitors every year and records sale of more than 50,000 transactions a month.
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