Member Interview : Bank Bazaar

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BankBazaar (https://www.bankbazaar.com/) was established in 2008 as India’s first neutral online marketplace that offers end-to-end instant services across leading financial institutions of India covering loans, credit cards, and insurance products. Supported by global investors, the goal has always been to deliver a marketplace that can help users access the right financial product by harnessing mobile technology to deliver paperless transactions. The company offers the largest number of financial products in India from more than 75 partner organizations over a highly secure, user-friendly, and intuitive platform.

Apart from India, BankBazaar commenced operations in Singapore in 2016. (https://www.bankbazaar.sg/)

 

 

Who are your peers in Asia

No one has a marketplace offering like ours. The closest would be CompareAsia, EnjoyCompare and SmartMoney.

 

What do you wish you’d have known 3 years ago that you know now

It takes a lot more patience than we thought to get started and succeed in a new market.

 

How do you differentiate yourself from your competitors

Our marketplace concept is in itself a differentiator.

 

BankBazaar uses an extremly powerful technology platform to make the process of obtaining financial products, like loans and credit cards, simple, paperless and digital. We have simplified the comparison process to get you an exact quote within seconds.

Our smart technology platform will, within a few seconds, show the relevant offers for loans and credit cards, after customising it as per your eligibility. It takes minutes to choose and submit an application. (Just as you’d buy an airline ticket online without a “convenience fee”, of course!).

 

If you sold your company today, what would you like to gain and want to avoid losing

Gain – a partner who has a similar vision of changing the landscape and providing customer value.

Avoid losing – Our technology base and employees.

 

How would your company maintain the culture of innovation as the business grows bigger

Our experience tells us that the following works:

  • Maintaining an ‘easily identifiable’ company culture – we do this by writing down the values for people to know and use a storytelling approach to talk about the journey among our team.
  • Provide exposure opportunity to employees by allowing them to participate in industry driven events.
  • Conduct competitive internal events to encourage innovative thinking.
  • Focus on hiring the best talent in the market.

 

What kind of person would succeed in the startup space?

Someone who has the capacity to think big but still execute all the smallest matters – all of this while ensuring that the business economics is viable, if not now, in the near future.

 

What advice would you offer to any soon to be startup founder

Doing anything without giving it your all is really not worth it. Also, get people to work with you and not for you.

 

In your opinion, what are some pain points that are not being addressed by the market in the Fintech space

  • No solution available that provides an end-to-end and paperless way to obtain a financial product like loan, Insurance, credit card etc.
  • Banks consider fintech companies as competition rather than partners.
  • Slow progress to digitize KYC, which will open up opportunities to improve financial services to customer.

 

When it is all over, how would you like to be remembered?

We changed the way consumers purchased financial products by creating a paperless and digital solution.

 

In one word, describe yourself

Customer-centric.

 

In one word, describe LATTICE80

Hub!

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