BankBazaar.com, India’s leading financial marketplace, has launched the world’s first multi-brand, paperless e-KYC platform for instant loan approval. This eliminates the need for physical document submission for loan approvals through the company’s online platform. Currently launched for personal loans and car loans, customers can now choose Instant Approval products with 1 business day approval from different lenders.
Speaking about the launch, Adhil Shetty, CEO, BankBazaar.com said, “We are happy to present BankBazaar Paperless stack, the world’s first multi-brand, and paperless e-KYC platform for instant loan approval. We, along with our partners, have been working towards this moment where we take the loan application process completely online and paperless. Today, BankBazaar is the only platform that provides customers with instant approval from multiple brands at the fastest speed. This is the first step in moving away from paper-based documentation to a more inclusive, convenient digital setup. This pioneering step promises to increase customer satisfaction and decrease operational costs for the banks.”
Part of a proprietary infrastructure stack, the Bankbazaar Paperless Stack is the first such infrastructure from an Indian Financial Services company that can provide paperless authentication in a completely device agnostic manner across products from multiple brands enrolled under this program. Especially aimed at salaried people from across the country, this initiative allows customers to fast track personal loan and car loan applications by uploading bank statements through net banking. This makes the documentation process completely paperless for the first time and pulls down the loan sanction time to as little as one business day.
Gautam Mago, Managing Director, Sequoia Capital India Advisors Pvt Ltd says : “This launch is yet another proof of the world-class technology BankBazaar is developing. It is not only pioneering but also adaptable and globally scalable. We are delighted that the company has brought about a number of technology breakthroughs in the Indian financial services industry.”
“The launch of paperless platform for loans is a great example of how the management is focused on building strong technologies for the long term. This product is a first in India. BankBazaar is well poised to launch a single-destination digital platform that will cater to its customer’s needs for a range of all financial services”, said, Abhijeet Muzumdar, Head of Corporate Development, Amazon India.
To spread awareness about the new feature, the company has also launched a flash sale from 8 September 2016 to 5 October 2016. The sale would cover personal loan and car loan products exclusively from the enrolled partners and offer rewards and vouchers of up to Rs.5000 on successful disbursal of the loan.
“BankBzaar’s PaperLessStack technology will greatly improve the customer’s online journey when applying for a loan. The initiative is in line with Tata Capital’s own vision of going digital. Tata Capital has been focusing on optimizing its digital processes, and this technology through our partnership with BankBazaar, will be a boost to this endeavor.” Said, Veetika Deoras, COO – Digital Vertical, Tata Capital.
BankBazaar has the widest range of financial products under its umbrella from over 50+ of the biggest public and private sector banks and NBFCs in India. It gets an average of 7,000,000 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.