Customers Increasingly Preferring Ease of Paperless Finance: BankBazaar

BankBazaar, India’s leading online financial product marketplace, saw a 2X jump in visitors in the first six months of the FY19 compared to the same time last year. In the first six months of FY19, BankBazaar has seen 190 million visitors, up from 96 million visitors in the same period last year.

This growth was fueled by a 123% year-on-year increase in the number of visitors from non-metro cities as more and more people across geographies and demographies prefer to purchase financial products online. Non-metro cities such as Pune, Ahmedabad, Jaipur, and Lucknow were the trendsetters.

BankBazaar’s value proposition of a seamless, friction-free financial purchase process, supported by exclusive offers, resulted in an 87% YOY increase in the number of returning users to the site. Today, 31% of the total users of the website are returning users. Also, the number of new users of the site has grown by 60% compared to the same period last year, contributing to 69% of the total users.

Adhil Shetty, co-founder and CEO, BankBazaar, said, “Increasingly, customers are preferring the ease of Paperless finance that helps them access options which were unavailable earlier. 90% of the customers that financial institutions get through BankBazaar today are also new to them. Riding on this wave, we are experiencing fresh growth in visitors from non-metro cities, even as metros continue to show a sharp surge in online buying of financial products. With the festive season followed by the new year, we are confident that the next six months of FY19 will yield even better results and consolidate our position as the top player in the financial services sector.”

BankBazaar’s data shows that Eastern India, which has taken its time to adopt Fintech, is catching up fast. East and North both have clocked 112% YOY growth in the number of visitors accessing the site. BankBazaar’s strongest markets, Southern and Western India, showed steady YOY growth in the number of customers accessing the site. Compared to the last year, visitors from the South and West grew at a rate of 98%.

BankBazaar hosts the widest range of financial products from over 85 of the biggest public and private sector banks, NBFCs, and insurance companies in India. The company raised USD 110 million through funding from investors such as Amazon, Experian, Fidelity Growth Partners, Mousse Partners, Sequoia Capital and Walden International.