BankBazaar.com to enter investment market with Mutual Fund products
BankBazaar.com, India’s leading financial website, today announced the plan to expand its portfolio with investment category, starting with Mutual Funds in Q1 of FY 16-17.The company will use its proprietary technology to provide its retail customers with customized profile-based suggestions on Mutual Fund schemesthrough its online platform.BankBazaar.com plans to offer Mutual Fund schemes from select asset management companies.
“With the largest range of Credit, Savings, and Insurance products, Investment is the next natural step for us”, said Adhil Shetty, BankBazaar co-founder and CEO. “Investments are a crucial part of the financial portfolio, and Mutual Funds are an important vehicle for investment, especially for retail customers, because of their small investment factor, periodicity, and ability to create long-term wealth. With our proprietary research and technology, BankBazaar.com aims to provide unbiased suggestions and bridge the gap between the retail customer and an investment of their choice.In time, we hope to build an automated system that would make the entire process completely paperless”.
For BankBazaar.com, Mutual Funds were the first choice for the investment category and the company looks at Mutual Funds as not a type of investment but as a vehicle for investment.This is because Mutual Funds give retail customers the freedom to make smaller and periodic investments across multiple investment categories of their choice at reduced risk. For retail customers, Mutual Funds can be a complicated and often very technical topic. BankBazaar.com has always tried to simplify the consumption of personal finance. Working on the same belief, the company has strategies in place to declutter the Mutual Fund market and make it easy for their customers to understand the nuances. Taking on the role of ‘Robo-advisors’, the company has developed a proprietary research methodology based on their own qualitative and quantitative research. Customers will not be bombarded with all available schemes, and offers are selected and displayed based on the customers’ financial profile and preferences.
“Equity Mutual Funds are ideal investment vehicles because of their ability to beat inflation; they should be a part of every salaried individual’s savings portfolio. A paperless investing experience will play a significant role in meeting this objective. Bankbazaar.com will aim to drive investors to invest with a long term horizon that is greater than 5-7 years”, said Ajit Narasimhan, Head of Savings & Investment categories at BankBazaar.com.