The number of consumers who research and shop for financial products online is growing steadily, according to bankbazaar.com.
In the last three months, 74 per cent of consumers from the top 10 cities who took loans from financial institutions researched for details online, as compared to only 46 per cent a year ago, said Rati Rajkumar, Chief Product Officer, bankbazaar.com, quoting an independent study commissioned by it.
The number of consumers who searched for financial products on its Website tripled during this period.
According to Rajkumar, these products include housing, mortgage, personal and car loans, housing loan transfers, and credit cards.
On an average, bankbazaar gets 1,000 applications a day. Of this, “with over 40 per cent share, credit cards lead the pack, followed by personal loans (25 per cent), while housing loans and all others account for the rest,” she said.
Quoting the study, she said over 30 per cent of the online consumers searched for offers from banks apart from the one in which they have their accounts. Bankbazaar, a leading player in the online financial products market space, currently has 22 leading financial institutions such as public and private sector banks, and non-banking finance companies.
It provides a platform for consumers to compare various products offered by these institutions with features including interest rates, processing fees and other charges. It also shortlists the best deals according to the consumer’s requirement.
Parul Shrivastava, Manager-Brand Marketing, bankbazaar, said it also proposes to introduce investment products soon to make the platform comprehensive.