Financial listing startup BankBazaar on April 6 announced the plan to expand its portfolio starting with mutual funds. The company will use its proprietary technology to provide its retail customers with customized profile-based suggestions on 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.
“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”
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.
Source: The Economic Times
