By Tricitynews
Chandigarh 25th May:- BankBazaar.com, India’s leading financial marketplace, attributes a six fold
increase in traffic coming from Tier-2 and Tier-3 cities of India over the last
two years as a key driver for its growth. According to the company, the rise in the number of people accessing the internet over mobile
phones has facilitated this in a big way. Currently, mobile phones account for
as much as 70% of the total traffic to the site, up from 50% in 2016.
The biggest
rise in the number of people accessing personal finance digitally happened in
the final quarter of 2016-17. The traffic from Tier-2 and Tier-3 cities saw an
86% increase on a quarter-on-quarter basis post demonetization. Moreover, the
contribution from these markets comprising more than 1300 cities has increased
to 43% in 2018 from 26% in 2016. These cities include Agra, Vishakhapatnam,
Dibrugarh, Siliguri, Bathinda, Aurangabad, Dhanbad among others.
Pointing out the
increasingly pan-India growth, Adhil
Shetty, Co-founder and CEO, BankBazaar, said that we are happy
that we are setting a positive example in the story of India’s digital journey.
The increase in the traffic from the tier-2, tier-3 cities shows the extent of
influence digitization is making with more and more people getting access to
financial services on their finger-tips. The fact that customers are adopting
the new-age banking methods gives immense scope for players like us to provide
services that are quick, efficient, and innovative.
The main growth driver
for BankBazaar has been the paperless process which reduces the time required
for the approval of unsecured credit products as little as one business day.
The coupon programmes that made applying for financial processes as exciting as
shopping were an additional attraction for customers across demographics.
The rise in the
contribution of the tier-2 and tier-3 cities made significant impact on the
overall traffic as well. Traffic has grown by 350% from 2016 to 2018, and in
the final quarter of 2016-17 alone, the overall traffic shot up by 52%. This
percentage increase in the traffic makes our overarching aim of reaching 400
million visits by FY19 a near future scenario.
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. It closed the last quarter (December-February) with 90M
visitors. The company raised USD 110M through funding from investors such as
Amazon.com, Experian, Fidelity Growth Partners, Mousse Partners, Sequoia
Capital and Walden International.
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