India's largest online lending marketplace Paisabazaar.com announced on Wednesday it has helped customers open over 2 lakh savings accounts through its platform in 2017-18.
Paisabazaar.com launched savings accounts on its platform in mid-2016. Currently, it partners with IDFC Bank, IndusInd Bank, Kotak Mahindra Bank, DBS, Axis Bank, Deutsche Bank, Citi Bank and YES Bank.
Paisabazaar.com helps customers choose and open savings account according to their needs, in less than five minutes through a completely digitized process, without the need to visit a bank branch.
The organisation says it plans to open seven lakh savings accounts in the next financial year.
"While Paisabazaar.com was launched as a marketplace for lending products, in the last two years we have diversified our product suite to meet all personal finance needs of a retail consumer. Our savings account business has witnessed a 300 percent growth since launched. The range of savings accounts on our platform helps us cater to various customer segments coming to our platform and meet their diverse needs," said CEO and co-founder, Paisabazaar.com, Naveen Kukreja.
"IDFC Bank is committed to innovation and technology to make our products and services simpler and more accessible. Our partnership with Paisabazaar.com is yet another step towards delivering world class banking solutions to our customers," said CMO, IDFC Bank, Vijay Ramchandran.
"We, at IndusInd Bank, believe at our core that we want to deliver seamless convenience to our customers through process and product digitization. We are excited about the partnership journey with Paisabazaar.com in delivering world class banking solutions to customers," said head savings, Digital and Payments, IndusInd Bank, Ritesh Saxena