Business Today

Adding It Up

Online aggregators are doing much more than connecting the customer with the service provider. Their future depends on ability to keep innovating.

People in need of funds are often not aware which financial institution will lend to them. They also do not know factors that impact their loan eligibility. As a result, most approach the wrong institution, only to have their application rejected, which further hurts their chances of getting a loan in the future. It is things like these that are driving demand for financial services aggregators such as Rubique, Loanadda, BankBazaar, Loanwala and Deal4loans which have built a marketplace for customers to search, compare and buy financial products. These offer products from the biggest banks, non banking finance companies, or NBFCs, insurers and fund houses covering credit, protection and investment needs for every life stage. The aim is to ease customers' financial journey by reducing documentation and processing time by making the entire process paperless. For example, at BankBazaar, a leading player, a borrower can complete the entire application, documentation and verification process online and get his loan

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