BankBazaar launched its paperless Mutual Fund platform enabling customers to facilitate Mutual Funds (MFs) online where investors can evaluate, select and purchase products in a few minutes. In addition to being paperless, the process also presence-less and being an OTP-based eKYC process, it makes it investment instant and is compliant with SEBI norms. The launch of the mutual funds rounds off the credit and savings product offerings from BB with a wealth creation product. Using Aadhaar based eKYC in OTP based authentication; SEBI currently permits investments of Rs. 50,000 in a financial year per Asset Management Company.
Speaking on the launch, Ajit Narasimhan, Head- Savings & Investment categories, BankBazaar.com said, “MFs allow for goal-oriented wealth creation. As an inflation-proof investment that can be invested in both debt and equity asset classes, MFs provide varying degrees of returns for customers across all levels of risk appetite.
Currently the platform offers products on one-time investment model and is looking to include MF products of all major fund houses, including monthly investment SIP options by the end of the quarter. Using technology, the platform will provide real time portfolio options based on customers current financial profile. Inputs provided by the customer are used to optimise the search results and suggest funds that have performed well in a long-term perform analysis.
Ajit further added, “With interest rates trending down and demonetization, investment avenues such as Fixed Deposits are also delivering lower returns. So this instant paperless presence-less MF product by BankBazaar with a simplified application process and portfolios for everyone from the highly risk averse to the more adventurous investor is the right product to fill the gap at the right time.”
Looking to de-jargonise MF purchases and simplify it for new investors, BankBazaar will offer a personalised dashboard allowing customers to track all their investments and add to it or redeem it at any time.
BankBazaar claims to have 85+ of the biggest public and private sector banks, NBFCs and other financial institutions in India. Through funding from investors like Amazon, Fidelity Growth Partners, Mousse Partners, Sequoia India and Walden International, the company has managed to raise USD 80 million.