BankBazaar ties up with Truecaller for frictionless registration
BankBazaar.com, India’s leading personal finance marketplace, announced a tie-up with Truecaller – the Swedish smart-calling app. With this association, BankBazaar users can now log on to the platform through their Truecaller credentials instead of Facebook or Google for a quick and frictionless registration experience. For banks and financial companies partnering with BankBazaar, this means applicants whose applications they receive are vetted twice over – once by Truecaller and once by Bankbazaar – so that only genuine customers reach them.
BankBazaar, which recently launched completely paperless processes for availing loans and credit cards from select partners, understands the importance of a frictionless experience when it comes to product purchase, and this integration with Truecaller is expected to further ease the users’ financial journey. Explaining the strategy behind the tie-up, Rati Shetty, CPO, BankBazaar.com said: “At Bankbazaar.com, we value a simplified, friction-free, smooth, and efficient customer experience above all else. Our integration with Truecaller enables convenience in the experience so user does not need to go through a manual form filling process but simplifies the process via Truecaller’s one-click login to speed things up.”
Headquartered in Stockholm, Sweden, Truecaller was founded in 2009 by Alan Mamedi and Nami Zarringhalam. Truecaller’s main features and services include caller ID, spam blocking and dialer functionalities. By tying up with Truecaller, BankBazaar is adding another verification layer for its customer base that shops for personal finance products over its platform. Truecaller has more than 130 million users in India. If an applicant for a financial product is vetted by this database, the chances that they are spammers come down drastically. This is an added incentive for the BankBazaar’s partner financial companies, as it improves the quality of applications by making them easier to verify.
Commenting on this Priyam Bose, Director of Worldwide Developer Relations at Truecaller, says, “Minimising friction is a critical metric, especially during user on-boarding in mobile apps, which leads to user delight and deep engagement apart from propelling growth. Truecaller’s TrueSDK has become the right fit for users and app businesses alike in fulfilling this critical need with its flexible and one touch phone number based sign in. With BankBazaar, we are truly committed to offer a smooth and trusted user registration experience for millions of users.”
BankBazaar.com hosts the widest range of financial products from over 50+ of the biggest public and private sector banks, NBFCs, and mutual funds players in India. It gets an average of 7,000,000 visitors per month. The company raised USD 80M through funding from investors such as Amazon.com, Fidelity Growth Partners, Mousse Partners, Sequoia Capital and Walden International.