BankBazaar Review: One-Stop Shop or Clumsy Mess?

The Indian populace has been historically oblivious towards its financial well-being, with various financial instruments being overlooked or misused. Over the years, however, things have changed.

Take credit cards, for instance. This form of plastic money has seen a massive influx, whether it is in terms of the number of cards issued, the number of transactions or the value of transactions. As of April 2023, the total number of active credit cards in India has reached a whopping 86 million, yet only 4% of the Indian population above the age of 15 owns a credit card.

With insurance, the “life” segment alone is expected to grow at a CAGR of 12.5%, going from ₹9.0 trillion in 2023 to ₹14.5 trillion by 2027 in terms of Gross Written Premiums. This shows a growing favour and awareness towards the financial product in the country.

So, with a market booming at such a meteoric pace, it is only natural that players wanting to capitalise on this growth would prop up. Various banks and NBFCs have emerged in the sectors, providing a bouquet of services to the public.

While the ability to choose the most suitable product is a benefit for the consumers, it also leads to a new problem; the problem of choice. There are too many providers of these financial instruments, and people often end up confused. This is where comparison platforms and the subject of today’s article, BankBazaar, step in.

About BankBazaar

BankBazaar is a leading online marketplace that offers a wide range of financial products and services to its customers. Founded in 2008, BankBazaar has quickly become one of the most trusted and reliable platforms for comparing and purchasing financial products such as loans, credit cards, insurance policies, and investment options.
So, whether you are looking for a personal loan, home loan or credit card, BankBazaar makes it very easy for you to find an appropriate loan at the lowest possible rate. The platform boasts over 100 banks and NBFCs on its website, allowing users to compare products from multiple lenders before choosing which one suits them best.

Loan Comparison on BankBazaar

BankBazaar offers a comprehensive loan comparison service that allows users to compare various loan options from different banks and financial institutions.

Lenders can compare different loan options based on various criteria like interest rates, loan amount, repayment tenure, and other factors. BankBazaar also provides users with tools such as loan EMI calculators, eligibility calculators, and loan balance transfer options.

Credit Card Comparison on BankBazaar

BankBazaar also offers a credit card comparison service that allows users to compare different credit card options from various banks and financial institutions.

Users can easily compare different credit card options based on features such as rewards, cashback offers, annual fees, and interest rates. BankBazaar also provides users with tools such as credit card eligibility calculators and a dedicated tool to help find the most suitable credit card for you based on your employment, geographical location, income level and more.

Insurance Comparison on BankBazaar

BankBazaar offers a comprehensive insurance comparison service that allows users to compare various insurance policies from different insurance companies.
It's easy for users to compare different insurance policies based on their features like coverage amount, premium amount, and policy duration. BankBazaar also provides users with tools such as insurance premium calculators and insurance policy renewal options.

Investment Options on BankBazaar

BankBazaar offers a wide range of investment options, such as mutual funds, fixed deposits, and savings accounts.

The Investment segment of BankBazaar’s website is more of a glossary than a tool when it comes to the “Mutual funds” section of the page. The compare features are only available for the fixed deposits and savings accounts segments, where the interest rates provided by various banks are presented.

BankBazaar Competitor Analysis

While BankBazaar has a wider variety in terms of offering to its users, dedicated platforms with honed-in offerings do a better job at meeting targeted customers. This is why BankBazaar faces competition from other online marketplaces such as Paisabazaar and Policybazaar.

Paisabazaar and Policybazaar cater to their audience with debt and insurance products. Paisabazaar and Policybazaar both have clean interfaces, with Paisabazaar allowing users to handle their credit through their platform. This is a feature that is missing on BankBazaar’s website.

BankBazaar finds another competitor in Select by Finology. Where Paisabazaar limits its offering behind a phone number-demanding webpage, all the cards on Select by Finology, along with their details, are available for everyone to see.

Presently, Select has 60 credit cards on its webpage as a part of its new credit card vertical. Select also has a broker comparison segment that ensures that you do not just spend your income on credit cards, but also use the same to generate wealth for yourself.

Pros and Cons of Using BankBazaar

While BankBazaar is a customer-facing platform meant to ease the process of selecting a financial product, there are certain flaws in the platform too. Here is a list of both the good and bad about the webpage.

Pros:

• A comprehensive range of financial products and services
• Dedicated card discovery tool
• Simple and intuitive interface
• Mobile-friendly website

Cons:

• Limited coverage of smaller banks and financial institutions
• Limited investment options compared to dedicated investment platforms

The Bottom Line

I personally think that if I went looking for one financial product, say, a credit card and got bombarded by insurance and mutual funds offerings along with it, I would not be too big on using the website. There is a sensitive balance between variety and clutter, I suppose.

While the content on BankBazaar definitely adds value to its users' lives, it could benefit from a cleaner user interface.

Overall, BankBazaar is a great platform for comparing and making informed decisions before purchasing financial products and services. With its comprehensive range of products, BankBazaar is a one-stop shop for all your financial needs.