India's largest financial marketplace for loans and credit cards Paisabazaar.com on Tuesday announced a first of its kind strategic partnership with YES BANK, India's fifth largest private sector bank.
This is for the first time in the industry that a large financial marketplace has entered into a unique customer level alliance with a bank to offer conditionally approved loans to their existing customers.
As part of the alliance, YES BANK will help Paisabazaar.com through the Bank's advanced analytics and data mining capabilities to offer Paisabazaar.com customers with customized and conditionally approved offers across YES BANK's retail lending products.
This partnership would allow Paisabazaar.com customers to avail retail lending product offering from YES BANK without having to go through cumbersome paperwork process or visiting lender's office. This is being offered through a mix of using Big Data, Bureau performance and Internal analytics and digital innovations. YES BANK and PaisaBazaar.com aim to make the process of availing a loan easy and seamless and act as a one stop financial solution provider for all retail lending needs of the customer.
"Since inception, YES BANK has been a pioneer in using technology and innovation to revolutionize the Banking experience in India. We are glad to partner with Paisabazaar.com, and are committed to providing a delightful customer experience based on our strengths in Customer Analytics and Big Data to offer a personalized banking solution to all customers," said senior group president, branch and retail banking YES BANK, Pralay Mondal.
"Through tie-ups with the country's top-most banks and financial institutions, we are ensuring that customers with varied profiles and needs have a wide range of products to choose from on the Paisabazaar platform," said co-founder and CEO Paisabazaar.com, Naveen Kukreja.
"We are excited to tie up with YES BANK, with whom we share a similar vision of providing customers with customized personal finance solutions through digital innovations. By offering YES BANK pre-qualified retail products, we are together ensuring that customers meet their lending needs in the best and quickest manner possible on the Paisabazaar platform," added Kukreja.
Conditionally approved loans are offers made basis customers declaration. The final offer will be made post submission of the Application form.
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