- BBazaar is an India-based platform that just launched in Malaysia.
- It collects the information from different loans, credit cards and insurances and puts it all in one place with user-friendly comparisons.
- Even buying and applications can be done on the platform itself.
BBazaar Malaysia, a one-stop online comparison platform for information about credit cards, loans (ranging from personal to car), and insurance, launched in Malaysia in March 2018.
It’s now part of a Malaysian market spearheaded by the likes of CompareHero, iMoney, and RinggitPlus.
Since their launch, they’ve recently added a feature on their site that allows end-to-end fulfillment for applications. This means that users can complete loan and credit card applications on their platform without having to go through any third parties.
It has the support of our local regulatory authorities, and integration with its local bank partners.
They built this platform thanks to a mutually beneficial relationship with banks and financial institutions.
BBazaar thinks that they’ve built a more customer-centric solution, but thinks that it can offer value to banks too.
“For a number of players, customer experience initiatives are still in their early stages,” said a BBazaar Malaysia representative.
“With an outside-in view of the industry, BBazaar has been able to identify customer pain-points and build customer-centric solutions that fill the gaps in traditional banking models. We can also move fast and leverage new technology as [we] are not encumbered by the baggage of legacy systems.”
This, they think, is an opportunity rather than a threat to banks who can just hop on board instead of having to update their established systems.
The digital revolution has changed the game for banks everywhere, and users now have a higher need for an immediate, yet personal experience which BBazaar thinks it can offer.
Banks can get with the times and reply to these expectations without having to overhaul their entire system, and users get to have their options laid out for them in one page, with a detailed guide at the bottom of what it all means.
“We believe in a simple and hassle-free process when it comes to everything banking. We are obsessed with simplicity and we want to make sure this core principle stays solid,” said BBazaar Malaysia.
Of course what will really make or break this platform in Malaysia would be the number of users it actually gets. After all, banks really have nothing to lose by getting listed on the platform, and any cuts that BBazaar Malaysia might take could have gone to a third-party sales person instead.
But what is interesting is that when we tried to compare credit cards on BBazaar versus its competitors, all of them provided different options. Perhaps this means that the best way for users to actually see most of the options available for them is to browse as many as possible.
In my opinion, this is a positive movement. Everyone has got to start somewhere when it comes to learning about insurance and credit cards, and being able to see differences and benefits helps more of us to make better financial choices in Malaysia—as long as the platform doesn’t favour one provider over another.
- You can check out the BBazaar Malaysia website here.
- To get a breakdown of credit card comparison websites in Malaysia, you can check out our previous article here.
Feature Image Credit: BBazaar
