In keeping with BankBazaar’s mission to help customers access the right financial product, the paperless initiative makes financial products more easily accessible to the customer, with a faster turnaround time.
The paperless initiative is an innovative step in Fintech that will underscore our commitment to making finance easy for everyone.
Paperless financial services that use the e-KYC process and eSign technology will allow customers with mobile phones to review, apply and gain access to various financial products.
There are numerous advantages of adopting a paperless financial process. These include low operating costs for the partner banks and minimal risk of frauds. There’s more. Paperless submission of necessary documents prevents forgery of the documents. Going paperless also reduces the chances of mis-selling financial products because the process promotes transparency. When we say going paperless means reduced costs, it could be 2-3% for banking products and as much as 20-30% for insurance products. Sounds good, right?
The paperless initiative spearheaded by BankBazaar promises banking partners a smoother loan approval process, without the rigmarole of having to scrutinise the authenticity of a long list of documents submitted by customers for verification. The document verification process is eliminated as the paperless process pulls valid identity and address proof from authenticated sources via a centralised repository, such as Aadhaar.
Additional Reading: How To Get An Aadhaar Card
In today’s corporate world, where time is of essence, since the process is managed through a technology platform, several transactions can be processed in half the time.
All you, as the customer, are required to do is give permission to BankBazaar to access your documentation for verification from an online repository. This makes submission of documents by you completely hassle-free. Who said anything about piles of paperwork? No more. What’s more, you can avail loans and financial products much faster and save on the cost too.
Ready to jump on the bandwagon and go paperless?