Companies

BankBazaar to add 600 new hires to support growth and expansion in FY22

Sangeetha Chengappa Bengaluru | Updated on April 22, 2021

The company will hire across tech, product, operations and customer service domains

BankBazaar.com, the free credit score provider and online financial product marketplace, plans to ramp up its 1,000-plus workforce with 600 new employees to support growth and business expansion in FY2022.

The company will hire across technology, product, operations and customer service domains as it looks to expand its digital KYC and analytics solutions, which are the key growth drivers for the company, to a much larger portfolio of unsecured credit products. Hiring will take place across all BankBazaar locations in Chennai, Bengaluru and Mumbai. In the last fiscal, BankBazaar had added 500 employees to its team.

“We are continuing to see an increase in the demand for innovative contactless solutions that make access to credit products easier and smoother. Given the growth momentum and the high resource utilisation we are seeing, we believe it is essential to shore up our strengths and build an even bigger team that is ready to meet every future challenge that comes our way,” Sriram V, CHRO, BankBazaar, told BusinessLine.

According to BankBazaar, the primary driver for growth last year was credit cards, and in less than a year since the start of digital KYC, 72 per cent of credit card issuances were contactless, indicating a dramatic shift in access to credit. Additionally, in the last quarter of FY21, there has been a resurgence in demand for personal loans for the first time after the pandemic. The company indicated that there has been a 2x growth in the number of applications between January and March 2021 as credit outlook improved and credit tightening normalised. Almost 88 per cent of personal loans disbursed were via contactless alternatives such as digital KYC.

Considering the present surge in Covid-19, BankBazaar announced that the company will be bearing the cost of vaccinating employees and their immediate family members who are eligible as per government guidelines. The company, which moved its corporate workforce work to an entirely remote working set-up last March, plans on continuing that way for the foreseeable future. Consequently, the Work From Home options for existing and potential employees have been extended, and employee engagement activities have been ramped up.

Adhil Shetty, co-founder and CEO, BankBazaar said, “In the last one year, BankBazaar’s technology and innovation withstood the test of an unprecedented global pandemic and the resultant economic downturn. This has been possible only due to the commendable commitment and enthusiasm shown by our employees in developing game-changing solutions that have positively impacted the financial sector. At this crucial time, this is our way of acknowledging their efforts and successes and doing our bit to contribute to our employees lives in a meaningful way.”

Published on April 22, 2021

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