POST TIME: 24 August, 2019 00:00 00 AM / LAST MODIFIED: 23 August, 2019 11:23:14 PM
Aamartaka app provides one-stop solution for banking services
“The platform helps visitors find information about different banks and their services, and also allow them to apply for those directly from the website”

Aamartaka app provides one-stop solution for banking services

With Bangladesh becoming a developing country, consumerism—driven by lucrative offerings from banks and non-banking financial organizations (NBFI)—is expected to soar in the coming years.

Banking on this prospect, a start-up has developed its flagship software “Aamartaka”, which works both as a financial aggregator and comparison site, allowing clients to compare fixed deposits, loans, credit cards, and more.

Aamartaka’s founder and CEO MA Maruf Taufiq told The Independent: “The platform helps visitors find information about different banks and their services, and also allow them to apply for those directly from the website once they’ve chosen the service they want.”

“The idea took birth when my cousin visited me from the UK in January 2015. He told me how financial aggregator websites were well established there and about 70 to 80 per cent of the

people used these sites to make well-informed decisions about their financial needs,” he said.

So Taufiq and his team did a preliminary research on Bangladesh market and realized that there’s a growing need for such a platform. However, such services are very much at the back-end here.

“In Bangladesh, getting loans or even making a fixed deposit is not as straightforward as it is abroad. Each banking service has several other segments within it, making it far more complicated,” said Taufiq.

“So the need for a comparative site that can give customized rates to its customers became a necessity. Realizing that, we have developed our software and launched it in 2017,” he added.

On Aamartaka, one can easily check his/her loan and credit card eligibility within three minutes. The software calculates the total costing and also advises about the documents required for that particular product.

The software automatically informs a customer if he/she turns out to be non-eligible in availing that product.

About their operational procedure, Taufiq said after a customer applies through their app or website and pass the eligibility barrier, they then call the customer to verify his/her given data.

After verification, they send a document list through SMS/e-mail to the customer for that particular bank and their offerings. When the customer agrees to provide all the required documents, a physical verification team approaches the customer to help him/her with the documentation.

“So banks are now getting pre-cooked verified lead within the shortest possible time in a cost effective manner. We also have an individual data quality team that collects regular data from banks and customers and updates them as well,” said Taufiq.

Being a start-up, Taufiq said there are many challenges. “First, we had reached out and sent proposals to almost every single bank. But not one of them responded. Then when one bank tested us out for months and saw that they were being benefitted, they recommended us to other banks and soon they all began to follow.”

He said the banks which are connected with them possess an impressive conversion rate on their leads.

As of now, Aamartaka is connected with 14 banks. About the future, Taufiq said they want to open a sales and service centre where customers can come and can get services from the classic “brick and mortar “style.