bayzat provides accurate information from more than 30 banks in the UAE
Dubai, UAE, 19 October 2013 – bayzat, an online platform that provides a fast and easy way to find a banking product, has officially launched in the UAE. The home-grown company provides accurate information on everything to do with banking, allows for personalized searches and offers an interactive platform to answer any banking-related questions.
bayzat ran its pilot program from April to July of this year and has now officially launched its full range of offerings after the market was studied and analyzed in order to provide an effective service based on the community's frequent requests and needs. During its pilot program, bayzat has seen an increase of over 100% in online users on the platform which reflects the consumer's need for a portal of this kind.
Commenting on the launch, Talal Bayaa, Co-founder and CEO of bayzat, said: “E-commerce is growing in the region which will force businesses to showcase their products online. The digital world is extremely dynamic and it can be a challenge to keep information up-to-date and accurate. We've tapped into one of the most important market's online clientele as people often turn to the internet to find information about their bank or other banks' products and now we provide all of this information on one free and accessible platform.”
During its pilot program and while working towards its launch program, bayzat established that on average, online users apply to 1.3 products which indicates that users do not shop around but specifically search for the product that best fits their profile and requirements. People (50% of online users) are also constantly seeking the best deals on credit cards and do not necessarily take a credit card from a bank they are currently using. The most popular credit cards are those with no annual fees and is one of the major factors for people searching for cards. The second most searched for credit cards are those with Rewards Points following other benefits such as Airmiles and Cashback.
bayzat is also a useful source for financial statistics as the online platform recorded a phenomenal growth in people searching for auto loans during the Ramadan and summer period with figures almost doubling. This coincided with the numerous deals offered by auto dealers during the same period. Another interesting finding was the increase in people searching for home loans. Figures have tripled over the last few months due to the booming real estate market and the possibility of people trying to get mortgages before the new mortgage cap rules are in place.
“bayzat has been developed in a way to provide a free, fast and easy way for people to learn more about bank products through a platform they can trust as we ensure every bit of information on the website is 100% accurate. We do this through extensive research and partnerships with banks and a dedicated team who keeps the website and info updated. Through the activity on bayzat we can also analyze trends and provide statistical information which can be beneficial to banks and also help them provide services and products that answer to their customers' needs”, added Talal.
More than 30 banks' product information can be found on bayzat and includes special promotions, best interest rates, comparison charts and rankings to make the decision making process simpler. You simply need to provide your requirements on the dynamic online process and the best options, based on the information you provided, will appear.
“We also provide an interactive platform where users can ask us any banking related questions and we provide factual feedback and info. We do not make suggestions based on personal opinions. Our promise is to always get back to our customers within 24 hours,” concluded Talal.
Visit bayzat to explore ways on how you can change your banking products to suit your needs and to learn more about other products that may help you increase your wallet's worth. For more information about bayzat, visit www.bayzat.com.