What is Dialabank?
Dialabank is a Financial Helpline where the company provides eligibility and price comparison for financial products. The startup also serves as a national aggregator for the financial institutions by providing them with clients as per their acquisition model.
Founded in January 2012, by Gaurav S. Khurana, the company works similar to that of Justdial, however, only for the financial sector.
Its founder Gaurav has an extensive experience in the banking and financial services industry. He was aware of the pain points that an average Indian consumer faces while looking for a financial product. Most people do not have either the information or the expertise to compare and find the right product. Therefore, the startup aims to create a single marketplace where a client can access at the click of a button and get access to a single relationship manager who represents all leading financial institutions, that is how the idea for Dialabank came up.
What problem is it solving?
The service helps people to compare and get the best offer from the banks. It also simultaneously helps the bank to reach out to the right customer for them.
What services does Dialabank offer?
“Our domain is the banking industry in India, that has the potential to become the fifth largest in the world by 2020 and third largest by 2025 according to a KPMG-CII report,” claims the company.
The startup’s expertise includes loans (home loan, personal loan, car loan, loan against property, SME business loan, education loan and gold loan), Credit Cards, Insurance (life insurance and non life insurance) and investments (mutual funds, stocks and bonds).
Who is it competing with?
Some of its competitors in the online financial assistance sector are Bankbazaar.com, Apnapaisa.com, Deal4loans.com.
Present Status and Future Goals
Presently around 1 lakh customers on a monthly average get assistance on loans and other products across banks, insurance and mutual fund companies. The startup’s annual disbursal is Rs. 350 crores.
It aims to provide a 2-minute online approval directly from the bank as soon as the customer uploads the relevant documents into the system. This, as the company says, will reduce the turnaround time for loan approvals.
The startup is planning to raise an investment of $5-7 million to expand the reach of their services.