ECompare is a really useful website for personal financial research & decision making. Based out of Hyderabad and founded by an ex SBI banker with 20 yrs exp, ECompare works like a financial price comparison service. It contains financial details about home loans, credit cards, bank deposits, personal loans etc offered by different Indian banks (both nationalized as well as private ones). You can use the web interface to do product comparisons, select what’s suitable and apply for the product. Your application will be forwarded to the respective bank (or its DSAs) and followed up by them. Check out the screenshot of the comparison for savings deposits offered by different banks… the data is simple, but not easy to find all at one place for direct comparison. Ecompare gathers the product information on a daily basis using a combination of manual and screen scraping processes. They are also building direct relationships with the banks to ensure product changes are quickly captured and reflected on the site. They have just launched a mobile plan comparison service as well.
ECompare’s business model is based upon lead generation for its extensive network of bank and DSA partners across metros and major cities. Over time the plan is to move to a CPC & CPA referral model to the banks’ product application pages. ECompare believe that with financial awareness and internet penetration gaining foothold in India, people will increasingly make financial purchases after doing an online price comparison first.
Most financial websites (banks, NBFCs etc) have product comparison modules; however since they are usually having products of their own as well, an element of bias may creep in. To have an independent, third party resource that allows unbiased and updated product comparisons, may be a boon for many. In that sense, ECopmare’s core value proposition is unquestioned.
