Mangaluru, March 26: Karnataka Bank, a leading Private Sector Bank and IIFL Securities Limited, one of India’s largest broking and advisory firm, join hands to introduce “KBLSmart Trade” a unique facility in which all Karnataka Bank customers can access IIFL Securities Demat & Trading account solution for their capital market needs.
Karnataka Bank’s tech savvy customers from any location can now open paperless, online trading account instantly in minutes with IIFL Securities under KBL Smart Trade. KBL Smart Trade, a 2 in 1 account facility wherein Demat & Trading account features are clubbed, is a one stop shop for smart investors in capital market. Further, Bank will also be benefited by way of enriched customer engagement and retention resulting in augmented CASA funds to the Bank. IIFL is one of the pioneers in bringing technology-led innovations in the broking industry in India.
On the occasion of the launch, Mr Mahabaleshwara M.S, Managing Director & CEO of Karnataka Bank, highlighted that “KBL Smart Trade” facility will be another milestone product in our efforts to meet the aspirations of our tech savvy & capital market needy customers. Karnataka Bank’s new customer centric tie up will facilitate a Savings Bank Account holder open a Demat & Trading a/c with IIFL Securities instantly. The account holders can access live prices and alerts, research and recommendations of stocks, trading tips, customisable watch list etc. This will create a new line of business and revenue opportunities for the Bank by leveraging the core competencies of both the organisations.
Commenting on the tie-up, Mr R Venkataraman, Chairman, IIFL Securities said, “This allows us to serve the large customer base of the bank. IIFL Securities with its advanced research and technology-backed platform, and Karnataka Bank, with its network, seek to capitalise on fast paced trends of internet trading, and thus provide maximum benefits to customers. Both organisations propose to work closely and leverage each other’s strengths to eventually ensure ‘customer delight’.”