IIFL partners with Karnataka Bank to launch KBL-Smart Trade
By Leandra Monteiro
Karnataka Bank, a Private Sector Bank and IIFL Securities Limited, an Indian broking and advisory firm have partnered to introduce “KBL Smart Trade” a facility in which all Karnataka Bank customers can access IIFL Securities Demat and Trading account solution for their capital market needs.
Through this initiative, Karnataka Bank’s customers from any location can 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, this will enable the bank to have better customer engagement and retention resulting in augmented CASA funds to the Bank.
On the occasion of the launch, Mr Mahabaleshwara M.S, Managing Director & CEO of Karnataka Bank highlighted, “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’.”
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