Karnataka Bank and IIFL Securities Limited, a broking and advisory firm, have joined hands to introduce KBL Smart Trade, a facility under which all Karnataka Bank customers can access IIFL Securities Demat and Trading account solution for their capital market needs.
The bank’s customers from any location can now open paperless, online trading account instantly in minutes with IIFL Securities under KBL Smart Trade. It is a two-in-one account facility wherein Demat and Trading account features are clubbed, and a one-stop shop for smart investors in capital market. Further, the bank will be benefited by way of enriched customer engagement and retention resulting in augmented Current Account and Savings Account (CASA) funds to the bank.
While launching the facility here on Friday, Managing Director and Chief Executive Officer of the bank Mahabaleshwara M.S. said that KBL Smart Trade will meet the aspirations of the tech savvy and capital market needy customers of the bank.
The bank’s new customer-centric tie-up will facilitate a savings bank account holder open a Demat and Trading account with IIFL Securities instantly. The account holders can access live prices and alerts, research and recommendations of stocks, trading tips and customisable watch list.
This will create a new line of business and revenue opportunities for the bank by leveraging the core competencies of both the organisations, a release from the bank said.
