Karnataka Bank Partners With FISDOM To Provide Stock Broking Services

On Wednesday, the private lender announced an expansion of its partnership with FISDOM to provide 3-in-1 (savings, demat, and trading accounts) services through its mobile banking app, KBL Mobile Plus. This collaboration aims to enhance the current value proposition by enabling customers to invest in stocks and mutual funds seamlessly.

The bank stated that this strategic alliance will offer customers easy access to investment opportunities and trading functionalities within a single, user-friendly interface. The integration of demat and trading accounts through the 3-in-1 facility streamlines the investment journey, eliminating the need for multiple platforms and enhancing overall user experience. According to the press release, this unified solution allows investors to manage their securities efficiently and execute trades with convenience and efficiency.

Sekhar Rao, Executive Director, expressed the bank's commitment to redefine the financial services landscape by providing a holistic solution that combines convenience, efficiency, and reliability. Leveraging FISDOM's expertise in financial technology, the bank aims to deliver unmatched value to customers and make a meaningful impact in the market.

Karnataka Bank offers a wide range of customised products and services, including loans, deposits, and international banking solutions. In Q3 FY24, the bank reported a standalone net profit of Rs 331.08 crore, compared to Rs 300.68 crore in Q3 FY23. Net sales stood at Rs 2,438.69 crore in Q3 FY24, reflecting a year-on-year growth of 18.7 per cent.