During an interview with Computerworld Malaysia, Gerald Eder, the managing director of CompareHero, explains why Malaysia was chosen as the test ground for a comparison platform, which is now being spread through Asia.
Photo - Gerald Eder, Managing Director, Compare Hero.
Could you give a brief rundown on why you set up CompareHero?
Malaysia was the first market where we launched our comparison platform (which is 'CompareHerodotMy'). The essence is simple. We want to make the life of consumers easier. We do this by creating a platform where the consumer can compare financial products, completely free of charge. On top of that, through using our advanced filtering system, the consumer can find those exact products that fit their needs and wants.
After having helped many consumers find the right financial product for their needs and preferences and having generated lots of positive feedback, we felt confident that it was time to offer that value to people in other regions throughout Asia. This is why we are now working around the clock to create the Philippine platform 'MoneyMaxdotPh' and help tons of Filipinos choose the right financial product with ease. We want to empower Filipinos by providing them with important information that helps them make informed purchase decisions the same way we gave a helping hand to people in Malaysia.
What kind of benefits has this delivered to the consumers in Malaysia and the Philippines?
In the current financial industry, many consumers often get lost in a maze of complicated information. We help them navigate this maze. By offering an overview of the products out there and filtering these for each consumer's specific needs and wants, we help consumers make complex purchasing decisions with confidence.
We believe that in the current growing markets of not just Malaysia and the Philippines, but all of Asia, it is of great importance for consumers to have an easy and convenient method of finding their way through the maze and towards the products that can genuinely enrich their lives. This is why we will cover the full range of product offerings available in their markets covering banking, insurance, and other household products. We go into deep levels of detail in our database to ensure consumers make fully informed decisions, e.g. a dataset for one single credit card can typically contain 100 different variables.
We want to offer our audience a way to obtain all the relevant information they need to make an informed decision before they purchase through an easy-to-use, convenient, and centralised comparison dashboard. CompareHero and MoneyMax will be their single most important research stop before making a decision.
What are the top factors that make your service stand out from others?
CompareHero helps Malaysians save time and money in finding the best financial products in the market ranging from credit cards to loans and insurance to mobile phone tariffs and Internet plans. We will also launch additional product offerings including life insurance, B2B products, vouchers and deals, and hotels and travel categories.
The winning factors include:
Range. We will cover a full spectrum of financial, lifestyle, household, and service comparisons. Furthermore, we will encompass markets throughout Asia, expanding our easy to use comparison engines to the rest of the continent.
Objectivity. We believe that being objective is the only way to offer true value in the comparison industry. We are therefore not influenced by any of the banks in promoting their products and services over others.
Simplicity. We strive to make a very complex purchasing decision as easy as possible without skipping any essential information. Through our platform, consumers make well informed, complex purchasing decisions with ease, and through the convenience of their own computers. Best of all, the service is free of charge for end-users.
What are your plans going into the future?
As we believe in making the lives of consumers easier, we plan to aggressively developing our platforms across Asia, not just Malaysia and the Philippines. Future plans revolve around comparing many more financial products, as mentioned earlier, and for our comparison engines to also become unbiased sources of valuable advice regarding making important financial purchase decisions.
Our platforms will be independent, objective providers of facts and information across a multitude of products to help users make informed decisions. We will provide additional information to help users better understand how products work through FAQs, guidelines, tips, how-to E-books, and more. User experience is also being continually focused upon and improved with additional features in the works such as dual languages and a community platform.
The team behind CompareHero has been successful in building many other largescale Internet businesses by applying the best practices in user experience, customer service, processing, and online marketing. As we expand our reach, we aim to keep our standard of operational excellence. In order to accomplish that, we are looking for the best talent locally and internationally to join the team in various areas - web design and development, online marketing content production, financial research and business development.
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