The UAE’s leading finance comparison website, www.compareit4me.com, has expanded its regional footprint with www.compareit4me.qa, the first platform of its kind to be launched in Qatar.
Taking cue from its parent site’s successful debut in the UAE three years ago, compareit4me.qa provides a list of various products and offerings from major local and international banks operating in Qatar.
It seeks to offer users a convenient and streamlined way of searching, comparing and applying for products such as savings and current accounts, personal loans, credit cards, car finances and home loans.
Samer Chehab, Commercial Director, said compareit4me.qa’s entry into the Qatari market comes as the country’s banking sector reportedly leads asset and loan growth in the GCC. According to the Qatar Central Bank, total assets of banks in Qatar reached QR875bn ($240bn) in 2013, with deposits increasing by 41%. Loan portfolios also grew by 25% in the first quarter of 2014.
“When looking for any form of finance, it’s critical to do your research, compare offers from all the banks and make an informed decision of what is best for you and your lifestyle,” explained Chehab. “Previously, comparing a range of banking products meant calling each bank to ask for more information. compareit4me.qa takes this out of the equation and allows its users to easily search through a myriad of offerings and even apply for the products online,” Chehab added.
Comparison websites remain nascent in the Middle East unlike in developed markets such as the United Kingdom, where more than 52% of residents had used comparison websites to compare banking and insurance products, as per RS Consulting’s latest survey.
compareit4me is actively working to highlight the potential of comparison websites in the region and has seen its UAE site as an impressive success story, which they hope to replicate in Qatar. Chehab says the emergence of this segment bodes well for both consumers and banks.
“compareit4me was built to help consumers make accurate financial decisions, but we also help the banks achieve their goals. By displaying and comparing various offers, we help banks connect with motivated and informed users, who have already gone through the research phase and are now ready to commit,” he added.