See you all at BankTech Asia 2017!

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banktech asia

We are so excited to participate in this year’s BankTech Asia!

BankTech Asia is a yearly congregation of Fintechs and other financial institutions in the SEA region. This will be the 9th time in Kuala Lumpur. The event consists of a 2-day conference featuring over 20 experts and 3 concurrent streams that will look at various key developments in payments & transaction, retail banking technology and technology risk management.

These are the array of interesting conferences and contests that are part of BankTech Asia 2017.

  • Conference and panel discussions featuring industry experts would exclusively cover key topics such as
    • Artificial Intelligence
    • Open Banking 2017
    • Beacon Tech
    • Digital Wallets
    • Innovation Labs
    • Cyber Security
    • Data Driven Audit
  • FINMATCH: This session is designed to connect fintech start-ups with banks, VCs and regulators. It’ll be an intimate closed-door panel where leading banks and VCs will share what they’re looking for and regulators will share their views followed by a business matching session.
  • FINFIVE: BankTech Asia is scanning the globe for 5 leading fintech solutions to showcase to an audience of 200+ bankers at the 9th annual BankTech Asia event in Kuala Lumpur from 5-6 July 2017. The companies can apply for any of the following 6 categories.
    • Mobile/ Channel Solutions
    • Payments / Transactions / Remittances
    • Process Automation
    • Financial Inclusion
    • Security/ Identification/ Biometrics

About Market Simplified: Market Simplified is a thought leader in revolutionizing and digitizing products for financial institutions by continuously innovating and simplifying finance. We empower our customers with cutting edge digital experience that is highly personalized and enhanced for the end users with our ‘Experience Engineering’ platform driven by Analytics, AI, Machine Learning and Blockchain technologies. Our clientele includes industry leaders like OptionsXpress (Charles Schwab), Currenex (State Street), ThinkMarkets, MB Trading, Maybank Kim Eng, Kotak Mahindra Bank, National Stock Exchange of India and many others across the globe.

Market Simplified @ RISE ALPHA 2017

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rise_blog

Yaay! We are glad to inform you that we are selected to exhibit at RISE ALPHA.

RISE ALPHA, a startup showcase program where startups compete to gain the attention of leading VCs such as Sequoia, Accel Partners and Google Ventures attending the event. The event is also covered by major media houses such as BBC, Forbes, Wall Street Journal and CNBC.

RISE is Asia’s largest and most important technology marketplace. A crossroad for the world’s largest buyers and sellers of technology, alongside many of the world’s most disruptive emerging technology companies. In July 2017, people from the world’s biggest companies and most exciting startups will come to Hong Kong to share their stories and experiences at RISE. They’ll be joined by major global media, hundreds of investors and thousands of attendees for three days of legendary networking.

Catch up with us at Hong Kong Convention & Exhibition Centre from 11th – 13th July 2017. For more information write to gokoulane@marketsimplified.com

About Market Simplified: Market Simplified is a thought leader in revolutionizing and digitizing products for financial institutions by continuously innovating and simplifying finance. We empower our customers with cutting edge digital experience that is highly personalized and enhanced for the end users with our ‘Experience Engineering’ platform driven by Analytics, AI, Machine Learning and Blockchain technologies. Our clientele includes industry leaders like OptionsXpress (Charles Schwab), Currenex (State Street), ThinkMarkets, MB Trading, Maybank Kim Eng, Kotak Mahindra Bank, National Stock Exchange of India and many others across the globe.

Webinar on Digital Transformation in Brokerages

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msf webinar

In the quest to achieve market leadership, brokerages continue to focus on holistic digital remodelling of customer-facing enterprises. However, how many of them succeed in this quest? Is this really accomplishable? There are numerous studies that show that financial services are becoming more and more digitized. This also includes Brokerages. Customers would love to have information at their fingertips. Busy executives do not have the time to do traditional methods of trading which requires keeping a constant watch on the performance of their securities. With the advent of smartphones and digitization, customers have all the information they need to make informed decisions on their trades based on market insights, charts, alerts and notifications.

At, Market Simplified, we are hosting this webinar on 25th July 2017, 3 PM, Singapore Time – for brokerages in the SEA region to provide valuable advice and insights from industry experts to tackle digital disruption.

Our Speakers

  • Sekar Jaganathan, CIO, Rakuten Trade Sdn Bhd: Sekar has over 25 years of experience in managing business operations, personnel and information technology. During his time, Sekar was also a consultant for the Jakarta Stock Exchange and introduced the Standard Operating Procedure (SOP) Back Office System (BOS) for the Indonesian Capital Market. He also implemented BOS for various broking firms in Malaysia and Indonesia.
  • Vivek Shukla, Asst Director and Head – Product Development, Angel Broking: Vivek has great experience in sales and Project Management. He is also highly passionate in Product-go-to-market strategy & business modelling. His core skills include analytics, retail broking, mobile application development, payment gateway integrations, Mutual Funds, margin funding, NBFC and channel management. His extensive knowledge in the BFSI segment is an added feather to his cap.
  • Hiran Ramankutty, Head Engineering, Market Simplified: Hiran has over 14 years of experience in the technology field. His technical skills combined with domain knowledge on BFSI segment makes his contributions very valuable. He has been instrumental in building high performance solutions for banks, brokerages and exchanges. He has great expertise in Solution Architecture, Technology Implementation/Operations and Infrastructure Management. His service focus has been on Consumer Banking, Capital Markets, Cloud Computing, Analytics and Security.

Our Moderator

  • Vasanth Jayaraman, AVP – Sales, Market Simplified: Vasanth is a sales leader with 14 years of accomplished career track record with a unique combination of sales/marketing management & account management skills from different industry verticals. His extensive knowledge in BFSI domain combined with his sales and marketing skills makes him an indispensable asset to Market Simplified.

These are the topics that will be discussed in detail

  • Simplify onboarding – Fully engage customers online
  • Self-Guided simplified tools for Trading
  • Enable multi-asset class trading
  • Improve trade settlement process
  • Empowering expertise using trade simulation games
  • Wealth Management using robo-advisory

This will be a great opportunity for all leading brokerages to understand the importance of embracing digital disruption which, as a result, will enhance customer acquisition, experience, engagement, retention, and growth!

What are you waiting for? Register Now to lock in your place for this wonderful opportunity.

About Market Simplified: Market Simplified is a thought leader in revolutionizing and digitizing products for financial institutions by continuously innovating and simplifying finance. We empower our customers with cutting edge digital experience that is highly personalized and enhanced for the end users with our ‘Experience Engineering’ platform driven by Analytics, AI, Machine Learning and Blockchain technologies. Our clientele includes industry leaders like OptionsXpress (Charles Schwab), Currenex (State Street), ThinkMarkets, MB Trading, Maybank Kim Eng, Kotak Mahindra Bank, National Stock Exchange of India and many others across the globe.

About the author: Girijashankar is a Classical Carnatic Vocalist and teacher who loves to perform. He is also a voracious reader and prefers to read books on crime and mystery. He is currently working as a Business Development Executive in Market Simplified.

 

Hurray! ThinkTrader App in Benzinga Fintech Awards 2017

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market simplifiedWe are celebrating at Market Simplified, as our ThinkTrader application has been nominated as one of the finalists of Benzinga Global Fintech Awards 2017.

Benzinga Awards’ is a contest for technology companies to showcase their most impressive and advanced technological innovations, that are paving way for the future in Financial Services and Capital Markets. They have played a significant role in supporting the growth and development of the finance and technology industry, giving the firms an opportunity to showcase their products and creations to the industry, most importantly to the investor community.

We are justifiably proud as our team has built the ThinkTrader application, keeping in mind – the dramatically changing technology, access to data, new analytical tools and increasingly empowered customers. The app has a 4.3 star rating in Google Play Store and a 4+ rating in App Store with great reviews.

About ThinkMarkets: ThinkMarkets is known for delivering cutting-edge technology in their services for their customers with an ambition to improve the forex trading in the international trading community. They have invested heavily in infrastructure to provide award winning services, with an ever-growing range of markets. ThinkTraders app was launched in 2016.

About Market Simplified: Market Simplified is a thought leader in revolutionizing and digitizing products for financial institutions by continuously innovating and simplifying finance. We empower our customers with cutting edge digital experience that is highly personalized and enhanced for the end users with our ‘Experience Engineering’ platform driven by Analytics, AI, Machine Learning and Blockchain technologies. Our clientele includes industry leaders like OptionsXpress (Charles Schwab), Currenex (State Street), ThinkMarkets, MB Trading, Maybank Kim Eng, Kotak Mahindra Bank, National Stock Exchange of India and many others across the globe.

About the author: Girijashankar is a Classical Carnatic Vocalist and teacher who loves to perform. He is also a voracious reader and prefers to read books on crime and mystery. He is currently working as a Business Development Executive in Market Simplified.

Stories of an Ex-Google Engineer, an Entrepreneur and an Aviation Enthusiast

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Financial Technology companies (Fintechs) face many challenges in meeting the expectations of Financial Institutions (FIs). The former gives the latter an edge in winning over their respective customers by developing products and solutions that help in simplifying finance and its effective management. Therefore, it is no cake walk for Fintechs to thrive in this cut throat world where their survival largely depends on clients (FIs) being happy with the deliverables. Not just that; Fintechs also need to have complete awareness and agility to face the evolving technological changes. They should be super-fast in learning, mastering and implementing the updates in technology for developing new-gen solutions that are in line with the industry standards. Let us take a look into what an ex-Google Engineer, an Entrepreneur and an Aviation Enthusiast have done to achieve great success in the technology front.

The Ex-Google Engineer

Though Fintechs offer new customer products in a highly regulated space, they also have an advantage of working for the institutions that have already passed these regulatory requirements. That’s what probably drew Suresh Ramamurthi, an Ex-Google engineer to enter this arena. But, Ramamurthi did not take the ‘no-bank’ route. This Google veteran spent years looking for a bank before he and his wife purchased the struggling Citizen’s Bank of Weir (CBW) in Kansas City. CBW was in shambles in 2008, just a year before the duo purchased it. The bank was under orders from the Federal Deposit Insurance Corporation (FDIC) to cease operations due to inadequate capital reserves, high levels of unrecoverable loans and internal fraud. The couple not only transformed CBW but also made it a place of real innovation. In this course, Ramamurthi started his own Fintech Company – Yantra Technologies that specializes in software that can be used with the retail banking payment infrastructure. After several years of relentless efforts, Yantra built the next-gen platform that transformed and changed CBW’s old and rusty operations.

The Entrepreneur

N26 is a mobile banking start-up that was backed by PayPal founder, Peter Thiel. Having its headquarters in Berlin, Germany, this was a major step forward to replace brick and mortar banks in the European belt. Just one and half years into its operations, by June 2016, N26 had a user base of more than 200,000 customers in 8 European countries.

The Aviation Enthusiast

Venkat Rangan is the founder and CEO of Market Simplified Inc. Though Venkat is a technology enthusiast, he has great interest and passion for Aviation. He often flies a Cessna Sky Hawk 172. In 2005, Venkat started Market Simplified Inc. at a very humble set up in Mylapore, Chennai, India. Though it was a small setup, Venkat had already started on this journey towards his big dream to revolutionize banking and financial services for end customers through his venture. Later, we had a corporate office at the Times Square Building, NY right opposite NASDAQ.

Venkat Rangan

Venkat Rangan, Founder and CEO, Market Simplified Inc.

Our 5 Mile Journey

Market Simplified

Around 2005, there was a brokerage based in the US – TDAmeritrade, for whom we were trying to help connect to their customers digitally through the mobile platform. Yes, TDAmeritrade was our first customer when digital banking and digital stock trading was merely a dream for everyone. We made this dream a reality! From there, we have come a long way to become the world’s largest digital platform in banking and capital markets space.

We were also the first Fintech Company to adopt cloud based technology and our’s was the first commercial Fintech platform to be hosted on the cloud. Our cloud based mobile trading platform is actively used by 40+ financial institutions and 25+ million retail consumers across 12 countries with a throughput of more than $5 billion trades per day. After all these successful ventures, Amazon has quoted us a case study to sell their Amazon Cloud Services. When we asked Venkat – how he discovered cloud as a very time critical platform, he simply shrugs his shoulders and says, “necessity is the mother of all inventions” and walks off with a smile.

Today, Market Simplified is quietly celebrating 12 years of success with its main operations in Ascendas International Tech Park, Chennai, India along with a corporate office in Schaumburg, IL. We have clients across the globe. We have developed state-of-the-art banking and brokerage applications for many top players in the industry with all of them having excellent reviews in Google Play Store and Apple Store.

Market Simplified Clientele

Our Clientele

Earlier this year, we were also awarded the Deloitte technology fast 500 Award for our consistent growth and constant innovation in the Asia Pacific Region.

Our most recent success story is Kotak 811 which was developed to enable a complete digital customer on-boarding experience where customers can open a bank account within 5 minutes just using the app. This is the first time in India where a complete paperless on-boarding solution has been built and deployed for a bank. This has helped Kotak Mahindra Bank increase its customer base to 17 million since the release of Kotak 811 earlier this year.

Our constant pursuit to innovate and simplify finance has driven us to experiment with the Artificial Intelligence and Machine Learning technologies as well. Our team has built ‘IAN – Intelligent Virtual Assistant’ that helps retail banks engage deeply with consumers through personalized and proactive services over natural voice-based conversations and chat messages. We have also extended this technology to IoT and here is our product demo featuring ‘banking with Alexa’. We are currently working towards building Digi 360 – a complete product suite for Community banks and Credit Unions in USA.

Ramamurthi, Peter and Venkat have all been instrumental in bringing to us – historical moments in the field of technology and innovation. Our learnings and findings from our past experiences are important to us as Fintechs.  There are no better examples than the ones mentioned above. We are still in this pursuit of change and betterment of financial services. As Venkat fondly says, this is our 5 mile journey from Mylapore to Taramani in these 12 years…

“We are witnessing the creative destruction of financial services, rearranging itself around the consumer. Who does this in the most relevant, exciting way using data and digital wins”
market simplified

Ascendas Office

About Market Simplified: Market Simplified is a thought leader in revolutionizing and digitizing products for financial institutions by continuously innovating and simplifying finance. We empower our customers with cutting edge digital experience that is highly personalized and enhanced for the end users with our ‘Experience Engineering’ platform driven by Analytics, AI, Machine Learning and Blockchain technologies. Our clientele includes industry leaders like OptionsXpress (Charles Schwab), Currenex (State Street), MB Trading, Maybank Kim Eng, Kotak Mahindra Bank, National Stock Exchange of India and many others across the globe.

About the author: Girijashankar is a Classical Carnatic Vocalist and teacher who loves to perform. He is also a voracious reader and prefers to read books on crime and mystery. He is currently working as a Business Development Executive in Market Simplified.

Congratulations ‘Team Charles Schwab’ for the launch of the first Human-Robo Financial Advisor

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congratulations 'team charles schwab'Congratulations ‘Team Charles Schwab’ for achieving your first technological milestone in the Artificial Intelligence segment!

Charles Schwab is a pioneer in providing the best in class trading experience for its customers. This year, Schwab has released its hybrid Intelligent Robotic Advisory coupled with guidance from Certified Financial Professionals (CFP) that has broken all barriers between man and machine.

AI is a new advancement that has come into vogue at a time when all of us feel humanization could be reduced in order to increase accuracy and precision in simple tasks. But, Charles Schwab thought differently and has come up with a human-Robo integration to bring in a personal touch for its customers by not being too archaic at the same time.

Schwab Intelligent Advisory as they call it provides clients with multiple investment options. This includes retirement planning solutions, taking into account, the customers’ financial plans and spending patterns. The solution provides unlimited access to a human advisor via phone or video conference and an investment portfolio of exchange-traded funds managed by computer algorithms. This is the first time humanization has been integrated so seamlessly with AI, such that customers do not feel that they are talking to a programmed machine to take their financial decisions. The investment professionals at Schwab provide support for their customers across all major asset classes. Interestingly we have already developed and designed a complete brokerage suite for OptionsXpress that has a 4 star rating in Google Play Store. To know more about this application, click here.

A highly sophisticated computer algorithm developed by our technical experts takes potential clients’ answers to our Investor Profile Questionnaire about their personal goals, time horizon and risk tolerance—and recommends a suitable portfolio for their accounts. Each portfolio can include up to 20 asset classes to ensure appropriate diversification.”  – Walt Bettinger, CEO, Charles Schwab

Last week, I had written about our Kotak 811’s digital customer on-boarding solution that we developed for them and is offered in India for the first time. The highlight of this solution is that, customers can open their bank accounts just within 5 mins. This is yet another instance where our partner firm has reached a technological mile stone and we are indeed proud of Schwab’s achievement.

About Charles Schwab: Charles Schwab is one of the largest brokerage firms in the United States. The company provides services for individuals and institutions that are investing online. The company offers an electronic trading platform for the purchase and sale of financial securities including common stocks, preferred stocks, futures contracts, exchange-traded funds, options, mutual funds, and fixed income investments. It also provides margin lending, and cash management services. Schwab also provides services through registered investment advisers. To know more about Charles Schwab, visit www.schwab.com or www.optionsxpress.com

About Market Simplified: Market Simplified is a thought leader in revolutionizing and digitizing products for financial institutions by continuously innovating and simplifying finance. We empower our customers with cutting edge digital experience that is highly personalized and enhanced for the end users with our ‘Experience Engineering’ platform driven by Analytics, AI, Machine Learning and Blockchain technologies. Our clientele includes industry leaders like OptionsXpress (Charles Schwab), Currenex (State Street), MB Trading, Maybank Kim Eng, Kotak Mahindra Bank, National Stock Exchange of India and many others across the globe.

 About the author: Venkat Rangan is the Founder and CEO of Market Simplified Inc. He is a technology enthusiast. Venkat also has great interest in aviation and loves to read and learn about airplanes. Whenever he gets time, he likes to fly the Cessna Sky Hawk 172. His dream is to fly the Gulf Stream G650. Sometimes it makes us wonder – why he isn’t a pilot or running an airline business…

Gulf stream G650

Gulf stream G650

 

Thursday Talks – Organic Farming

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Every Thursday 4 pm the whole of Market Simplified gathers around the Open Air Theatre (OAT) for the “Thursday Talks”. It’s a series of individual sessions where employees talk about topics that they are passionate about. It can be technology, travel, health or just about anything else under the sun. Last Thursday we had SakthiKumar talk about Organic Farming. Sakthi, who hails from a farming family, is a Senior Quality Analyst at MSIL during weekdays and an organic farmer by weekends.

ShakthiKumar on Organic Farming

ShakthiKumar on Organic Farming

“Right from day one, we were following only the traditional organic farming techniques and its yield is as good as the modern farming”, he stated proudly as he began the session. When he spoke on farmland conservation, he mentioned that the usage of chemical fertilizer have not only affected the quality of the produce but has also degraded the natural micronutrients in the soil to an alarming extent. He also pointed out that unlike modern farming techniques, organic farming is self-sustaining and cost effective.

SakthiKumar

Sakthi in his farm

As agriculture is near impossible in a city, he encouraged us on having a terrace garden where people can easily grow vegetables and fruits that can be used for day to day consumption. He also gave tips on preparing natural manure and pesticides. He answered all our questions patiently, ensuring that we understood just how easy it would be to go organic. It was an informative session and what made it furthermore exciting is hearing it straight from a farmer who is one among us.

 About Market Simplified: Market Simplified is a thought leader in revolutionizing and digitizing products for financial institutions by continuously innovating and simplifying finance. We empower our customers with cutting edge digital experience that is highly personalized and enhanced for the end users with our ‘Experience Engineering’ platform driven by Analytics, AI, Machine Learning and Blockchain technologies. Our clientele includes industry leaders like OptionsXpress (Charles Schwab), Currenex (State Street), MB Trading, Maybank Kim Eng, Kotak Mahindra Bank, National Stock Exchange of India and many others across the globe.

About The Author: Gokoulane Ravi is a foodie, technology enthusiast, and a developer turned marketer with more than 5 years of experience in the space of mobility. When he is not working, he likes to read, write, run and cycle.

Machine Learning Vs Artificial Intelligence

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Machine Learning Vs Artificial Intelligence

In recent days, Machine Learning (ML) has become a buzz word in the financial industry. As mentioned in the previous post, banks in the US have spent around US$17 billion in big data and business analytics solutions where ML is one of the key technologies being used. Artificial Intelligence (AI) is also a related technology that’s gaining traction in the market. But, people often think that both are the same or can be used interchangeably.

 Artificial Intelligence

“The science and engineering of making intelligent machines,” defines John McCarthy, who coined the term Artificial Intelligence (AI). In simple words, AI is the capability of a machine to imitate intelligent human behavior. AI is a broader concept of advanced computer intelligence on par with the smartest human minds ever.

The Google’s self-driving car, IBM Watson that won the Jeopardy and IBM Deep Blue chess machine which defeated the world champion Garry Kasparov are a few known examples of an AI system. Some of the AI systems are rule-based while the others are learning based. An ideal AI system must pass the Turing Test. The Turing test is a test, developed by Alan Turing in 1950, of a machine’s ability to exhibit intelligent behavior equivalent to, or indistinguishable from, that of a human. An ideal AI system must possess the following in order to pass the Turing test.

  • Natural Language Processing to enable it to communicate successfully in English (or some other human language).
  • Knowledge representation to store information provided before or during the interrogation.
  • Automated reasoning to use the stored information to answer questions and to draw new conclusions.
  • Machine learning to adapt to new circumstances and to detect and extrapolate patterns.

A recent research found that the smartest AI System available today is only as intelligent as a four-year-old kid. So, there is a lot to look forward to in this space.

Machine Learning

“It is a type of AI that provides computers with the ability to learn without being explicitly programmed,” defines Arthur Lee Samuel who coined the term Machine Learning (MI). It’s a core subset of AI that enables a system to learn and recognize patterns to make predictions. ML algorithms are designed not only to make predictions on the existing data, but also to continuously learn to optimize the output.

ML techniques are widely used in Image recognition engines, Natural Language Processing (NLP), Fraud detection, Translation and Financial market analysis. Deep Learning is an advanced ML technique that’s gaining traction. It uses Neural Networks (NN) that simulate data storage, processing and decision making similar to that of humans.

Source :  Ian Goodfellow’s Deep Learning

Source: Ian Goodfellow’s Deep Learning

The implementation of the above technologies has transformed many businesses, particularly in the financial sector. Being a thought leader in the financial technology space, Market Simplified has applied these technologies to its Intelligent Virtual Assistant solutions.

 About Market Simplified: Market Simplified is a thought leader in revolutionizing and digitizing products for financial institutions by continuously innovating and simplifying finance. We empower our customers with cutting edge digital experience that is highly personalized and enhanced for the end users with our ‘Experience Engineering’ platform driven by Analytics, AI, Machine Learning and Blockchain technologies. Our clientele includes industry leaders like OptionsXpress (Charles Schwab), Currenex (State Street), MB Trading, Maybank Kim Eng, Kotak Mahindra Bank, National Stock Exchange of India and many others across the globe.

About The Author: Gokoulane Ravi is a foodie, technology enthusiast, and a developer turned marketer with more than 5 years of experience in the space of mobility. When he is not working, he likes to read, write, run and cycle.

Kotak’s 811 Banking App – Digital Customer On-boarding for the first time in India

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kotak 811

Of late, there have been lot of talks on how financial institutions need to take steps to engage and retain their customers. Once we have engaged them, how do we get them to stay interested? In other words, how do we make their banking simpler? How do we transform their banking experience to a whole new level? We, at Market Simplified, faced the same challenge when our client ‘Kotak Bank’ approached us stating that they wanted to increase their customer base up to 2 times. This was just about the time demonetization occurred. When the whole nation was struggling to change their 500s and 1000 rupee notes, we were brainstorming for a solution that could turn around things for Kotak.

Customer on-boarding is an important part of account set up process for any bank. On the down side, this was the only area that was not automated since these were important details and humanization was necessary to check for any discrepancies. But on the up side, automation of this process also eliminates any man made errors resulting in fool proof on-boarding of new customers. Customers will find this as a great value addition as they will not have to physically be present at the bank for opening an account. This is all the more important in case of millennial customers as they are looking for convenience banking and very little interaction with brick and mortar bank.

Many banks and financial institutions have come up with various methods to simplify banking for its customers by making mobile apps, bot based banking and so many others. We are among the very few to think of a solution to on-board customers by just using the app that needs no physical presence at the bank and which is also completely paperless. All the customer needs is, an Aadhar and a Pan card to finish his account set up. This will be a major step forward for  customer service and very few banks have actually done this paperless customer on-boarding.

Uday Kotak, Executive Vice Chairman & Managing Director, Kotak Mahindra Bank said,“We have always believed in value creation for our stakeholders. In pursuit of this, we have implemented multiple strategies – both organic and inorganic – thereby establishing our presence across the entire gamut of financial services. We aim to double our customer base in 18 months. 8/11 changed India. 811 aims to take our Prime Minister’s vision forward. It offers access to over 100 features on mobile including completing financial transactions, managing investments, fund transfer, and is an ideal lifestyle app for e-commerce on Flipkart, PVR, Goibibo, etc. 811 is fully integrated with Bharat QR Code, India’s new digital payment system, developed by the Government of India. The app is also Unified Payment Interface (UPI) enabled, for instantly sending and receiving money. Further, 811 customers will enjoy all digital transactions at zero cost, and get a free virtual debit card.”

kotak pan   Kotak Aadhar

I wish to thank my entire team at Market Simplified, for enabling us to achieve this great milestone which only a few other banks have achieved so far. Also, Kotak Bank has been our premiere customer and it has been a pleasure working with them as they constantly give us new challenges to work on. After Kotak 811, Kotak’s customer base has increased to 17 million with close to 500,000 installs and the app also has a 4.5 star rating. To know more about Kotak 811, click here.

About Market Simplified: Market Simplified is a thought leader in revolutionizing and digitizing products for financial institutions by continuously innovating and simplifying finance. We empower our customers with cutting edge digital experience that is highly personalized and enhanced for the end users with our ‘Experience Engineering’ platform driven by Analytics, AI, Machine Learning and Blockchain technologies. Our clientele includes industry leaders like OptionsXpress (Charles Schwab), Currenex (State Street), MB Trading, Maybank Kim Eng, Kotak Mahindra Bank, National Stock Exchange of India and many others across the globe.

 About the author: Venkat Rangan is the Founder and CEO of Market Simplified Inc. He is a technology enthusiast. Venkat also has great interest in aviation and loves to read and learn about airplanes. Whenever he gets time, he likes to fly the Cessna Sky Hawk 172. His dream is to fly the Gulf Stream G650. Sometimes it makes us wonder – why he isn’t a pilot or running an airline business…
 
Gulf stream G650

The Invincible Machine Learning Technology

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market simplified machine learningHave you ever wondered how Facebook shows us ads that are in line with our recent likes or searches? How does YouTube display ads related to our recent internet searches? In this era, we already know that marketing trends are such that, ads and promotions are customized to the needs and preferences of the end customers. Industries have become highly customer centric and are devising strategies to make their products to be in sync with their customers’ life style and interests.

Machine Learning is the most trending topic after predictive analytics and big data. What is machine learning? ‘Machine learning is a type of AI that provides computers with the ability to learn without being explicitly programmed.’ Actually, ML goes hand in hand with big data analytics. IDC (International Data Corporation) had already estimated that “banks will spend US$17 billion in big data and business analytics solutions in 2016.”

From massive data, ML actually studies and makes patterns that are meaningful. With this, it learns and understands the trends from past data and gives us relevant results. For instance, when we type in a Google search term, we see the prompters and auto fills for the search keywords. How is this even possible? With millions of searches every day, how does Google know what we are looking for with just a few search terms that are typed in? Many times, when we mistype a search term, Google cross references this with similar ‘typos’ in the past and gives us the correct search terms.

capture 2

All of these are because of ML and big data analytics. Search engines like Google and other big streaming services like Netflix have their own analytics engines that study millions of users’ behaviour and engagement information to know what items are most viewed or what image is most searched and provides results based on that. Amazon is another example of how it tries to sell products that are based on the customers’ past searches and purchases. Facebook claims that – “it processes 2.5 billion pieces of content and over 500 terabytes of data every day. In addition, it collects an average of 2.7 billion “Likes” and 300 million photos a day. Every hour, Facebook scans more than 200 terabytes of data.” This is just one company we are talking about.

ML is a huge enhancement to big data analytics. ‘Smart machines will become an integral part of business and daily life creating insight from data in ways that, humans on their own could never do’ – Machine Learning: The real business intelligence. ML is starting to simplify user interaction with machines to the extent that there is a virtual person that has the ability to think, solve problems and give apt solutions based on historic data.

Experts of various financial institutions (FI) are developing solutions that have the ability to interact with potential customers and suggest various products and services based on buyer personas (like their income, financial goals, spending patterns and life style). For instance, a wealth management app can have an analytics engine that could track and study the patterns of the past investments of a customer and suggest various portfolio options for the user. This is just the tip of the iceberg.

At Market Simplified, we are already in this journey of designing our solutions with all of these product embellishments. When solutions are designed with such enhancements, customers would surely be delighted. Millennial customers want minimal physical interaction with their FIs. They needn’t go to the FI in person or painstakingly call a customer service help line number only to hear an automated message and wait till the ‘end of time’ before an actual executive tends to them. ML would enable FIs to run the entire financial operations with least human intervention. It is just a matter of time!

References: Tim Cole’s – Big Data is Dead: Long Live Predictive Analysis; Kai Goerlich – Machine Learning: The Real Business Intelligence; Fintech Innovation – Banks lead big data analytics spend through 2020; Market Simplified – How important is it to know your customers.
 
About Market Simplified: Market Simplified is a thought leader in revolutionizing and digitizing products for financial institutions by continuously innovating and simplifying finance. We empower our customers with cutting edge digital experience that is highly personalized and enhanced for the end users with our ‘Experience Engineering’ platform driven by Analytics, AI, Machine Learning and Blockchain technologies. Our clientele includes industry leaders like OptionsXpress (Charles Schwab), Currenex (State Street), MB Trading, Maybank Kim Eng, Kotak Mahindra Bank, National Stock Exchange of India and many others across the globe.
 
About the author: Venkat Rangan is the Founder and CEO of Market Simplified Inc. He is a technology enthusiast. Venkat also has great interest in aviation and loves to read and learn about airplanes. Whenever he gets time, he likes to fly the Cessna Sky Hawk 172. His dream is to fly the Gulf Stream G650. Sometimes it makes us wonder – why he isn’t a pilot or running an airline business…
Gulf stream G650

Gulf stream G650

 

 

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