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Gamification meets banking

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gamification banner

The word ‘game’ takes us back to the games of our childhood days, where we actively used to play games and sometimes tried to work around the rules to win creatively. If you remember those games with your friends, what element made them hold our attention? They weren’t a source of income, and definitely not a real career option. And yet they were highly engaging – in many cases, more engaging than reality itself. Times changed. We’ve all grown from being kids crazy for games to being professionals doing serious real work. But games still invoke the child within us. So what was that magic sauce?

Meet the basic foundation of modern day gamification.

Gamification is defined as the application of typical elements of games (such as point scoring, competition with others, rules of play) to other areas of activity, typically to encourage engagement with a product or service. (If you are a person who likes formulae, Gamification = Existing Environment + Game Mechanics.)

Gamification in essence attempts to combine work with fun, creating an exciting experience for the user.

The basic idea of gamification is to incorporate the elements, design, and principles of games into a non-game environment in order to engage, educate as well as bond with customers. It can be said to be one of the best ways to painlessly and cost-effectively drift towards increased usage of digital channels instead of physical. And digital channels, as anyone can agree, result in significantly reduced operational/processing costs.

The concept of gamification may sound interesting. But are you wondering how such a concept can be applied to a transactional and unrelated segment such as banking? The trick is simple – ultimately, you – a banker – are dealing with a user who most probably would love to re-live the fun part of his/her childhood.

Gamification is the not the product that you are selling them. Gamification is the process through which you are going to guide them to buy.
By offering a unique experience, you sustainably create more chances to make a sale; rather than waiting for demand to catch up with supply, you are creating demand.

The next question a bank would ask is: Why? I’m doing great, I have plenty of customers and plenty of offerings to keep them happy. Why should I be interested in gamification? The answer lies in the changing demographics of your customers. Enter the new generation – the millennials.
Remember the long queues in the banks a decade ago? Don’t expect millennials to follow the same path. For millennials, everything revolves around convenience.

Banks can no longer afford to sit back and wait for customers to come by themselves to open accounts or use any other products.
Banks can no longer take customer loyalty for granted. Millennial customers of today are spoilt for choice. Give them a better deal and they will change teams in a jiffy. The modern user is driven by quality of experience, and hence always seeks a better experience. Gamification is a great way to give them that better experience and engagement. Apart from just increasing engagement, loyalty and financial literacy can also be grown via gamification.


What’s the way forward?

Gamification is not something new. It has been gradually evolving for a century now. Customer loyalty programs, earning bonuses, and redeeming points – all of these are gamification in action.

Technology in the form of wearables, fitness apps, and trackers, has enabled tracking of fitness and health data at unprecedented levels of detail, and can generate valuable insights regarding users’ health and well-being. The same concepts translate into the financial services world as well. For example, banks can gamify customer-facing tools to improve customers’ understanding of their own financial health, and also allow them to monitor progress towards other aspects like personalised savings targets.

For example, a prominent American Bank is using gamification in the form of different applications by the help of which customers are able to keep a check on their financials as well as health simultaneously. They introduced an app that helps people achieve their desired behavior of saving money by using a person’s daily activities to trigger automatic savings.

In the same manner, Banks now-a-days are trying to gamify customers daily activities. Each activity triggers a small amount of savings automatically with no extra effort. Notifications provide an instant gratification.

Gamification is also an effective tool to inform people about financial products, and therefore show a way to meeting regulatory compliance obligations on things like risk disclosures.

There is practically limitless potential in this domain. A few banks have already identified this potential, and are actively working towards incorporating gamification into their strategy at a grand scale. More players in the industry are poised to do so. The question is, are you?


About Market Simplified: Market Simplified is a thought leader in revolutionising and digitising products for financial institutions by continuously innovating and simplifying finance. We empower our customers with a cutting-edge digital experience that is highly personalised 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: Deepti hails from the Business Development team at Market Simplified and her business card reads Business Development Executive. She is obsessed with wanderlust and never says no for trips and tours. She claims herself a foodie and cooks well too.

Can Blockchain be a potential Game changer for the Stock Trading Industry?

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Blockchain for Trading Industry

Blockchain technology for Trading Industry

The Blockchain has certainly been the most talked about technology in the recent past, which was originally developed for digitizing and decentralizing the currency (bitcoin) by means of distributed ledger system. The technology is certainly not limited to digital currency, experts are now validating its application in areas such as shipping, supply chain, cross-border Trade Finance etc.

In December 2015, the Linux Foundation announced the creation of the Hyperledger Project. The objective of the project is to advance cross-industry collaboration by developing blockchains and distributed ledgers, with a particular focus on improving the performance and reliability of these systems.

Some of the early and prominent members from the financial sector of the initiative include J.P. Morgan, State Street, Wells Fargo, BNY Mellon etc

Can Blockchain technology be beneficial to the Trading Industry?

So, the imminent question in everyone’s mind right now is, can Blockchain technology be a game-changer for the stock broking industry?  Well, if we look at the Trading lifecycle especially the Post-Trade settlement, the process is broadly classified into the following steps

  • Comparing trade details of Buyer and Seller
  • Approval of the transaction
  • Change in records of ownership
  • Transfer of securities and cash.

This process takes around 3 days to complete a transaction, primarily due to the role of intermediaries, operational trade clearance and regulatory processes.

The use of Blockchain can potentially bring down the time required for the settlement process from days to minutes. This can reduce the cost drastically as trades are settled by peer confirmation. In this case there is no need for a clearing house, auditors to verify trades and custodians to ensure a fund has the shares they say they hold. Essentially, this is cutting out the middleman in the back office which means less costs in record keeping and in turn less overall cost of transactions.

Recently, SEBI has appointed the Committee on Financial and Regulatory Technologies (CFRT), for exploring the possibilities that blockchain platform has to offer, which has been making waves in the areas of fundraising and post-trade settlement.

The Front-Runners

nasdaq

Japan’s Financial Services Agency has allowed the Tokyo Stock Exchange, to use blockchain as its core trading infrastructure. Japanese brokerages have reportedly initiated a consortium, which is dedicated to hoisting the process of blockchain technology adoption, the founding members were organizations like Rakuten Securities, SBI Securities, Daiwa securities and Nomu.

Back In 2015, Nasdaq has unveiled the use of its Nasdaq Linq blockchain ledger technology which allows private companies not listed on a stock exchange to digitally represent their share ownership. Linq and blockchain provider Chain have successfully completed and recorded private securities transactions.

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 a 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: Shashidhar is currently working as a Manager-Key Alliances in Market Simplified India Ltd.

 

Kaala Mania @ Market Simplified

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kaala

People worldwide have heard stories about the craze for Rajnikanth’s – sorry, Rajni Sir’s movies. We have encountered posts on social media talking about corporates declaring a holiday whenever a film of Rajni sir releases. For a long time, I dismissed them as myths; and one day we received a mail from HR that opened my eyes. Before I had even read the entire mail, I was grinning from ear to ear – my company had booked First Day, First Show tickets for Rajni Sir’s latest flick, Kaala. No big deal – it’s just how Market Simplified encourages fun @ work. Almost instantaneously the office erupted into a buzz of elation. Kaala was the only point of discussion among our peers for the day.

Despite the huge demand for the Rajini movie tickets, the organizers at MSF had somehow managed to get tickets booked for all of us… along with our families. Because family matters, too.

Finally the show day arrived. With great excitement and anticipation, we hit the theaters.

How can one even put the atmosphere at theatres in words? It was not just a movie, it seemed to be a celebration – a trend all too familiar to anyone who knows the Rajni effect. The moment Rajni sir appeared on the screen, the entire crowd simply went nuts.

It was truly a never seen before experience for us. On behalf of all MSFers, I wish to thank our organizer Rajesh  for an amazing day and for giving us the opportunity to experience the Rajni sir magic.

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 a 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: Krishna Kartheek Palchuri is currently working as a Business Development Executive in Market Simplified India Ltd. He finds his solace on the roads travelling to distant places over his bike. Also a foodie who loves to experiment with the different tastes which new places get to offer him.

5 Exciting Use Cases Of Blockchain In Financial Services

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BlockchainOne of the most trending topics in the Fintech industry is Blockchain. We touched upon a few points that enable a better understanding of the technology and how to use it in best possible ways?

What is blockchain?

Blockchain, is a digital, distributed transaction ledger with identical copies maintained on each of the network’s members’ computers. All parties can review prior entries and record new entries as well. Transactions are classified and grouped into blocks and recorded one by one in a chain of blocks. Cryptography protects links between blocks and their content, so that prior transactions can neither be destroyed nor forged. This technology is decentralized which means there is no central authority in this transaction network. 

According to PWC’s ‘Global FinTech Report 2017’, 77% of financial companies plan to adopt block chain as part of their production system or process by 2020. By identifying this huge potential in blockchain, technology start-ups are investing in this space.


Total Investment in Blockchain Startups

Top 5 Use Cases of Blockchain:

1. Share Trading

Blockchain will have a great impact on share trading. Implementing this technology helps in increasing greater trade accuracy and a shorter settlement process through automation and decentralisation.

2. Cross-Border Payments

The transfer of value has always been a costly and time consuming process. This is particularly true in case of cross-border payments. Blockchain technology reduces the cost and makes the process efficient in a simple way.

3. Smart Contracts

One of the most important applications of this technology is the smart contract. It automatically executes commercial transactions and agreements. It also fulfils the obligations of all parties in a contract – without increasing the expense for the middleman.

4. Loyalty & Rewards

This technology offers many advantages, like traceability of transactions and transparency. This will help financial institutions and insurers to create a more captivating loyalty and rewards program that provide 24/7 performance management and enhances engagement.

5. Identity Management

When identity management is transferred to blockchain, users will be able to choose how to identify them and who will be informed. They still need to register their identity, but after that, they can re-use that identification for other services.

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 a 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: Krishna Kartheek Palchuri is currently working as a Business Development Executive in Market Simplified India Ltd. He finds his solace on the roads travelling to distant places over his bike. Also a foodie who loves to experiment with the different tastes which new places get to offer him.

Aloha, we’re all set for FinTechTalk event. Are you?

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 FinTechTalk 2017 San Ramon, CA.

Fintech Talk 2017 San Ramon, CA.

We’re delighted to be a part of FinTechTalk 2017 happening on September 26th at San Ramon, CA.

Leaders in financial services and technology startups will be bringing in an immersive experience around emerging trends in fintech. The event mainly revolves around Artificial Intelligence, APIs, Credit and Wealth Management, Payments, Cryptocurrency and Blockchain. Thought leaders from banking industry and Fintech startups are going to provide invaluable insights. Venture Capitalists are going to be a part of the event as well. Looking forward to saying hello to people with innovative ideas that could grab their attention.

FinTechTalk Conference 2017 topics:

  1. Artificial Intelligence and its role in modernizing channels
  2. Blockchain based capabilities are changing processing and data storage
  3. Fintech proven models of how FSIs can collaborate with startups
  4. Real Estate lending technology is the new cronut of lending space
  5. Advice to startups from serial entrepreneurs on how to go to market with their innovations

The event will witness a plethora of AI/Early-Stage/Growth-Stage/promising/revolutionary startups and venture capitalists, matching their vision thus making it the breeding ground for some of the most powerful fintechs of the future.

We’re happy to say that we’re taking part in the panel discussion there about Core Modernization. And we will be at the Market Simplified booth greeting the participants with our innovative ideas. Let’s catch up there and exchange some ideas.

About iValley:

iValley connects enterprise demand of innovation with a supply of innovation from startups and innovators along with value added services. It’s unique offering of innovation as a service augments enterprises’ innovation and R&D efforts.

Post Event Details

Mr Vasant Jayaraman has been an integral part of the iValley FinTech Talk from Market Simplified. His presentation in front of the esteemed audience, who were from revolutionary startups and top Venture capital firms in the FinTech space had received many accolades.

vasant

The presentation was focused on Market Simplified’s cloud-based Conversational Platform, powered by Artificial Intelligence & Machine Learning. The platform helps financial institutions increase productivity, improve gain on sale percentage, by reducing the net cost of origination and optimizing personnel expenses.

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.

Indeed, a Day Well Spent! – Amazon AWS Startup Day

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Amazon AWSWe, at Market Simplified, are delighted to have attended the Amazon AWS start up event on the 21st of July 2017. The Chennai event had over 200 start-ups and fin-tech companies.

“Launching a successful startup takes more than building on the most flexible, reliable, and scalable infrastructure available today. “

The event was mainly for startup founders and technical staff, which aimed at delivering education and networking opportunities to enable and accelerate start-up innovation and growth, to provide education on emerging trends and inspire action through the personal experiences of startup founders.

AWS is comprised of many former entrepreneurs and engineers that helped build some of the most recognizable startup brands in the world. At AWS Startup Day, new companies learn from these former startup experts about best practices that go beyond designing their infrastructure.

The event served as an opportunity for new startups looking to launch themselves in the market or the existing start-ups trying ways to grow their business.

Market Simplified has already partnered with Amazon Web Services (AWS) and used their cloud services to develop and deploy our platform on the cloud. We were also quoted as a case study in their website.

Market Simplified at AWS

Market Simplified Team at Amazon AWS

About AWSAmazon Web Services (AWS) is a secure cloud services platform, offering compute power, database storage, content delivery and other functionality to help businesses scale and grow. It is a subsidiary of Amazon.com and provides on demand cloud computing platforms to individuals, companies and governments. The AWS technology is implemented at server farms throughout the world, and maintained by the Amazon subsidiary.  They operate from many global geographical regions including 6 in North America. 

 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.

Apple’s Worldwide Developers Conference 2017 – WWDC’17

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wwdc

WWDC is a yearly affair for Apple and this year, it kicked off in San Jose. Apple unveiled its new versions of iOS, macOS, watchOS platforms; a connected home speaker device called the HomePod that will be shipping in December and a new iPad Pro Tablet.

Here is what Apple announced.

tvOS

The Apple TV is getting a big new content source, as Amazon Prime Video is coming soon to Apple TV and Apple’s newish TV app. Apple CEO Tim Cook promised more updates around tvOS later this year.

watchOS 4

Apple also announced a new version of watchOS, the software that powers the Apple Watch. It’s not nearly as big of a change as last year’s watchOS 3, but there are a few interesting new features.

  • A new Siri-powered watch face uses machine learning to customize its content in real time throughout the day, including reminders, traffic information, upcoming meetings, news, smart home controls, etc., when they’re supposed to be most relevant.
  • New fitness features include smarter workout controls, more prompts to set goals and two-way workout data exchange with certain gym equipment, via partnerships with major manufacturers. You’ll also be able to use the watch face as a flashlight or blinking light during runs — a neat safety touch.
  • The Apple Watch will also be able to better connect with other hardware gadgets, such as continuous glucose monitors, via Bluetooth.

macOS High Sierra

Apple isn’t doing a major macOS update this year — instead, the company has spent the year “perfecting it,” Apple SVP Craig Federighi said. This includes updates to Safari, including autoplay video blocking and “intelligent tracking prevention” to cut back at ad trackers; better Photos editing and organization; a faster new behind-the-scenes file system; a stronger updated graphics engine that supports VR development; and support for the Unity and Unreal gaming engines (which drew a round of applause from the developer audience).

New Macs, including the iMac Pro

Apple’s iMac is getting a nicer display, faster processors and graphics performance — suitable for VR content creation — more memory capacity and some new ports. The MacBook and MacBook Pro are getting faster chips and drives. The MacBook Air is getting a faster chip. And the 13-inch MacBook Pro is getting a lower entry-level price.

Apple also showed off a sneak peek at a new, high-performance version of the iMac — a 27-inch, darker grey iMac Pro, with up to 18 processor cores — that’s shipping in December. Starting at $4,999, this is designed for Pro users, including those waiting while Apple resuscitates its Mac Pro desktop.

iOS 11 including AR Kit and iPad-specific features

  • iMessages will now synchronize better between devices, and will free up storage space by offloading things like old photo messages to the cloud.
  • Apple Pay will now support person-to-person payments via iMessage, using a new “Apple Pay Cash” card.
  • Siri will translate queries into other languages, including French, Spanish and Chinese; will support more third-party apps via the SiriKit developers kit that Apple released last year; and will have more context for proactive suggestions. It will also start “reading” the text on your screen so you can do things like spell complicated words you’ve just looked at — like Reykjavik — more easily.
  • The camera will use more efficient algorithms and file formats for photos and videos, which means they’ll take up less space than before. (Apple seems to be moving beyond JPEG as the default for photos, which could raise some compatibility questions — more research to be done here.) Slick new tricks are on the way for Live Photos.
  • The lock screen and Notifications window — the two places you interact with notifications — are merging into one. The Apple Maps app will have more detailed airport maps for a selection of airports.
  • There’s a smart new “do not disturb while driving” safety mode, which will silence notifications, show a blank screen on your phone and auto-reply with an “I’m driving!” message while you’re driving.
  • Apple’s HomeKit service will now support multi-room home speakers from several major manufacturers, and a new AirPlay 2 feature will make it easier to play music and audio to other devices.
  • Apple Music is getting more social — Apple must really miss Ping! — and Apple is making it easier for developers to embed Apple Music into other apps and services.
  • Apple is redesigning the App Store for the first time, and it looks a lot like Apple Music — big promo art, a tab for games and more visibility into in-app purchases. App developers will also get some new features, including “phased releases” that will make it easier to launch major new updates.
  • IPad-specific features in iOS 11 — include a new dock for apps, a new multi-app view for multitasking, drag-and-drop support and a new Files app. It’s also easier to mark up screenshots and documents with the Apple Pencil stylus. And iOS will try to understand your handwriting in the Notes app so you can search the text.

Apple also has new tools for developers, including AR Kit for augmented-reality apps, which Apple is calling the “largest AR platform in the world.” (Facebook and Google have also recently touted AR platforms.) It will also offer new machine learning and natural language capabilities, including things like face tracking and photo recognition.

Highlight: While Apple is launching AR Kit this year, it’s not announcing AR features built directly into its own camera app yet.

IOS 11 will ship this fall, with a public beta starting this month.

iPad Pro 10.5-inch

Apple unveiled a new 10.5-inch version of the iPad Pro, its tablet for professional users. It has thinner borders around its edges, but still has a home button, and will support a full-width keyboard cover.

It features a better display with richer color and a new feature called ProMotion, which updates its content up to 120 times per second — making it feel smoother and more responsive. (This is particularly helpful when using the Pencil.) It’s also faster and will come with twice the standard amount of memory — 64 gigabytes.

The 10.5-inch iPad Pro will start at $649 and will start shipping next week.

HomePod: Apple’s new Siri speaker

Apple is taking aim at Sonos and the Amazon Echo with HomePod, a new “breakthrough home speaker” that it will start selling in December in white and space grey for $349.

Small but supposedly powerful, the speaker will sense the shape of your room and customize audio for its surroundings (and can be paired with a second HomePod for greater effect).

A “Musicologist” feature will respond to “Hey, Siri,” play from your Apple Music account and answer questions about the music it’s playing. It will also handle other Siri queries, such as weather, news, messages, podcasts, stocks, controlling smart home devices via HomeKit, etc.

Source – WWDC 2017: Everything important Apple announced at its big event, recode

New machine learning API to make mobile AI faster

Apple has also introduced a new Machine Learning framework API for developers named Core ML.

“The key benefit of Core ML will be speeding up how quickly AI tasks execute on the iPhone, iPad, and Apple Watch. This could cover everything from text analysis to face recognition, and should have an effect on a broad category of apps. It means, says Apple, that image recognition on the iPhone will be six times faster than on Google’s Pixel.”

The Core ML will support a number of a variety of Machine Learning tools including neural networks (deep, recurrent, and convolutional), as well as linear models and tree ensembles. Core ML is for on-device processing, meaning the data that developers use to improve user experience won’t leave customers’ phones and tablets – thus embracing privacy and security.

World without apps – Apocalypse

This year Apple also released a video on Apple’s idea of Apocalypse when our world is without apps. Here is the video.

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.

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.

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