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Maintaining the lead with Market Simplified

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Less than two months ago, Karur Vysya Bank (KVB) was awarded Best Retail Bank of The Year by India Banking Summit. How did they beat the competition to get there? What gave them that competitive advantage? Most importantly, can other banks pull off such a feat too?

About KVB
Founded in 1916, KVB is a veteran private sector player in the Indian banking industry. Through its extensive network of 788 branches and 1803 ATMs, KVB has deposits of 56 thousand crores, and a total business of 1 lakh crores. With a capital ratio of 11.79%, KVB is a stable and reliable bank conforming to RBI’s standards. However, KVB had a thorn in its side — legacy systems.

Problems faced by KVB
KVB was started to address the need for SME loans and agricultural loans. It has since diversified its portfolio, but lending is one thing KVB has lots of experience in — all the more puzzling since KVB was being plagued by issues caused by not going digital. The loan application process was a lengthy offline process, and many customers were dropping off as a result. With dwindling customer engagement, KVB also began to witness its market attention declining proportionately. The solution to these issues was to digitalise — in fact, go paperless entirely. But how would a bank — a financial entity — do something so technically different from its core competencies? That is where Market Simplified came in.

Challenges for Market Simplified
Digitalisation is not just a matter of designing a mobile app and/or a web app, and connecting these apps to the banking system. When a client wishes to go paperless, we work closely with them to create a strategy that bakes a digital and paperless approach into the very DNA of the client organisation. The mobile/web app is mostly a supplement to a larger solution, and not a complete solution in and of itself.
In KVB’s case, the mobility solution provided by KVB’s core banking vendor was very barebones and devoid of features. This would be a concern as the mobile app would have to be designed to account for a simpler backend, which could not be altered. The journey from offline to online would need some significant changes inside KVB as well, since personnel would have to be retrained on how to deal with the new, more efficient processes. Smartphone penetration was another challenge – unless KVB had enough customers banking through their smartphones, it would not be cost effective. A closely related challenge was to drive smartphone-using KVB customers to install the app in larger numbers, by getting it good visibility on the concerned app stores. Ultimately, all this would only be applicable if customers continued to use the app — in other terms, customer engagement was a critical factor. To allay these concerns, we first analysed why KVB wanted to go paperless.

Why KVB wanted a digitalised loan module
India is one of the most complex, vast, and competitive markets for pretty much any large company to operate in. Given that the average Indian makes spending decisions by an eclectic mix of price consciousness and brand trust, the banking industry was a battlefield. KVB needed to entrench its market presence firmly, especially in the face of the upstart NBFCs which posed a threat. KVB also needed a solution to reach more customers quickly, as time was running out. A larger, more engaged customer base, KVB concluded, would help them stave off the competition and stay ahead of the curve.

Market Simplified’s solution
Any front-end solution we develop is meant to be simple to use and easy to understand, thanks to our carefully thought-out UI and UX approach. Our mobile app for KVB is based on an assisted model, which means it is not for the use of end customers, but for bank staff. The mobile app can be used for vehicle/retail/home/personal loan applications. The web app is for SME loans for small and medium scale industries. It is a self-service application.
Ultimately, we created the following modules for KVB and helped them go paperless:
Home loan
Loan against property
Personal loan
Vehicle loan
SME loan
Term loan

Results
Our solution reduced turnaround time by >50% for SME loans and ~33% for retail loans. The customer experience improved, owing to paperless processes, and without the need to run around filling forms. Time to market dropped significantly, and overall loan processing time also reduced. The improved strategy and its effective implementation, helped by our solutions, made it possible for KVB to win the Best Retail Bank of The Year award at the India Banking Summit in 2019.

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About The Author: Khushboo Lahoti is currently working as a Business Development Executive in Market Simplified India Ltd. She is a humble renaissance person. Inventive and creative ideas are her thrust.

Behavioural Banking: Where health meets wealth

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Gone are the days when banks moved from paper to computers and considered that the cutting edge of technology. First came the data, then the analytic tools. We are now in the epoch of using that data.

Today, banking is all about providing financial services, but we all know that in this smart world, banking somehow still lags behind on one crucial thing – Intelligence. Banking is an age-old industry sitting on a mountain of customer data. If we analyse the data with AI, we should be able to develop a completely different experience for customers.

Behavioural banking is a system where the good behaviour of the customer is rewarded. A new form of banking which is still in its infancy, it was first implemented by Discovery Bank in South Africa in March 2019. This combined healthy behaviour with banking and financial services.

Why is physical health important to a bank?

At a macro level, a healthier person is more likely to keep the economy moving for a long time than a sickly person. At a micro level, the healthier person is also more likely than a sickly one to be financially prudent. In other words, a bank that incentivises its customers to stay healthy can ensure that they become/stay wealthy.

Is this incentivization beneficial? Will it really work?

Research from Discovery Bank says, when individuals are rewarded for behaviour, they do change. In simple terms, it’s like if you asked your child to do well in exams and promised to buy him a new toy or a bicycle as a reward; chances are he will outperform himself.

Likewise, this bank will reward your good health, your family’s good health, and your healthy behaviour with vitality points. That means good health will help generate wealth. The bank can enable this by offering dynamic interest rates, vitality points for visiting the gym, getting flu shots, or buying healthy groceries and so on. This makes use of the 5-3-80 model of financial health. Five controllable behaviours of spending less than we earn, saving regularly, having insurance in place for serious events, paying off property, and investing for the long term can alleviate three key risks of unaffordable debt, exposure to unexpected expenses, and insufficient income in retirement. These risks result in 80% of events where individuals fail to meet their financial obligations. According to Discovery, the extent to which someone engages in the five behaviours correlates with their risk of struggling with debt they cannot afford, being hit with expenses they did not anticipate or retiring without enough money. Focus on these behaviours, and the financial obligations are certain to be met.

The big question is… Do we actually need this?

Early adopters and trendsetters are millennials. If we want a change or any disruptive technology to work, then the generation we should focus on is this one. Behavioural banking is very important for millennials. The reason for this is that their generation as a whole lacks the ability to save smartly, spend wisely, and meet financial needs promptly. At the same time, their erratic and fast-paced lifestyle is causing deterioration in their health as well. So by fixing their health, banks can go from being seen as money-shilling faceless corporations to being trustworthy advisors and financial partners. That’s where the future lies, and it’s up to banks to move towards it.

 

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: Pranay is currently an intern at Market Simplified India Ltd. He is pursuing MBA from Great Lakes Institute of Management, Chennai. He loves cooking, travelling and watching movies.

Kaala Mania @ Market Simplified

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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.

CEO Speaks: The Internet of Things

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Internet of Things

“CEO Speaks” will be the space where I will be sharing my thoughts about people, technology and things that inspire me and Market Simplified.

There were times when only a handful of computers around were connected. Then came the PC revolution and internet that connected millions of computers across the world. The dawn of 2018 saw global internet users crossing 4 Billion and more than 51% of internet traffic is consumed via mobile phones. It’s an undeniable truth that Smartphones revolutionized the way we consumed data. But, this technology revolution doesn’t stop here. In the near future, trillions of electronic devices will be communicating with each other forming the Internet of Things (IoT).

This technology is all set to transform the world around us in conjunction with other emerging technologies such as AI, BlockChain and Virtual Reality. This tech got great potential as it’s expected to grow from USD 170.57 Billion in 2017 to USD 561.04 Billion by 2022.

If you are clueless about IoT, the following must help.

The Internet of Things (IoT) is the network of vehicles, home appliances, physical devices and other items embedded with software, electronics, actuators, sensors and connectivity which help these objects to connect and exchange data. Each device is uniquely identifiable through its embedded computing system but is able to inter-operate within existing Internet infrastructure.

The below are the 6 key characteristics of IoT

1. Intelligence
IoT is the combination of algorithms, computation, software & hardware. Capabilities enhancement of IoT is done by ambient intelligence which facilitates intelligent responses given a situation. It helps them in carrying out specific tasks. The interaction between the user and device is achieved by standard input methods and graphical user interfaces.

2. Connectivity
Connectivity empowers Internet of Things by bringing everyday objects together. It is all about the accessibility and compatibility of the network. Accessibility is about getting onto a network while compatibility is the common ability to use the data. With connectivity, new market opportunities can be created by the networking of smart things and applications.

3. Sensing
We tend to take our senses, our ability to understand the physical world and people around us, for granted. Sensing technologies provide us with the means to create capabilities that reflect a true awareness of the people and the physical world. This technology is simply the analog input from the physical world, but it can provide a rich understanding of our complex world.

4. Expressing
Expressing helps interactivity with people and with the physical world. Whether it is a home or a farm with agriculture technology, expressing enables us with a means to create products that interact with the real world. Expressing allows us to directly interact with people and the environment.

5. Energy
Energy helps in bringing creations to life. The problem is we can’t create billions of things that run on batteries. Power efficiency, energy harvesting, and charging infrastructure are necessary parts of a power intelligent ecosystem that we must design.

6. Safety
IoT devices are vulnerable to security threats. As we gain efficiencies, experiences, and other benefits from the IoT, safety is also very important. We must design for safety as we are both the creators and recipients of the IoT. This includes the safety of our physical well-being and the safety of our personal data. It is important to secure the endpoints, the networks, and the data present across all of it. This means creating a security paradigm that will scale.

Market Simplified, being an innovation-driven company, we are already exploring innovative IoT use cases that would make the life of financial institutions easier.

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 the 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 a 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…

Hooray !!! CeleritiFinTech Certifies Market Simplified as An Innovation Marketplace Fintech Player

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We are delighted to announce that Market Simplified got certified as an Innovation Marketplace Fintech player by iValley & CeleritiFinTech (CFT).

The Fintech startups for this accelerator & certification program are selected from the CFT Hack the Core hackathon conducted earlier this year at iValley innovation center in San Ramon, SFO. Around 20 Fintechs participated in the hackathon addressing the areas of small business banking, regulatory technology, payment innovation, conversational UI & bot development toolkits and only 5 are selected for this certification program.

The certification process was intense. The Fintech must demonstrate seamless integration of 26 CFT Core Banking and Payment APIs into their respective systems and must pass 16 checkpoints in order to get certified as an Innovation Marketplace Fintech.

“This solution certification process helped us to validate our product idea with the industry leader as well as it facilitated the integration of our Conversational Banking Platform with CFT APIs. Now the product is pre-integrated and ready to be deployed to any bank that uses CFT core banking”, says Raghavan Srinivasan who spearheads this product development at Market Simplified.

The certified fintech companies will be invited to CFT Innovation Summit in Marco Island, Florida on 17th to 19th January 2018 where they will be demonstrating their products to global financial executives.

“This strategic partnership would help Market Simplified to pitch our pre-integrated conversational banking platform to CFT’s 100+ leading banks around the globe”, added Kountinya Sai, CEO-Americas, Market Simplified.

About CeleritiFinTech
CeleritiFinTech, an HCL DXC Technology Company, delivers banking software and services to global banking clients.

About iValley
iValley Innovation Center is a corporate fintech accelerator in the East San Francisco Bay Area. iValley provides agility and direction to financial institutions by allowing them to tap into and co-create with an ecosystem of startups to maintain a continuous focus on innovation. iValley is host of FintechTalk, the Intersection of Silicon Valley and Financial Services conference.

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.

Customer Engagement via Facebook Messenger Bots

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Facebook Messenger Bot

Facebook Messenger Bot

The Mobile and the internet penetration have disrupted the consumer behavior and companies have made mobile as the prime focus of Business and Digital strategy, especially in banks and brokerages where Real-Time information is of prime importance to make quick decisions. The mobile apps are a great way to provide information and allow consumers to transact with a seamless experience, but if you look at driving consumer engagement it has to be done where the customers are, and its the Facebook messenger bot which will you do that.

Globally on an average 14% percent of time spent on mobile by a user is on Social media and only 2% spent on Financial/Banking apps. Hence companies are moving towards a better engagement model via the Facebook Messenger bot.

TD Ameritrade recently launched their messenger Chabot, the bot can answer the basic queries such as Market news, stock prices, and account related information without the consumer leaving the messenger app.

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User’s Mobile Screenshot – TD Ameritrade chatbot

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User’s Mobile Screenshot – TD Ameritrade chatbot

The Messenger bots have become an easy way for consumers to get their queries answered rather than waiting for long hours on consumer care calls or finding the information themselves. The Chabot uses artificial intelligence and machine learning to respond to natural language messages from users on Facebook messenger and when it’s unable to understand the query it prompts the human customer support team at the back end. The bot is not restricted only for Ameritrade customers it is accessible by other Facebook users as well; hence it can act as a very good acquisition channel.

The first generation of the chat bots have already hit the markets and according to a recent survey, more than 75% of the Financial institutions globally see Chabot’s’ as a viable commercial solution and almost half of them have active chatbot projects. Gartner predicts that by 2020 customers will manage over 85% of their relationship with the company without interacting with a human.

The bots can significantly improve the customer satisfaction levels as live chat leads to 70% more customer satisfaction levels than email and phone conversations. Furthermore, it gives an opportunity to the consumer to directly talk about his problem with the company on a one-to-one basis rather than posting it on the public forum.

Facebook Messenger Bot solution from Market Simplified

Market Simplified offers Facebook messenger bots for brokerages which can help improve consumer engagement and be a prime channel for customer acquisition as well. Below are the features that we have to offer for the Chatbot.

Facebook Messenger bot Essential Features

  • Real-time share quotes
  • Market News
  • Portfolio related Information
  • General Customer care queries
  • Research Recommendations

Facebook Messenger Bot Advanced Features

  • Quarterly Earnings report of Stocks
  • Technical Indicators such as MACD, Stochastic oscillator etc
  • Real-Time stock specific news and events.
  • Buy, Sell and Hold recommendations on current portfolio.
  • Premium calculator for options

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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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.

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.

A Mobile Trading Platform for 1 Million Traders [Video Testimonial]

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By early 2010, there was a significant shift in the way customers consumed financial services: the boom of smartphones enabled us to perform transactions on the go. At the same time frame, Securities and Exchange Board of India (SEBI) also sanctioned the use of Mobile Phones as a trading channel. Being one of the leading brokerages in India, Kotak Securities envisioned it as a great opportunity to gain customer engagement and started considering multiple options for the same. A native application that could provide live streaming quotes and perform speedy execution of transactions was decided to be the best of all.

In early 2011, Kotak Securities released their Mobile Stock Trader for Android, Blackberry and iPhone platforms. The app had gained substantial momentum among their customers, with more than 100,000 traders actively using this platform. This feature rich app is quick, simple, robust and works seamlessly even in a slow 2G internet connection.

Market Simplified is happy and proud to be the Mobility Partner of Kotak Securities and help realize their Mobile Trading vision. Here is Ashley Almeida, Vice President – Online Products and Customer Engagement (Kotak Securities), speaking about the entire journey:

For more details, write to us at info@marketsimplified.com

About Kotak Securities: Kotak Securities is a subsidiary of Kotak Mahindra Bank. It’s one of the largest Indian brokerage houses operating 1128 branches in 352 cities across the country, servicing more than 1 million customers and possessing more than USD $43 million of Assets Under Management.

About Market Simplified: Market Simplified is a thought leader in handcrafting custom solutions by continuously innovating and simplifying finance. We have maximized the revenues of industry leaders like OptionsXpress (Charles Schwab), Currenex (State Street), MB Trading, Maybank Kim Eng, Kotak Mahindra Bank and National Stock Exchange of India by providing enhanced and sustained user engagement through Experience Engineering.

5 Ways for Effective Customer Onboarding

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A 2015 study by PricewaterhouseCoopers shows that more than one-third (33%) of potential customers are lost due to complex and inefficient customer onboarding processes. The effort put in by sales and marketing departments in acquiring new customers is mostly lost in the process of onboarding the customers. The following are a few digital strategies that could potentially improve your customer onboarding process:

 

Go Digital

Only 10% of physical account opening forms get completed as it’s a time-consuming process and are prone to form filling errors. Going digital would solve this problem and also reduce the cost by 20 times compared to traditional paper-based processes. Most of the onboarding processes mandate multiple documents which can be easily organized on the digital front. Not only that, going digital would make it easier to track multiple approvals on the application before enrolling the customer.

 

Keep it Simple

More than 60% of the customers abandon sign up process due to its complexity and time consumption. Keep the application simple and lucid. Include only essential mandate fields into the form initially, the other details can be obtained from the customer post inclusion.

 

Make it Easy

To make it much easier for the customers, it’s better to prefill the form with available data. Customer information can be obtained by image processing their supporting documents or from customer data stored in smartphones or in a browser.

 

Automate Due Diligence

Instead of manually verifying the customers, the same can be automated to an extent. Image recognition algorithms can be used to validate the authenticity of the supporting documents. Credit ratings can be dynamically gotten from digital interfaces provided by the credit rating agencies to speed up the process.

 

Use Biometric

Biometrics, being an evolving technology, adds an additional layer of security to the process. Smart devices nowadays come with biometric authentication capabilities like fingerprint scanning and facial recognition. The same can be used to validate the user at the time of onboarding as well as post inclusion.

 

Your business can do much better with an efficient customer onboarding. Board Smart, our Digital Customer On-Boarding Solution could help you on that front. For more info Download the presentation or write to us at info@marketsimplified.com

About Market Simplified: Market Simplified is a thought leader in handcrafting custom solutions by continuously innovating and simplifying finance. We have maximized the revenues of industry leaders like OptionsXpress (Charles Schwab), Currenex (State Street), MB Trading, Maybank Kim Eng, Kotak Mahindra Bank and National Stock Exchange of India by providing enhanced and sustained user engagement through Experience Engineering.

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.

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