At Market Simplified, ShipIt has been a customary event for the last 4 years where the employees form groups to come up with innovative business ideas and turn them into business solutions in just a day. About 15 teams participate in this ‘24 hour hackathon’ every year by presenting their solutions in front of a jury. The teams are ranked based on ship-ability, usefulness, solution’s ability to generate revenue, innovativeness and presentation skills. The event took place in February this year.
‘Artificial Intelligence (AI), Machine Learning and Chatbots’ are the most trending topics of discussion in the BFSI segment since the beginning of 2017. Keeping this in mind, most teams conceptualized their ideas based on AI and Chatbots. After the daylong event, the jury chose 4 winners.
Here are the most innovative and interesting ideas of this year’s ShipIt.
- Friday (name inspired from Iron Man) is an all-powerful engine based on machine learning algorithms which when configured into any user’s mobile has the power to read, analyse, suggest and transform the banking app much more than anybody could ever think of. The key feature is that it has a behaviour tracker which suggests products to its customers based on the transactions made and type of products owned by the customer. This engine even works with low internet connectivity.
- ‘Smart Wallet’ is a wallet that is based on credit mechanism. We have come across various digital wallets where we load money and use it for convenience in spending. Customers can use Smart Wallet just like credit cards. They can choose to pay back on a monthly basis and need not worry about loading money into their digital wallets.
- Autobots is an AI-powered-suggestive-banking application and an automated support desk for customers and institutions. The chat application has the ability to login, show account overview, list term deposits available, show account balances, create fixed deposits and handle multiple accounts.
- Knack is a Virtual-Assistant (VA) enabled solution that is aimed at providing hands-free banking experience to its customers. The VA is called Avatar that has the capability of responding to questions instantly (Not just banking related!). The solution is configured to work on multiple form factors.
ShipIt has and will continue to be a wonderful arena to explore and work on ideas based on technology innovations and turn them into real solutions. This is something we always look forward to!
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: 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.