April 2016 -

April 2016 -

Empowering Financial Institutions With Experience Engineering

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Market Simplified, now empowers more than 20 financial institutions across the globe with the state of the art mobility solutions. Our solutions have helped our clients in driving their customer engagement, customer acquisition and customer retention via mobile and web platforms.

Smartphones have become a preferred channel for carrying out financial transactions. But, the scenario was not the same during the inception of the company in 2006. There were many challenges and roadblocks for us to overcome in order to realize our vision.

  • Transformation of Mobility Industry: New smartphones like Palm Treo 650, Blackberry and Windows Mobile were being released into the market. This created complexity for the developers in choosing their development platforms.
  • Industry Regulations: Financial Services industry is heavily regulated by various governing bodies across the geographies in order to protect the interest and data of the investors. It was a great challenge to design secure solutions that meet the compliances of the governing bodies and financial institutions.
  • Location: Being a small Indian company and targeting customers in most technologically advanced countries like USA and UK. The biggest challenge is to prove to them the potential of our solutions.

It wasn’t simple to overcome these challenges; we had to follow the below-mentioned strategies to be ahead and become one of the largest mobile trading platforms in the world.

  • Educate: Initially financial institutions were more skeptical about going mobile and invest on the same. So, we had to make them understand that it’s more of a tool to efficiently engage customers than just a technology practice. Because It’s very critical for our clients understand that enhancing customer experience is the way to drive their business in the future.
  • Assure: Security is a key concern to financial institutions when it comes to transacting via mobile, as it would expose their systems to vulnerabilities. It was critical for us to enlighten them more about our security practices and assure them that our mobile solutions are more secure than the existing web solutions.
  • Communicate: Working with customers and counterparts on the other side of the world is very challenging. Secure infrastructures on the cloud also enabled us to manage them from a remote location. We also easily communicate with our clients by efficiently utilizing technologies such as e-mail and video conferencing.

Here is our CEO, Mr. Venkat Rangan unfolding the journey of Market Simplified of how it grew from a small start-up to one of the most preferred financial mobility platforms.

 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.

Securing Financial Mobility – Part 1

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Global economies lose more than USD $445 billion annually due to cyber crimes. Security is a growing concern for both financial institutions as well as customers in the adoption of mobile in financial services. So this month, we would be having a series of posts discussing the challenges faced by financial institutions when including mobility into their business.

Use of mobile devices has evolved beyond being just a customer access channel. With the explosion of enterprise mobility, many financial institutions have evolved using mobile devices as a productivity tool too. This broadens the chance of mobile being a vulnerable medium and an efficient vector of attack. In the mobile ecosystem, the following are the points of entry for security attacks.

 

User

Attacks and data loss happen, to a great extent as a result of the user’s carelessness. Users sharing their credentials or installing applications from an unknown source or providing permissions to illegitimate applications can cause huge losses.

 

Device

Vulnerabilities in the mobile OS have resulted in massive data exfiltration. Key Loggers and other malicious applications (malware) snitch valuable data and credentials if the data in the device is unencrypted.

 

Network

Vulnerability in the network protocol or extensive use of untrusted network can result in network-based attacks such as Spoofing, Man In The Middle (MITM), SSL Strip and SSL decryption.

 

Server

Cross Site Scripting, Denial of Service (DoS), Brute Force and SQL Injection are the attacks against a web or application server to retrieve privileged information from it.

Security shouldn’t just be a feature in the application, but it should be one of the foundations on which the app is built on. Security must be considered in every aspect and in every phase of building a financial application.

To Be Continued …

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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