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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.

 

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.

Market Simplified Is Now An Amazon Web Services Standard Consulting Partner

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AWS Partnership

Market Simplified is a thought leader and pioneer in the digital transformation space, especially catering to the needs of financial institutions, announced today that it became an Amazon Web Services (AWS) Standard Consulting Partner.

APN Consulting Partners are professional services firms that help customers of all sizes design, architect, build, migrate, and manage their workloads and applications on AWS. Consulting Partners include System Integrators (SIs), Strategic Consultancies, Agencies, Managed Service Providers (MSPs), and Value-Added Resellers (VARs).

Attaining AWS Standard Consulting Partner status is the acknowledgment of Market Simplified’s knowledge and skills, business practices, and comprehensive management lifecycle capabilities that align with AWS standards.

“We are seeing a global trend of financial institutions migrating from traditional captive IT to cloud and this partnership will help us to drive the benefits of cloud infrastructure to our clients and serve them with more agile and innovative solutions.” Quoted Prashanth Ganapath, Head Operations at Market Simplified.

About AWS (Amazon Web Services) Partner Network (APN)
The AWS Partner Network (APN) is the global partner program for Amazon Web Services (AWS). It is focused on helping APN Partners build successful AWS-based businesses or solutions by providing business, technical, marketing, and go-to-market support. AWS Partner Network (APN) Partners have opportunities to create new businesses or solutions while seeing significant growth with the opportunities provided by the APN Program. APN Partners receive business, technical, sales, and marketing resources to help grow their business and better support their 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 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.

Kotak 811 triumphs at India FinTech Awards 2017

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Kotak 811, India Fintech Awards

Best Corporate Innovation Award, India Fintech Awards 2017

We are delighted to announce that Kotak Mahindra Bank’s 811 app has bagged the ‘Best Corporate Innovation Award’ at The India FinTech Awards (IFTA) 2017.

Kotak 811 has proven to be a game changer for Kotak Mahindra Bank as customer onboarding in banks has long been a process-centric approach as opposed a customer-centric one and Kotak 811 has changed the account opening process into a customer-centric one. It has played a huge role in simplifying customer onboarding process, as it requires no physical presence at the bank and is a completely paperless process.

Uday Kotak, Executive Vice Chairman & Managing Director, Kotak Mahindra Bank said, “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.”

The History

We, at Market Simplified, have a long-standing relationship with Kotak Mahindra Bank as their technology partner, we have developed their Mobile Banking application. Kotak Mahindra Bank approached us with a specific objective to double their customer base within 18 months. This was just about the time of demonetization when the whole nation was struggling to change their 500s and 1000 rupee notes, we were brainstorming on a solution that could turn around things for Kotak.

The challenge for Market Simplified was to execute the project within a short span of time as Kotak Mahindra Bank was committed to bringing the Digital Onboarding quickly to the market soon after Demonetization.

Giving an insight into the project Samuel Rajkumar, Project Manager, Market Simplified said “Kotak wanted the consumers to have a downloadable bank account, the initiative was very innovative and a complex one as it involved technology Integration from multiple third parties, and  in spite of the challenging conditions the project was executed in less than 45 days, and it has exceeded the expectations of Kotak and its customers. ”

One might also be wondering about the rationale behind the name of this innovative app which has taken the banking industry by a storm. The name Kotak 811 was inspired by the date (November 8) on which demonetization was announced by Prime Minister Narendra Modi.  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.

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.

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.

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.

FB_Messenger_ChatBot_1

User’s Mobile Screenshot – TD Ameritrade chatbot

FB_Messenger_ChatBot_2

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.

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.

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.

Innovation in Mobile Banking – Part 4 – Conversational Banking

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digital-banking

[The last post in this blog series covered contactless payment solutions in brief. Now, we will take a deeper look at emerging conversational banking.]

The more naturally we interact with a system, the greater our experience. The financial industry, particularly retail banking, is striving to provide that “greater” experience to their customers. But, when it comes to banks, the problems involved in achieving this are enormous. Banks are having a hard time providing highly personalized services to their customers at a large scale. This is solely due to banks’ struggle to understand them even at the most basic level. When it comes to digital channels, the banks weren’t able to exceed the expectations of the customers in terms of experience as it’s compared with the experience provided by top applications such as Facebook or We Chat.

The Banks and Fintech companies are trying to tackle this problem by introducing Conversational Banking to their customers. Conversational Banking allows customers to ask questions about their financial accounts, initiate transactions and get financial advice in their natural language via voice and text. It helps retail banks engage deeply with customers by providing personalized and proactive services. This new technology widens banking into existing popular communication channels such as Facebook Messenger, We Chat & SMS, along with emerging voice-based technologies such as Google Home and Amazon Alexa.

This technology has the potential to save transaction costs up to 90% by automating service tasks, cutting down inbound calls to call centers and resource consuming branch operations. It can also exponentially increase the customer satisfaction and revolutionize the way people do banking. But huge challenges ahead for banks and Fintech companies are engineering user experience for the conversational platform and its AI backend. Conversational services will replace web browsers and apps as our default portal for the Internet. The Internet is changing again. Banks need to adapt. Remember, technological change is exponential, not linear.

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.