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Types of Analytics Explained

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Analytics

‘Analytics is the way of extracting and communicating meaningful patterns in the data.’  In simple words, it’s converting raw data into actionable information. Along with Big Data, Analytics is now powering businesses across all verticals by improving operation efficiency, thus increasing the profit. As experts say, not all analytics are the same. To efficiently deploy analytics into the business, one must be aware of the types of Analytics and which one to use based on the requirements.

Analytics can be broadly classified into the following 3 types.

Descriptive Analytics

This type of analytics describes the data, in other words, it analyses and summarizes the complex raw data into a form that is understandable by humans. Though it is the most basic type of analytics, it is inevitable and around 90% of the organizations which use analytics rely on this technique. It is critical for the organizations to learn from their past performances and descriptive analytics comes in handy for the same.

Use case: The spendings from various accounts of a customer over a period of time are analyzed to provide a spending pattern. This tells the customer exactly where he is spending most of his income, which will be helpful in future financial planning.

Predictive Analytics

It’s a step further to the traditional descriptive analytics. Here, the data is not only summarized but the analyzed patterns are used to predict the future course of the data. The outcome of the predictive modeling cannot be definite as they are probabilistic. In simple words, it provides only the probability of the occurrence of an event based on the provided historical data.

Use case: After spend pattern analysis is obtained from historic data the predictive analytics can be used to predict the future spend of the user. Say, the user has continuously gone on vacation for 3 consecutive years; predictive analytics algorithm will highlight the high probability of the user taking the vacation in the current year also.

Prescriptive Analytics

It’s the most advance form of analytics. It uses emerging technologies such as AI and Machine Learning along with Predictive Analytics. Unlike predictive analytics, it not only provides the future course of the data but also the optimized path to achieve the best outcomes. This helps to identify uncertainties and helps to make better business decisions.

Use case: Prescriptive analytics can help in suggesting investment opportunities that are apt for the user based on their income, spend pattern and risk profile. It can also proactively help in financial planning and strategic decision making for the business.

Analytics has helped organizations in swift decision making, reducing cost and increasing profitability for different industries. It helps in mining useful information from tons of unutilized data. This would be an indispensable tool for all industries and will help them provide their customers with personalized products and services that are in sync with their needs and goals. A true revolution, yet to attain its peak!

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.

How important is it to know your customers?

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big data analyticsIt is so easy for customers to reject marketing contents that are uninteresting or irrelevant to them – Just a click and mailers are added to spam! How many of us have actually seen the ‘promotion’ tab in our own Gmail? If you have seen this tab, you will find hundreds of marketing emails which are sent on a regular basis. The minute we find that someone is trying to sell something; we rush to click the delete button. Don’t we always skip the ad in a YouTube video, when we have the choice to do so? Aren’t ads between interesting movies or TV shows, annoying? These days, customers DO NOT want to see contents that are forced on them.

What are the 2 approaches in marketing?

  • PUSH STRATEGY: This strategy involves taking the product to the customer via multiple means ensuring that the customer is aware of the brand at the point of purchase. Fliers, notices, cold calls and YouTube ads are all part of push strategy. Remember the annoying ads between our favourite TV shows?
  • PULL STRATEGY: A pull strategy involves motivating customers to seek out your brand in an active process. This can be achieved by creating rich content in social media, website and blogs where there is wide reach and prospective customers will get in touch with the company if they think that you have a solution that can solve their problems.

Push strategy in marketing is over! Marketers need to understand that trends have changed. Marketing is no longer about the company, products or its solutions. It is predominantly customer centric. Marketers need to identify the following – Who are our customers? What challenges do they face? How best will we be able to make a difference to them?

These days, customers are on the lookout for highly personalized and customized services that are designed to tackle their challenges. This is all the more important in banking and financial services. Financial institutions primarily deal with a wide array of products and services catering to different kinds of customers. It is very crucial to market products and services that are relevant to their customers and not just anything they have to offer.

Let us look at an example.

  • Scenario 1 – Richard, who has 5 Billion dollars in his bank account, gets a call from his bank asking if he would like to apply for a vehicular loan with low interest rates. This is absurd, right? Why will Richard want to apply for a vehicular loan considering his sound financial status? This is an example that shows how ignorant the bank is with regard to its customers.
  • Scenario 2 – Richard gets a call from his bank asking him if he would like a dedicated relationship manager to assist him in managing his finances and to give him a variety of investment options as he comes under the HNI category. This would be a better marketing call that is in line with Richard’s interest, isn’t it?

This is just one of the many instances where financial institutions can actually strike a chord with their customers by providing them with rich content through different media, including calls. It is evident from the 2nd scenario that the bank has done its homework before reaching out to Richard with its offering.

Before drafting a marketing content, it is essential to study the customer profiles and get all relevant information so that the solution can be tailored to their interests and priorities. This aspect is called the ‘Buyer Persona’- ‘A buyer persona tells us what prospective customers are thinking and doing as they weigh their options that address the problem.’  This helps influencing the customers’ decisions based on specific attitudes, concerns and criteria that drive the customers to choose a bank or any financial institution’s solution that best fits their goal.

How do we organize, study and take meaningful interpretations from this data? Big data and Analytics are quickly gaining importance. So, what is Big data? Big data is a massive storehouse of information. Analytics will help study historic data and past trends with which experts will be able to predict future trends of the market and industry by giving valuable insights. Combination of these 2 will yield great results for financial institutions. Predictive analytics and big data basically involve studies on customer behaviour, spending patterns, expense management, life style and other variables.

Knowing customer details – their interests, spending patterns, financial goals and personal details will enable financial institutions to devise products and services that will not just solve their problems but will also resonate with them and enable a long term relationship with their financial institutions. This is what will create true value for the customer as well as the financial institution. The process is very simple and will definitely change the way customers react to marketing content that is personal and valuable. This is what every customer wants and needs. It is high time that financial institutions resort to this technique and understand the importance of adding value to its 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 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 enjoys writing. He is currently working as a Business Development Executive in Market Simplified.

 

Analytics Will Be The Way To The Future

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analytics‘Analytics is the discovery, interpretation and communication of meaningful patterns in data.’

In today’s world, data is wealth. Most firms store massive amounts of data so that it can be put to good use in future. The future has finally arrived! Many banks and Financial Institutions (FIs) are trying to engage their customers better so that it can lead to a more personalized approach and enable customer retention. So far, these institutions have been using push strategy in marketing where materials are pushed to customers on a very generic basis without any study in relevance. This strategy is more or less like taking a chance. Some customers will find it relevant and some might not. Ultimately, the ones finding it not to be of their interest will unsubscribe to the mails or might permanently add the mailers to spam. To avoid this, FIs have started using data analytics to analyse and derive meaningful inferences and then devise marketing strategies to personalize the experiences for their customers.

This is where Analytics comes into play. Companies are forced to anticipate customer needs in order to provide them with better services that are in sync with their financial goals. Is it possible to determine the patterns on a wide customer base? According to studies, most financial organizations have massive store houses of data, but a very small portion knows what data is important, or how to leverage this data for increased revenues and lower costs. FIs should necessarily figure out unique strategies to engage customers in interactions based on their needs, life stages, aspirations and account spending. Analytics provides the golden opportunity to look into the future. Here is how the process works!

To do an analysis, FIs and banks first need to ask the following questions.

  • What type of data is needed?
  • Based on the collected data, what type of analytics should be used?
  • What type of marketing model is best suited to determine a product or service for a customer?

Once these questions are answered, the company will be able to determine a more personalized approach designed exclusively for different sets of customers.

According to Aite Groups, these are some of the most important areas in which analytics can make a difference to customer acquisition and retention.

  1. Channel preferences: By identifying the banking channels used by the customers, FIs can connect with them through these channels based on the majority.
  2. Social Media: Studies also show that two thirds of customers use social media. This can be a great insight to study customer behaviour and life events.
  3. Mobile data: Understanding how often an app is used or the amount of time spent on an app will give insights to add/remove features based on user analytics.
  4. Customer ratings and reviews: This is the best way to know and understand what apps and services a customer likes or dislikes.
  5. Bill payments: Understanding regular or periodic payments of a customer can be a valuable insight for the FIs in order to devise ways to engage them through push notifications and reminders.
  6. Personalized Financial management: This is the most important part of predictive analytics. FIs should know the financial goals of its customers. This will help them hand-hold their customers to reach these goals by recommending products and services that are in line with these goals.
  7. Geo Location: Location based services have gained much importance after the disruption of digital banking and the advent of smart phones. This could be a great value addition since information on nearest ATMs, customer care centres and other services will come in handy when customers are in unfamiliar locations.
  8. Weather and other services: If majority of customers choose digital channels for their banking, weather forecasting does very little. However, it is still a value addition.

Here are a few testimonies from top banks in the US.

Bill Hoffman, Chief Analytics Officer, US Bank, Minneapolis – “I had a front row seat to both the amazing power of good decisions and the destructive power of bad ones. I developed a visceral dislike for bad decisions, which has powered my professional passion: to enable good decision-making. At the end of the day that’s really the fundamental mission for anyone in a data analytics role. Keep the customer at the centre in whatever you do. Focus on creating value at the intersections. Quite often an organization’s data analytics “power plants” are up, but the lines are down. The biggest sources of value from data analytics will come from the power lines that connect a holistic understanding of – and insights on – your customers’ relationships with you across business lines, across products and services and across all channels.

Rajendra Patil, Head of Data Strategy & Decision Science, Bank of New York Melon, NY – “You can’t improve anything unless you are able to measure it and analyse it. Culture change is about improvement. You have to start with user needs and wants and make sure that the things we work on and the questions we ask are relevant to addressing them, directly or indirectly.”

Customers are always on the lookout for personalized services that are relevant to them. Data Analytics will be a sure enhancement to help industries get a demographic concentration of the total population based on their interest, life style and financial goals so that their products and services can be specific to their needs and preferences. The next big thing is data analytics which is yet to be tapped to its fullest potential. In the years to come, we will be able to see the intrusion of predictive tools, big data and analytics apart from AI and Machine Learning.

About Market Simplified: Market Simplified is a thought leader in revolutionizing and digitizing products for financial institutions by continuously innovating and simplifying finance. We take pride in giving the best User Experience with highly personalized and enhanced transaction experience for end customers with our ‘Experience Engineering’ platform that is driven by Analytics, AI and Machine Learning technologies. Additionally, the solutions are also powered using Blockchain technology. 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 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…

Gulf stream G650

Gulf Stream G650

 

ShipIt – 24 Hours to turn Innovative Ideas into Real Solutions!

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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.

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‘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.

Product Showcase – Alexa Integration

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As mentioned in the previous blog post, the Artificial Intelligence (AI) market is expected to reach $47 Billion by 2020. With a wide range of applications, technology experts believe that AI will transform computing solutions across industries. During recent times, there has also been a step increase in AI-powered solution providers revolutionizing the FinTech landscape. FinTech experts believe that AI-powered virtual assistant might soon replace the existing channels of banking as a primary channel. They also believe that it not only provides a better experience to the customers but also makes banking efficient.

Market Simplified, being a thought leader in handcrafting financial solutions, envision amalgamating AI into our product and service offerings. With a lot of ideas getting cooked in our labs, the following is just a tip of the iceberg. It’s a demo of Amazon Alexa being integrated with our AI-powered banking platform covering the following use cases.

  • Balances
  • Transaction Details
  • Fund Transfer
  • Bill Payments
  • Vacation Planning (3rd Party Integrations)

 

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.

Beckoning Artificial Intelligence for Customer Services

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Artificial Intelligence (AI), chatbots, machine learning, virtual assistants and robots – All seem to be hot topics across industries ranging from health care to financial services. Many studies had revealed that ‘2017 will be the year of Artificial Intelligence, a market that could reach $47 Billion by 2020.’ All these studies suggest that AI is set out to make revolutionary changes across industries. This also suggests that all app based products are reaching maturity and AI is about take personalized digitization to a whole new level which will open a new horizon of opportunities.

Many tech giants and start-up firms have started making their own bots for financial institutions. These bots provide a variety of services to customers, right from banking, expense management and wealth management to wallet services.

Apart from these common tasks, chatbots and voice assistants have also started replacing physical Customer Service Centers (CSC) for banks and other financial institutions by reducing the cumbersome processes involved in running these services. I am saying cumbersome because, having a dedicated customer service center involves costs such as premises (infrastructure), office supplies, man power, training and many more. AI will definitely help in eliminating this difficulty, if not entirely, at least to a certain extent. On the other hand, chatbots and voice assistants will also be advantageous for customers since they will not have to call and hear an automated message, dial in the menu options and wait for God-knows-how-long before a customer executive (an actual person) speaks.

Though customer service centers can’t be entirely replaced by AI, a significant amount of common issues and their fixes can be handled by bots. This will help in reducing the burden of customer service executives to a large extent. Subsequently the centers will benefit by cutting down their expenses just by having a small setup to address customer queries that cannot be handled by AIs. This is just the beginning! We can never say for certain if AIs will ever have the capacity to reduce human dependency completely in the customer servicing front. Only time will tell!

Image Source: Internet

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.

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.

Hurray !!! We are a Deloitte Technology Fast 500 APAC Company

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Market Simplified - Deloitte Technology Fast 500 Asia Pacific

We are delighted and proud to announce that Market Simplified has been ranked as one of the fastest growing 500 tech companies in Asia Pacific (APAC) region by one of the world’s leading consulting company Deloitte. This Deloitte Technology Fast 500 award is a resultant of our sustained revenue growth in the past 3 years.

“It’s exciting and delighting to be recognized as one of the fastest growing 500 technology companies in APAC. I attribute this success to our focused and passionate team who are solving complex challenges of global financial institutions through cutting edge digital platforms and solutions. We are rapidly growing our presence in USA, UK and APAC region and expect to hit 65% CAGR over the next five years.”, commented Venkat Rangan, Founder & CEO, Market Simplified on this achievement.

The Deloitte Technology Fast 500 Asia Pacific is the pre-eminent technology awards program in Asia Pacific, and now in its fifteenth year, it includes nine Asia Pacific locations. Combining technological innovation, entrepreneurship and rapid growth, Technology Fast 500 companies — large, small, public, and private — span a variety of Sectors, and are leaders in hardware, software, telecom, semiconductors, life sciences and emerging areas, such as clean technology. These companies are transforming the way business is done today.

“Making the Deloitte Technology Fast 500™ Asia Pacific is commendable in today’s highly competitive technology industry. We congratulate Market Simplified on being one of the 500 fastest growing companies in the region”, said Toshifumi Kusunoki, DTTL Leader, Deloitte Technology Fast 500™ Asia Pacific program.

The winners of this award are selected based on % fiscal year revenue growth during the period from 2013 to 2015 (or 2014 to 2016 for a financial year ending between January and June). Eligibility for the Technology Fast 500 requires that companies own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Additionally, companies must be in business for a minimum of three years, and be headquartered within Asia Pacific. Using other companies’ technology in a unique way does not qualify for this award.

Earlier this year we got featured in NASSCOM Report “Indian Fin-tech Products – Innovation Driving Growth” and our HR Head was awarded Most Influential HR Tech Leaders Award 2016 by the World HRD Congress, a renowned global HR forum with 101 partner countries.

Cheers for Deloitte Technology Fast 500 award and much more awards to come.

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.

A DIPLOMAT’S VIEW ON LEADERSHIP

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It was a proud moment for all of us at Market Simplified, to be addressed by the British Deputy High Commissioner, His Excellency, Bharat Joshi. He was just 39 years of age when he joined as the British Ambassador. He is also the first Indian National to be the Ambassador for a foreign country. He is the person responsible for diplomatic missions in Southern India, which includes the states of Andhra Pradesh, Telangana, Kerala, Tamil Nadu and the union territory of Puducherry.

His Excellency, Bharat Joshi

He spoke to us on ‘Leadership and its principles’ and also made the session interactive by answering a few questions asked by our employees, in the end.

Usually, these are some of the words that come to our mind when we think of a leader- selfless, open-minded, a role model and a good-listener. Being a leader is an incredible task. It requires clarity of thought and ability to take quick yet effective decisions.

He believes that a leader needs to have, what he calls, the 4 Cs-Character, Conviction, Courage, and Culture.

  • CHARACTER A leader must have excellent character and the ability to inspire his followers. Having excellent character does not mean, being righteous and preachy. In this context, the character refers to being original and unique, which is why he said “Management is about having our own distinct style. Always be yourself.” In today’s context, an ideal leader always makes the working atmosphere relaxed and fun for his team members.
  • CONVICTION is otherwise referred to as ‘clarity of thought’. A leader must have full faith in the path he has chosen and should be able to see his destination clearly. He must also have complete awareness of the surroundings and should be willing to listen and take suggestions.
  • COURAGE According to him, a leader should be able to stand up for himself and for his team. He needs to have the courage to protect his staff and to take informed decisions after getting the opinions and criticisms of his team members. A good leader is always a good listener!
  • CULTURE is mainly to create an environment in the organization that makes working fun. This responsibility also lies with the leader. He should ensure that the members are not under stressful situations. The quality of work automatically improves when the work environment is stress-free.
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His Excellency, interacting with our employees

This was followed by a brief Q &A. Some of the interesting questions that were asked are below.

‘How does leadership style change during a crisis?’

For this, he said that, during a crisis everyone needs direction. The leader needs to be quick in taking decisions and must try to exercise control over the situation, though there is very little control. He gave us an anecdote of the bombing of the British Consulate General, Istanbul in 2003 and shared the strategies that were taken to overcome the situation.

 ‘Are leaders born or made?’

In the words of His Excellency, “Leadership is a muscle. A lot of it is about self-belief. Anybody can be a leader.” Until we try to lead and take ownership, we will never learn to lead. That first step ‘to own’ is very crucial to be a leader. Leaders are self-made in most cases except in a few circumstances.

The session was very interesting and I am sure we will greatly benefit from this. We thank His Excellency, Bharat Joshi  for sparing his valuable time and sharing his thoughts.

bharat-2

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 Pre-sales Business Executive in Market Simplified.

DO WE HAVE THE POWER TO ACHIEVE ANYTHING?

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We were so glad to have Mr. Sekar Jagannathan address us on 13th October 2016 to share his thoughts on ‘clarity of thought and the power to achieve ones goal’. Most of us know that Mr Sekar is the CIO of EB Global JV, Malaysia. Well, not just that. He is also the founder of ‘7C Life,’ an organization dedicated to spreading awareness on ‘celebrating life’ and activating inner success mechanism and personal wellbeing through self-empowerment and meditation.

Mr. Sekar started his talk with a statement “All of us are spiritual beings having human experiences.” He went on to explain how all of us have a ‘self within’ which meant that we all thrive with a sense of possession at various levels.

For instance, we say, “MY book, MY life, MY family, and MY career,” so and so forth. What is this MY? Where is the mind that keeps saying “MINE”? This sense of possession comes from Knowledge.

“We all know what we know, from our experiences.” Experience comes from what we have tried earlier and/or from what society has taught us.

Here, Mr. Sekar gives an interesting analogy from the life of a baby in its early/ formative stages.

How does a baby say he is hungry when he can’t even talk? He cries and his mother tends to him. Does he know what milk is? Does he know if he will get it for sure? Does he know if it is warm or cold? All he knows is that he is hungry! So, how does the baby still succeed in getting what he wants? What is the need for the baby here in this case? His hunger! His hunger needs to be satiated. This is why knowing ones needs, is very important. In order to achieve what one wants, he/she must first know what he needs! In this case, the baby knows exactly what he needs.

As a baby, we have the ability to achieve anything. We are sleepy, we are put to sleep; we are dirty, we are cleaned up. The baby does not even say a word. All he does is cry to get the attention of his mother. The baby really does have the power to get what he wants, doesn’t he?

So what happens to us when we grow up? Have we lost this power in the process of growing up?

The answer is “No! We haven’t. We have just forgotten that we have this power.” How did this happen?

Knowledge! As we grew up, we were told what is right, what is wrong, what to do, what not do, where to go, where not to go, so on and so forth.

We started believing in certain things we were told, as truths. Mr. Sekar said, “Truth is what we believe!” For instance, we are told, “Do not play with fire!” This is plain truth. How do we know this for ourselves? Experience is the entity that adds to the truth. Burning our fingers strengthens the truth for us.

On the other hand, society is an all-powerful entity as well. They make the norms and dictate a certain code of conduct for us to live by! When we start following these norms, we lose our ability to actually realize our goals. Our goals invariably become what the society has dictated to us! For instance, I want to be an engineer, so that I can get a well-paying job and ultimately settle down in life. Having a professional degree is the key to embarking a solid career. So, merely settling down and having a solid career, is one’s goal? Isn’t there much more to life? As human beings, we are all different in so many levels. Even if someone is incredibly talented, let us say, in painting, he/she is trapped because of ‘societal pressure’ and end up letting go of their passions and only do what the so-called society has prescribed as ‘ideal.’ Society is actually driving who we should be! We have lost ourselves in this pursuit of mere knowledge.

Mr. Sekar addressing the crowd

Mr. Sekar addressing the crowd

Mr. Sekar gave an interesting comparison here. We are all like a library full of books, loaded with information. What are we achieving with this information by succumbing to societal pressures and needs? This is where “Wisdom” comes into the picture! We all have the same level of intellect and exposure to information. But, wisdom is what helps us differentiate between what we should and should not do.

Mr. Sekar further tells us how, in reality, knowledge limits our imagination in deciding what we want to be. It clouds our judgement by stopping us from having a free reign over our decisions. We are so used to the mediocrity that we limit ourselves within our cocoon, which is our comfort zone. Since our comfort zone is derived from all our experiences in the past, limiting our imagination.

Our human brain has the ability to achieve anything! So why limit ourselves? How can we overcome this hurdle? The answer is: step out of our comfort zone no matter how difficult it is and start thinking. This is where the power of thought comes into play. Mr. Sekar says that our ability to think is so powerful that it is capable of achieving the unthinkable. Our thoughts can actually translate into achieving our dreams. Constantly thinking about our goals and successful results has a direct impact in our universe. The cosmos enables us to achieve our goals!

You can’t just think about doing something and sit around waiting for it to happen on its own. You have to work hard to achieve your goal. It is the key to success! To sum it all up, imagination, the ability to think out of the box, visualization of our dreams and relentless hard work is what manifests into success.

We thank Mr. Sekar for meeting with us to share his thoughts. The session was extremely engaging and interesting. I’m sure many of us took back so many valuable insights from it.

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 Pre sales Business Executive in Market Simplified.