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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.

Gamification meets banking

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gamification banner

The word ‘game’ takes us back to the games of our childhood days, where we actively used to play games and sometimes tried to work around the rules to win creatively. If you remember those games with your friends, what element made them hold our attention? They weren’t a source of income, and definitely not a real career option. And yet they were highly engaging – in many cases, more engaging than reality itself. Times changed. We’ve all grown from being kids crazy for games to being professionals doing serious real work. But games still invoke the child within us. So what was that magic sauce?

Meet the basic foundation of modern day gamification.

Gamification is defined as the application of typical elements of games (such as point scoring, competition with others, rules of play) to other areas of activity, typically to encourage engagement with a product or service. (If you are a person who likes formulae, Gamification = Existing Environment + Game Mechanics.)

Gamification in essence attempts to combine work with fun, creating an exciting experience for the user.

The basic idea of gamification is to incorporate the elements, design, and principles of games into a non-game environment in order to engage, educate as well as bond with customers. It can be said to be one of the best ways to painlessly and cost-effectively drift towards increased usage of digital channels instead of physical. And digital channels, as anyone can agree, result in significantly reduced operational/processing costs.

The concept of gamification may sound interesting. But are you wondering how such a concept can be applied to a transactional and unrelated segment such as banking? The trick is simple – ultimately, you – a banker – are dealing with a user who most probably would love to re-live the fun part of his/her childhood.

Gamification is the not the product that you are selling them. Gamification is the process through which you are going to guide them to buy.
By offering a unique experience, you sustainably create more chances to make a sale; rather than waiting for demand to catch up with supply, you are creating demand.

The next question a bank would ask is: Why? I’m doing great, I have plenty of customers and plenty of offerings to keep them happy. Why should I be interested in gamification? The answer lies in the changing demographics of your customers. Enter the new generation – the millennials.
Remember the long queues in the banks a decade ago? Don’t expect millennials to follow the same path. For millennials, everything revolves around convenience.

Banks can no longer afford to sit back and wait for customers to come by themselves to open accounts or use any other products.
Banks can no longer take customer loyalty for granted. Millennial customers of today are spoilt for choice. Give them a better deal and they will change teams in a jiffy. The modern user is driven by quality of experience, and hence always seeks a better experience. Gamification is a great way to give them that better experience and engagement. Apart from just increasing engagement, loyalty and financial literacy can also be grown via gamification.


What’s the way forward?

Gamification is not something new. It has been gradually evolving for a century now. Customer loyalty programs, earning bonuses, and redeeming points – all of these are gamification in action.

Technology in the form of wearables, fitness apps, and trackers, has enabled tracking of fitness and health data at unprecedented levels of detail, and can generate valuable insights regarding users’ health and well-being. The same concepts translate into the financial services world as well. For example, banks can gamify customer-facing tools to improve customers’ understanding of their own financial health, and also allow them to monitor progress towards other aspects like personalised savings targets.

For example, a prominent American Bank is using gamification in the form of different applications by the help of which customers are able to keep a check on their financials as well as health simultaneously. They introduced an app that helps people achieve their desired behavior of saving money by using a person’s daily activities to trigger automatic savings.

In the same manner, Banks now-a-days are trying to gamify customers daily activities. Each activity triggers a small amount of savings automatically with no extra effort. Notifications provide an instant gratification.

Gamification is also an effective tool to inform people about financial products, and therefore show a way to meeting regulatory compliance obligations on things like risk disclosures.

There is practically limitless potential in this domain. A few banks have already identified this potential, and are actively working towards incorporating gamification into their strategy at a grand scale. More players in the industry are poised to do so. The question is, are you?


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: Deepti hails from the Business Development team at Market Simplified and her business card reads Business Development Executive. She is obsessed with wanderlust and never says no for trips and tours. She claims herself a foodie and cooks well too.

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.

 

Kaala Mania @ Market Simplified

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kaala

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…

5 Exciting Use Cases Of Blockchain In Financial Services

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BlockchainOne of the most trending topics in the Fintech industry is Blockchain. We touched upon a few points that enable a better understanding of the technology and how to use it in best possible ways?

What is blockchain?

Blockchain, is a digital, distributed transaction ledger with identical copies maintained on each of the network’s members’ computers. All parties can review prior entries and record new entries as well. Transactions are classified and grouped into blocks and recorded one by one in a chain of blocks. Cryptography protects links between blocks and their content, so that prior transactions can neither be destroyed nor forged. This technology is decentralized which means there is no central authority in this transaction network. 

According to PWC’s ‘Global FinTech Report 2017’, 77% of financial companies plan to adopt block chain as part of their production system or process by 2020. By identifying this huge potential in blockchain, technology start-ups are investing in this space.


Total Investment in Blockchain Startups

Top 5 Use Cases of Blockchain:

1. Share Trading

Blockchain will have a great impact on share trading. Implementing this technology helps in increasing greater trade accuracy and a shorter settlement process through automation and decentralisation.

2. Cross-Border Payments

The transfer of value has always been a costly and time consuming process. This is particularly true in case of cross-border payments. Blockchain technology reduces the cost and makes the process efficient in a simple way.

3. Smart Contracts

One of the most important applications of this technology is the smart contract. It automatically executes commercial transactions and agreements. It also fulfils the obligations of all parties in a contract – without increasing the expense for the middleman.

4. Loyalty & Rewards

This technology offers many advantages, like traceability of transactions and transparency. This will help financial institutions and insurers to create a more captivating loyalty and rewards program that provide 24/7 performance management and enhances engagement.

5. Identity Management

When identity management is transferred to blockchain, users will be able to choose how to identify them and who will be informed. They still need to register their identity, but after that, they can re-use that identification for other services.

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.

Chatbot – A Simpler Way To Communicate With Your Customers

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chatbot

According to the recent study conducted by Facebook more than 70% of users prefer to solve online queries by chat and it is seen that more than 80% users prefer to use mobile to seek information rather than using their laptops or desktops. As a result, brands really have the unique opportunity to develop more personal relationship with their users which helps to increase customer loyalty.

Chatbots deliver immediate solutions to the problems where humans lack, due to timing or budget. It helps to drive sales and also reduce operational and service expenses. It answers general queries of the product which are raised by the users. This boosts customer loyalty and retain the customers.

It sets the first line of communication between the customer and financial institutions. Now the customer doesn’t need to browse for a banking product on its website, they can simply ask a chatbot for the specific product. Search for the product which they are looking for is made easier. This technology will lead to more satisfaction and increase in sales. Advanced chatbot can be used if we want to purchase through it.

Current Chatbot In The Industry

In October 2016, Bank of America introduced the chatbot, Erica, which got available to customers in late 2017. This allows customers to communicate via text or voice message, with the ultimate goal of providing banking and financial advice.

A lot of the FinTech startups have made their chatbot s— and now the traditional banks should also start using this technology. Bot technology and artificial intelligence (AI) give financial organizations the support they need to deliver a good user experience and help them save money as well as time.

Today customers buy experience along with buying products and services. For a better customer experience they are ready to pay a higher price.

chatbot customer service stats

“The over-all point is that new technology will not necessarily replace old technology, but it will date it. By definition, eventually, it will replace it. But it’s like people who had black-and-white TVs when color came out. They eventually decided whether or not the new technology was worth the investment.”
-Steve Jobs

Intelligent Chatbots Are The Future

While making the conversation interactive for the consumers, NLP (Natural Language Processing) makes the chatbot act as an interactive layer which digs into the context of the conversation and translates its objective (positive or negative) thereby enabling the chatbot tool to respond naturally like a human to the users. Interestingly, NLP can find the patterns of opinions from a volume of customer interactions, which businesses can hold to improve their processes or operations.

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: 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.

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.