blog Archives -

blog Archives -

Can Blockchain be a potential Game changer for the Stock Trading Industry?

Posted by | blog, Business, Management, Technology, Web/Tech | No Comments

 

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

Posted by | blog, Business, Life - INXS, Technology, Uncategorized | No Comments

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

Posted by | blog, Uncategorized | No Comments

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

Posted by | blog, Business, Management, Technology | No Comments

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

Posted by | blog | No Comments

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

Posted by | blog, Uncategorized | No Comments

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

Posted by | blog | No Comments

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

Posted by | blog | No Comments
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?

Posted by | blog, Business, Entrepreneurial, Technology | No Comments
 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

Posted by | blog, Technology, Uncategorized | No Comments
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.