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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.

See you all at BankTech Asia 2017!

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banktech asia

We are so excited to participate in this year’s BankTech Asia!

BankTech Asia is a yearly congregation of Fintechs and other financial institutions in the SEA region. This will be the 9th time in Kuala Lumpur. The event consists of a 2-day conference featuring over 20 experts and 3 concurrent streams that will look at various key developments in payments & transaction, retail banking technology and technology risk management.

These are the array of interesting conferences and contests that are part of BankTech Asia 2017.

  • Conference and panel discussions featuring industry experts would exclusively cover key topics such as
    • Artificial Intelligence
    • Open Banking 2017
    • Beacon Tech
    • Digital Wallets
    • Innovation Labs
    • Cyber Security
    • Data Driven Audit
  • FINMATCH: This session is designed to connect fintech start-ups with banks, VCs and regulators. It’ll be an intimate closed-door panel where leading banks and VCs will share what they’re looking for and regulators will share their views followed by a business matching session.
  • FINFIVE: BankTech Asia is scanning the globe for 5 leading fintech solutions to showcase to an audience of 200+ bankers at the 9th annual BankTech Asia event in Kuala Lumpur from 5-6 July 2017. The companies can apply for any of the following 6 categories.
    • Mobile/ Channel Solutions
    • Payments / Transactions / Remittances
    • Process Automation
    • Financial Inclusion
    • Security/ Identification/ Biometrics

About Market Simplified: Market Simplified is a thought leader in revolutionizing and digitizing products for financial institutions by continuously innovating and simplifying finance. We empower our customers with cutting edge digital experience that is highly personalized and enhanced for the end users with our ‘Experience Engineering’ platform driven by Analytics, AI, Machine Learning and Blockchain technologies. Our clientele includes industry leaders like OptionsXpress (Charles Schwab), Currenex (State Street), ThinkMarkets, MB Trading, Maybank Kim Eng, Kotak Mahindra Bank, National Stock Exchange of India and many others across the globe.

Webinar on Digital Transformation in Brokerages

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msf webinar

In the quest to achieve market leadership, brokerages continue to focus on holistic digital remodelling of customer-facing enterprises. However, how many of them succeed in this quest? Is this really accomplishable? There are numerous studies that show that financial services are becoming more and more digitized. This also includes Brokerages. Customers would love to have information at their fingertips. Busy executives do not have the time to do traditional methods of trading which requires keeping a constant watch on the performance of their securities. With the advent of smartphones and digitization, customers have all the information they need to make informed decisions on their trades based on market insights, charts, alerts and notifications.

At, Market Simplified, we are hosting this webinar on 25th July 2017, 3 PM, Singapore Time – for brokerages in the SEA region to provide valuable advice and insights from industry experts to tackle digital disruption.

Our Speakers

  • Sekar Jaganathan, CIO, Rakuten Trade Sdn Bhd: Sekar has over 25 years of experience in managing business operations, personnel and information technology. During his time, Sekar was also a consultant for the Jakarta Stock Exchange and introduced the Standard Operating Procedure (SOP) Back Office System (BOS) for the Indonesian Capital Market. He also implemented BOS for various broking firms in Malaysia and Indonesia.
  • Vivek Shukla, Asst Director and Head – Product Development, Angel Broking: Vivek has great experience in sales and Project Management. He is also highly passionate in Product-go-to-market strategy & business modelling. His core skills include analytics, retail broking, mobile application development, payment gateway integrations, Mutual Funds, margin funding, NBFC and channel management. His extensive knowledge in the BFSI segment is an added feather to his cap.
  • Hiran Ramankutty, Head Engineering, Market Simplified: Hiran has over 14 years of experience in the technology field. His technical skills combined with domain knowledge on BFSI segment makes his contributions very valuable. He has been instrumental in building high performance solutions for banks, brokerages and exchanges. He has great expertise in Solution Architecture, Technology Implementation/Operations and Infrastructure Management. His service focus has been on Consumer Banking, Capital Markets, Cloud Computing, Analytics and Security.

Our Moderator

  • Vasanth Jayaraman, AVP – Sales, Market Simplified: Vasanth is a sales leader with 14 years of accomplished career track record with a unique combination of sales/marketing management & account management skills from different industry verticals. His extensive knowledge in BFSI domain combined with his sales and marketing skills makes him an indispensable asset to Market Simplified.

These are the topics that will be discussed in detail

  • Simplify onboarding – Fully engage customers online
  • Self-Guided simplified tools for Trading
  • Enable multi-asset class trading
  • Improve trade settlement process
  • Empowering expertise using trade simulation games
  • Wealth Management using robo-advisory

This will be a great opportunity for all leading brokerages to understand the importance of embracing digital disruption which, as a result, will enhance customer acquisition, experience, engagement, retention, and growth!

What are you waiting for? Register Now to lock in your place for this wonderful opportunity.

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.

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.

 

Kotak’s 811 Banking App – Digital Customer On-boarding for the first time in India

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kotak 811

Of late, there have been lot of talks on how financial institutions need to take steps to engage and retain their customers. Once we have engaged them, how do we get them to stay interested? In other words, how do we make their banking simpler? How do we transform their banking experience to a whole new level? We, at Market Simplified, faced the same challenge when our client ‘Kotak Bank’ approached us stating that they wanted to increase their customer base up to 2 times. This was just about the time demonetization occurred. When the whole nation was struggling to change their 500s and 1000 rupee notes, we were brainstorming for a solution that could turn around things for Kotak.

Customer on-boarding is an important part of account set up process for any bank. On the down side, this was the only area that was not automated since these were important details and humanization was necessary to check for any discrepancies. But on the up side, automation of this process also eliminates any man made errors resulting in fool proof on-boarding of new customers. Customers will find this as a great value addition as they will not have to physically be present at the bank for opening an account. This is all the more important in case of millennial customers as they are looking for convenience banking and very little interaction with brick and mortar bank.

Many banks and financial institutions have come up with various methods to simplify banking for its customers by making mobile apps, bot based banking and so many others. We are among the very few to think of a solution to on-board customers by just using the app that needs no physical presence at the bank and which is also completely paperless. All the customer needs is, an Aadhar and a Pan card to finish his account set up. This will be a major step forward for  customer service and very few banks have actually done this paperless customer on-boarding.

Uday Kotak, Executive Vice Chairman & Managing Director, Kotak Mahindra Bank said,“We have always believed in value creation for our stakeholders. In pursuit of this, we have implemented multiple strategies – both organic and inorganic – thereby establishing our presence across the entire gamut of financial services. 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.”

kotak pan   Kotak Aadhar

I wish to thank my entire team at Market Simplified, for enabling us to achieve this great milestone which only a few other banks have achieved so far. Also, Kotak Bank has been our premiere customer and it has been a pleasure working with them as they constantly give us new challenges to work on. 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. To know more about Kotak 811, click here.

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: 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