Marduk

1. PROJECTS QUESTIONS

Answers to question in this chapter are mandatory!

Marduk is a scalable Digital Sales and Onboarding Platform tailored for banking, insurance, telco and other regulated industries. 

It acts as an online marketplace - where businesses can sell their products by configuring approval and onboarding flows while customers of those businesses can signup, browse for the product that fits their needs and apply for it. E.g. banks can sell account opening, cards and loans while new-to-bank customers can purchase these products.

Its reusable components and no-code design ensures quick, compliant and low cost development and publishing of new product approval flows. Server-driven UI ensures that this can be accomplished without the need to code, build and deploy new apps or app updates

Compliance and security of KYC and contract signing process are ensured with out-of-the-box modules for multilayered Customer Identity Verification and Qualified Electronic Signature (QES). These modules can have different implementations (and background integrations) depending on the country - to meet local compliance requirements (Banking and AML regulation related to KYC, Trust Service provider/s certified by the state). 

Businesses may have decision logic and data in their IT systems - these can be integrated within Marduk’s product approval flows via REST APIs (e.g. blacklist checks, credit worthiness, unpaid telco bills). Additionally, Marduk provides business specific modules for onboarding which can support industry and product specific use cases, such as:

• New-to-Bank customer onboarding - KYC and contract signing, issuing Virtual Debit Card and tokenizing it to Apple Pay / Google Pay wallet via Marduk Mobile app

• Select a mobile plan, contract signing with Telco provider and in-app eSIM provisioning via Marduk Mobile app

Key functionalities from businesses perspective:

• No-code design for products landing pages and online approval workflows

• Design based on templates which are already tried and tested, and verified for compliance (e.g. account opening flow - with KYC and contract signing)

• New product approval saved as: 

  • Draft - visible only to product designers

  • Test - visible only to testing team

  • Published - visible to all customers

• REST API integration to collect / submit data within product approval flow. 

• Lead generation - submitting applications via encrypted email.

• Sales funnel report with detailed usage statistics

Key functionalities from customer perspective:

• Product browsing (list, filter, search) and comparison. Product details page

• Apply for the product: identify, sign contract or schedule branch visit

• Make card payment for product supporting online purchase (e.g. insurance policy)

• Review history of applications and track approval and delivery status

• Push notifications about product application status changes

• Choosing favorite merchants and receiving new products push notifications

• Two-way chat between the business and the customer

In which stage of the development is your idea?

Early stage of development. 

Prototype is available for presentation of certain functionalities, such as:

• Onboarding to Marduk app

• Customer Identity Verification

• Server-driven UI - design of product approval flows via config file updates. 

• Product browsing and apply for product

How does your idea contribute to the improvement of financial services in Western Balkans 6 region?

Next to productivity gains, digital transformation is of crucial importance for economic recovery and growth. However, there are several challenges preventing countries of Western Balkan region from reaping the full impact of digital transformation:

• Regulatory framework constraints 

• Expensive or even unavailable technologies

These result in uneven digital adoption across the private and public sector.

Marduk is designed as a platform which significantly reduces technical and financial burden from businesses to develop needed secure and compliant solutions, while providing quick time-to-market for online product sales and customer onboarding.

This approach facilitates higher adoption rate for online sales and accelerates migration towards digital channels. Resulting migration leads to overall better experience, reduces cost of operations and customer acquisition. It enables transformation from tellers to sellers (from repeated actions to advisory roles) - which again benefits both customers and businesses.

What technologies does your idea rely on (please also specify programming languages and frameworks)?

eKYC based on combining:

• MRZ Reading - ID document OCR with MRZ data recognition and data extraction

• NFC / RFID tags reading.

• Biometric authentication with liveness detection & face match

eID and Trust Services - Qualified Electronic Signature valid in Montenegro

Frontend

• End users - iOS and Android mobile apps built in Flutter

• Businesses Admin app - Web app built in Flutter and hosted on Firebase Hosting

Backend

• Firebase BaaS - utilizing following services: Firebase Authentication, Firestore Database, Cloud Storage, Cloud Functions, Cloud Messaging, App Check, Google Analytics and Crashlytics 

• NodeJS and NGINX for integration with Trust services and exposing REST to mobile apps 

• Face API  - Docker, Kubernetes, Milvus, PostreSQL

Marduk provides the customer identity verification process which is fast, transparent and secure. 

It is based on multiple verification steps which combined significantly mitigate the risks of false identity verification. 

1. Signing in to Marduk app via mobile phone number

2. Checking validity of ID documents using multiple technologies  making it harder to falsify

3. Video identification with liveness detection and face matching

4. Cross-comparison of collected digital information (ID documents and Video/Biometric data)

Finally, authentication and contract signing are secured with Trust provider services, which are compliant with eIDAS and state regulation. 

Platform implements multi-layered security with - obfuscation, security code review and penetration testing, App Check, root check and other security controls. Customer data is stored and managed in line with GDPR and local regulations. It is encrypted in transit (HTTPS) and at rest.

By using Marduk, businesses get necessary data security out-of-the-box without the need to develop it themselves. Platform ensures that comprehensive customer identification and verification procedures are fully observed - which mitigates the risks of internal and external fraud. 

Sasa - Product development. Frontend and Backend software development.

• Banking processes digitalization & automation

• Digital Product design and implementation projects - omnichannel banking, mobile payments, online lending

• Participation in Digital Transformation committees with published articles in the area of Digitalization and Trust services

• IT Project Management

• Managing Information Security in Banking industry

Filip - Frontend and Backend software development.

• Leading role in developing robust and complex banking systems for business, risk measurement, accounting, etc.

• Experience in developing BPM solutions using leading platforms for fast process digitalization.

• One of the creators of XSign tool for signing documents in digital form using digital signature. Product is in the prototype phase.

Matija - SaaS Sales & Technical Account Management 

• International Business Development 

• Software & SaaS sales (B2B)

• Working with international clients, including businesses from investment banking, wealth management

• Onboarding/integrating clients on SaaS platforms

• Various e-payments & billing systems (e.g. Stripe, USPS eVS)

• CRM support for telco provider

Invest 100% of the prize in the development of the product to the point of reaching  Proof of Concept. Funding:

• UI/UX design

• Software development - Frontend and Backend developers

• Infrastructure costs - integration with eTrust and Service provider

• Infrastructure costs - system and network admins consultancy

• 3rd party software costs

2. BUSINESS MODEL CANVAS

Answers to question in this chapter are not mandatory. 

If you want your project description to be of better quality, we recommend that you answer as many questions as possible.

KEY PARTNERS

Partners supporting key functionalities of the platform: 

• Software companies specialized in AI/ML supported biometric data processing - identity verification (liveness and biometrics matching)

• eID and Trust Service providers - authentication and qualified electronic signature

• Payment providers - eCommerce gateway to manage card payments

Partners supporting onboarding flows (delivering products to customers):

• Payment Card issuers - integration to to enable virtual card tokenization

• Mobile Service providers - integration to support in-app eSIM provisioning 

• Other regulated industries service providers

Other partners:

• Law practice with expertise in eID and Trust Services and related regulatory frameworks

• Marketing agencies

• Partners for regional sales

KEY ACTIVITIES

• Product development

• Customer Experience Design (UI/UX)

• Software development & maintenance

• Information Security

• Integrations with businesses and partners

• Business Development

• Marketing and Sales

• Online and in-person training 

• Account Management and Customer Support

KEY RESOURCES

• Marduk team: Product development, UI/UX designers, front-end and backend developers, sales and support team

• Marduk Platform and Marketplace

• Supporting technical infrastructure

• Partners

VALUE PROPOSITIONS

• Online marketplace for regulated industries - businesses have a means to start selling new products online

• Quicker time-to-market and lower costs compared to develop-it-yourself approach, ensured security and compliance and consistent CX. 

• Customers can find everything they need in one place, browse, compare, apply for products and onboard - all within the same app

• High customer acquisition potential

• Compliance and Security

CUSTOMER RELATIONSHIPS

• Web and Mobile apps

• Key Account Management Team for businesses

• Self-service for Retail / consumers

• Customer Support

CHANNELS

• Mobile apps - iOS & Android

• Platform Website

• Social networks

• Sales and Account Management Team - online and in-person meetings

CUSTOMER SEGMENTS

• Businesses in regulated industries (bank, telco, insurance, micro-loan institutions, law practices, etc.)

• Other businesses that would greatly benefit from our platform services (car sales, real estates, etc.)

• Customers - consumers of regulated services

COST STRUCTURE

• Human Resource in charge of designing, developing and supporting Marduk platform

• Infrastructure costs

• 3rd party software and service providers

• Marketing

REVENUE STREAMS

Platform is free of charge for customers - consumers of regulated services, while Businesses pay:

• Yearly fee for access to the platform, ability to sell products and get basic customer support

• Transaction fees - per each sale via Marduk platform

• Consultancy costs for advanced support