Mr. Mir Sakib is the CEO of the Cramstack. He is working in data analytics for more than 4 years. His research and development in NLP and Big Data mining is helping him to lead Cramstack on building technologically sustainable Data products for it’sclients.
Mr. Mir Sakib graduated from North South University in Computer Science and Engineering department in the year 2015. Later on, he started his journey as a management trainee officer at Incepta and during that time he talked with his manager and joined (Election hackathon of Asia foundation) as he was bored working in a structured organization. There he made an analytic product which was bit unique. He won there and got an offer to start a team. So, after a few months he quite Incepta and also joined somewhere else to learn how cloud software were made. His vision was to start a Deep Tech company, later he founded Cramstack in April 1st, 2016. Cramstack was registered on September, 2016. But that time they were working with the idea of using data. They also tried to figure out what we can do with data. They were working in two aspects. They came up with a product that was user friendly so that a user can easily search for any kind of data from a database in plain English. Sakib used to build reporting modules so that management at 4pm can find data and use that in their excel work. That time an innovative idea came to his mind that why they do not build a system where a user can ask any question like we search in google about data and according to that the system itself bring the data.
Cramstack has two parts. One is product which is the Natural Language Query Search Platform for Enterprise database, the other part consists of services which includes Data transformation & storage, Insight extraction, Data Visualization and Analytical scenario generators. In Bangladesh they focus on giving full solution services required for the analytical part in a digital transformation process. Cramstack has gained experience over the years on building processes consisting of image recognition, text analyzers and insight recommendation systems which helps their client to fully utilize data. Cramstack worked alongside BCG to develop a Data Analytics platform for the Ministry of Power. We collect all the data sources from their multiple pdf files, excels and images. They have all the data scattered but at the time to access they cannot utilize that. So, we collect all the data of the Power utilities and through this, we brought all the power station live that can be beneficial for the management team as well as for stakeholders. They use the platform to arrange meetings and other daily operational work for the both operations and finance department of the organization.it is a kind of data analytical platform where Cramstack provided the Analytical Dashboards and the Scorecard to optimize the collected data. Cramstack is also providing similar kind of product to National bank where they are providing Bank Statements scoring system and Consumer Profiling Analytics. They also do data exertions and build intelligence data stream lining through which they collected data from pdf or excel and bring them in a common platform that is more usable for users and for the system as well. After that, they transform the data, exert insights and then predict and forecast. In custom segmentation for credit transaction they use credit card statements and do transaction profiling. After that, they do the segmentation and also recommend which user is more suitable. Generally, banks do not get the information about your salaries and income unless you do not update it. However, with this system they go through with the users transactions.
Cramstack focuses mainly on cost based revenue model for the initial years. They are now going for B2B contracts. But in the near future, they are focusing on the data analytics service as a service which will provide solution to users on a monthly/annual basis. In terms of scalability Cramstack. Instead of having numbers of clients, they prefer to improve the quality of the work. They believe, if they provide quality people will appreciate.
Cramstack, throught its innovative product was selected for the GP Accelerator batch 02. This was only one of the many achievements that Cramstack was able to get, as they won the Digital Winners award for 2017 in Bangladesh and Echelon top 100 prize from Bangladesh. Aside from national accolades, Cramstack won many awards abroad notably being in the top 15 of the prestigious Startup Grind Silicon Valley 2018. In the same year, Cramstack got selected for the Nvidia Inception program 2018 and was also selected as a Portfolio company in the Rockstart Artificial Intelligence Accelerator Batch 2 which is the premier Artificial intelligence accelerator in Europe.
The main challenge for Cramstack is cash flow. They need to rely on firms to sustain as they go for B2B contracts. For B2B business, it is tough to get funds as most of the investors want to see results in daily basis. But they maintain a time frame.
Digital transformation is a billion dollar industry for Bangladesh. Our population density is very high that means we have huge pools of database. When the data is automated for the business then comes analysis through which people can optimize more. In future, they want to serve both Bangladesh and foreign countries. For Bangladesh they want to be a 360 degree data analytics company. They want to build a predictive and recommending system for the user within Bangladesh. They also want to build a natural language for all through which people do not need any kind of technical skill to have access to data or analysis data. Cramstack’s main goal is to cut down time and technical knowledge requirements for people to access data and their main vision is to bring out a certain range of product through which with one search, anyone can analysis data.
The global banking sector faced a new wave of change when the news of AntFinancial, Tencent and Xiaomi Corp. won virtual banking license in Hong Kong. Mobile cash is catching on in the world’s less advaced economies, in some cases, leapfrogging traditional banking. M-Pesa (Kenya) and Telenor Microfinance Bank (Pakistan) have set example of how unbanked citizens increasingly use phones to connect to the digital economy.
Modern digital technology has disrupted this legacy banking model on all levels, starting from enhancing customer experience to bring agility in the credit operation to streamlining back-office related activities, by simply leveraging on customer data. In a world where “data is king”, the cutting-edge technological inventions transformed the aura of banking services in the past two-three years. In India, ICICI Bank, HDFC Bank, Axis Bank and SBI are now deploying big data to customer profiling, collaborating with e-wallets to make the payment system more convenient, putting analytics into play in creating loan scorecards and gradually partnering with fintechs to leverage their technology for superior customer experience.
Bangladesh, albeit trailing far behind from neighboring India when innovation in banking service is in question, however, started making strides. The top banks of Bangladesh are showing an interesting trend in the commitment of organizational leadership for offering digital banking services. Few initiatives by local banks for instance, coming up with paperless e-loan for individual purpose, implementing blockchain technology (pilot basis) for trade finance, partnering with e-wallet (iPay and bKash) and so forth. Although regulatory challenge, for instance, eKYC is still there, the good news is it is being addressed from policy level. It is time regulators should undertake more “digital-friendly” initiatives so that local banks start putting data and technology into play to provide one-stop, paperless and on-the-go banking solution to its customers.Download View