Blockchain Customer Engagement for Bank CIOs to Watch

How can blockchain enhance customer engagement in banks?

  • Better customer services: Customers always look for better services: cheaper fees, quick support, easy-to-find answers, and convenience… Blockchain and smart contracts have the potential for banks to build-up real-time services. For instance, with already-verified data on the system, there is no need for customers to wait in line at the transactions office to submit the documents. They even only need their phone or laptop or any other smart device to submit and complete the procedures. Not only cut off the cost of wasted procedures, but blockchain also reduces the cost for each transaction. This is the one first thing that customers may be concerned about to remain in a relationship with a bank.
  • Experience of high security and transparency: According to new Accenture 2019 research, “banks, capital market firms, and insurers grapple with a per-firm average of $18.5 million annually to combat cybercrime, over 40% more than the average cost ($13 million per firm) across all industries surveyed”. Blockchain, using cryptographic algorithms with the security of military-level, has a nearly zero chance of being hacked. Personal data and privacy are safe with blockchain CDP platforms.
  • Revolution of trust: In the banking sector, credit means trust. But this “trust” is not based on emotion. It is a trust built on a practical basis: To a bank, trust comes from a good reputation, a prosperous business, guaranteed papers, and the law; to the borrowers, trust comes from the ability and intention to pay the debt, collateral, and legal base. Blockchain offers a reliable database with immutability and transparency for banks to harness quality information and gain benefits from that.
  • Deliver better-personalized services and create a strong connection between customer and bank’s products: Consumers expect good targeted and personalized communication. They are getting smarter and showing a desire to get more benefit from their provided personal information. It is such a tragedy if a bank data and information system are too bad to handle the potential. This, however, won’t happen in a blockchain CDP platform, because blockchain records all information in a single ledger linearly and immutably. The data is here to stay.

Blockchain customer engagement solution for bank CIOs by akaChain

About akaChain

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The Permissioned Business Blockchain for Enterprises

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The Permissioned Business Blockchain for Enterprises

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