Seeing through blockchain-backed CX solutions and the technology’s potential in real-life business. What is the formula to achieve success?
Blockchain attracts a massive audience around it that appreciates and wants to embrace its capabilities. However, specialists in the banking and finance industries share a great deal of dedication to this technology.
By 2018, 90% of European and U.S. financial and banking institutions have begun to implement blockchain technology. The fundamental explanation for this is that this technology is capable of reducing the cost of banking infrastructure by 30%.
Since the blockchain market is expected to develop up to 20 billion in annual revenue by 2024, blockchain in banking & finance will grow significantly. In short, this technology will be a significant transformation strategy to change the banking and finance environment in the future.
In particular, banks’ CIOs are actively applying blockchain to develop CX solutions. 41% of consumers would change their bank if a different one offered a better experience while the Loyalty programs of the current CX strategy have much fatigue.
Bank CIOs have to find out what are the benefits of blockchain-backed CX solutions in real business operation.
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Blockchain — The distributed ledger
Blockchain is a blockchain technology that offers a new paradigm for data sharing and security, making it easier for banks and financial firms to work together across the internet.
To describe blockchain, think of it as a puzzle where each piece is in a different place. You can’t bring the whole thing together without access to each part of the puzzle.
Blockchain allows multiple users to view, inspect, or add data. However, they are limited to what they can do because they are unable to alter or erase individual information.
As companies work together in a blockchain system, they will provide their customers with what they want, at the exact time they want it.
Mckinsey points out that there are three central values of a loyalty program and a successful business process: Concentration and consistency of value; ensure the central role of the customer in any transformation; and the ability to scale the program. Blockchain technology helps enterprises consolidate these three values and completes the mission.
Blockchain is focused and consistent on value
Building a direct connection between customer experience and value takes patience and diligence to invest early on in the analytical approach.
To develop this relation, start by defining customer behavior that generates value for your company, and then monitor customer satisfaction over time to measure the economic effects of your business. There are various perspectives.
The Blockchain customer engagement solution can capture and monitor data at various touch-points during the purchaser’s journey. Enterprises should make use of this information.
Identify customer-specific habits and results that underlie the importance of your industry. From there, companies will build customer-critical outcomes hypotheses.
Automatically survey what consumers think and what they do, compare and calculate their genuine satisfaction. Blockchain-backed CX solutions enable unified control of monthly data collection and remove data silos such as conventional storage methods. Critical data, including retention rates, service costs, sales, product upgrades, and referrals, are vital components that form the foundation of customer experience data analysis.
Ensure customers are in central of any transformation
The customer is the origin of new opportunities and challenges faced by bank executives. While notions of the value of outstanding customer experience are increasing, efforts to improve it are seldom as rigorous as efforts to transform traditional productivity.
Many businesses are ignoring the voices of their customers and overwhelmed by digital agents. They are focusing too much on getting ahead and winning the competition, improving the model without considering practical needs.
Today’s customers expect a reason to do business with a particular company. They ask to appreciate the value they bring to each location they patronize. Consumers today are looking for a financial stake in the goods and services they use. They want to be appreciated for their crucial role in the success of any startup.
Today’s customers have a strong need to appreciate the contribution they make to the business they trust. Blockchain can encourage customer participation and sharing thanks to its transparency. With the assurance of information and straightforward operations, blockchain will remove the barriers of information security concerns and help businesses discover the actual needs of customers.
Also, by better understanding what is bothering customers, customer experience on the blockchain can solve the real problems with less effort and is more likely to improve the experience.
Ability to scale up the program
Blockchain technology makes it easy to scale because you can have any number of users accessing any number of data points. Businesses can save a large number of costs as a result of this method.
A shared ledger ensures that internal structures would not need several reviews, meaning that companies can drop such processes.
Over time, by emphasizing this form of agile collaboration, the organizational structure can be streamlined to produce new experiences that have lasted for years. The effect is a transformation that delivers early impact and momentum and growth opportunities as demand shifts, without triggering an intermittent shock to interrupt a fragile early-stage operating pattern.
The risk of fraud and lack of security is also preventing scalability. More and more agile fraud suspects have benefited from the limited adaptability of banks and payment firms.
While most organizations have well-funded anti-fraud groups, essential resources are also scattered within the organization. Required data, investigative and forensic knowledge, and analytical talent are frequently spread through cyberspace, compliance, legal, IT, and fraud teams, with little to no collaboration or exchange of data.
Blockchain-backed CX solutions can maintain sovereign data without allowing unauthorized people to intervene with data, thereby encouraging data sharing and creating new values.
The entry of companies such as Alipay, Amazon Cash, Facebook Messenger P2P, WeChat, and others put banks at risk of reducing participation in the financial services supply chain.
These new competitors and industry customer satisfaction charts are pressing for banks to pay more attention to significant customer experience programs like on blockchain.
As an enterprise blockchain platform built on Hyperledger, akaChain is building many blockchain-backed CX solutions for businesses to drive digital transformation for companies in multiple industries, especially finance — banking sectors.
We aim to achieve robust solutions to help businesses create moments of customer satisfaction and overcome difficult points on all customer journeys.
Despite the enormous value of blockchain, our experts are finding that most businesses are currently struggling to adopt this technology because of the newness and difficulty of integration.
We are working on it to find out the problematic points of the business and come up with the right solutions. If you are interested in our solutions, find more at our website or leave your contact information and we will get back to you as soon as possible.
akaChain is backed by FPT Software, a globally leading technology, and IT services provider. It is an end-to-end, permissioned, multi-chain network based on the Hyperledger Fabric. Since Establishment in September 2018, akaChain’s product has assisted many enterprises, from SMEs to Fortune 500 firms, to transform with distributed ledger technology. The company provides a broad range of permissioned blockchain-based products and services in multiple sectors, including retail, supply chain, banking and finance, insurance, shopping mall management, etc. to transform with its distributed ledger technology. For more information, please visit https://blog.akachain.io/.
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