MANAMA: Emerging technologies such as blockchain will transform customer experience in the banking sector, enabling organisations to gain greater insight from customers’ data, Avaya announced at the WIBC.
Blockchain could be used to transform how customer satisfaction is monitored by regulatory bodies, and how banks control identity management, amongst other innovations, Avaya told delegates at the event in Bahrain.
Many organisations today are struggling to turn the huge volumes of data they have about their customers into actionable insights.
For banks, this issue is particularly important as they have to meet strong regulatory compliance standards, combat online fraud and meet their digitally-savvy customers’ expectations.
Failing to deliver the required customer experience can be costly for banks: more than half of Saudi banking customers and four in 10 of UAE customers would change their banks if they received bad service, according to Avaya’s recent Customer Experience in Banking survey.
“For many organisations, blockchain in banking begins and ends with cryptocurrency applications,” said Avaya, Middle East and Africa and Turkey vice-president Fadi Hani.
“However, Avaya is committed to leveraging so-called disruptive technologies like blockchain, artificial intelligence and analytics to drive innovation in customer experience.
“By helping organisations gain greater value from the data they collect, and make life easier for their customers, we can enhance customer satisfaction, ensure greater compliance and reduce fraud.”
Avaya recently showcased at Gitex Technology Week in Dubai the Happiness Index on Blockchain, a solution that demonstrated how companies and government organisations can leverage blockchain to securely collect and integrate data from multiple sources to dynamically measure satisfaction levels.