Blockchain and Customer Service in Banking

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While we have seen the various merits of blockchain technology with relation to asset management and the core of financial technology, it’s tough to connect the dots and see if blockchain will have answers in customer service as well.

Blockchain data is something that’s always going to be on record and verified within just a few seconds of a financial transaction taking place. With an extensive record of all of the data from every single customer in a financial institution available if a customer is willing to disclose this with a financial institution, this can offer a wealth of improvement for management and customer service.

It’s up to a financial institution to maintain trusted information for any customer and blockchain encryption technology helps to not only secure the information of its customers but also completely validate all of the information that a financial institution publishes about a specific customer. Blockchain technology could effectively simplify managing any type of data on customers. Not only would a financial institution have the right to access all of this critical data to maintain its security, but they could use it to dramatically improve customer service experiences within a financial institution as well.

Imagine if you will, going into a bank and not having to explain a single transaction, credit history, deposit history or investment or back up any of your financial information with valid receipts. Blockchain technology could make this a very real future.

What this means for customer service is that a client would have their card or a profile available from a financial institution. They could then simply walk up to the counter, apply for whatever service that they are interested in and enjoy not having to present any type of validation because all of the information will be right in front of the customer service expert and completely validated.

Blockchain technology can go one step further when it comes to analyzing data for prediction. What this could mean is that a financial institution may send out a message to a customer around the holidays to increase overdraft limits for example. If blockchain technology analyzes data from the past few years on a particular customer and showcases that they use more of their credit over the holidays, this could prompt an almost instant response for customers for customer service. Essentially financial institution customers could receive offers for services right as they are thinking that they may need access to these services. By analyzing data over time and recognizing trends customer service in banking can become much more predictive and much more attentive.

These types of trends can represent a huge advantage for banking institutions. Not only can they save an extensive amount of money when offering promotions but they can work at delivering a better level of predictive and secure customer service experiences for their customers. These are the types of touches that will keep customers coming back to a specific financial institution time and time again and it’s all thanks to Blockchain technology.

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