Blockchain technology is working as a catalyst for companies regardless of their industries. Be it automotive, fintech, government, or any other industry, this decentralized tech is playing wonders. This tech is streamlining complex business operations and offering better data control to the business owners and customers.
In countries like Switzerland and Malta, where the government is encouraging companies to adopt these modern platforms, the scope of improving customer experience goes even higher. Customers' behavior regarding consuming information, services, and products has taken a paradigm shift in the last couple of years. To cater to those dynamic shifts in the demands, this distributed ledger platform works as a boon.
Both public and private blockchain technologies are capable of enhancing customer experience to boost your business. At SevenBits, we bring in a wide range of future-focused and scalable blockchain services to make you thrive in the digital world.
Leveling up the security architecture
The most significant instrumental factor in providing an excellent customer experience is data security and privacy. As the customers are getting more concerned about growing data forgery, this platform can help your company build a secure architecture.
Be it customer's personal data, organizations' business-sensitive operational information, or other confidential records, blockchain can prevent unauthorized access to the data. SevenBits helps your company in designing a secure data communication cloud-based architecture to keep privacy and security intact. According to a survey done by an agency, more than 90% of fintech companies and financial institutions will adopt this technology in the upcoming five years.
These stats give us an indication that this platform is here to stay and evolve as digital transformation grows within industries. As the data stored in these distributed ledgers are all time available, unlike a centralized system, it adds more value to the customer experience.
Faster payment options for customers and partners
The payment methodology is being redefined and restructured since the inception of Blockchain. In countries like Switzerland, the government has already given a green signal to the usage and circulation of cryptocurrencies. Even financial organizations are integrating these systems to ease their customer's experience.
With the integration of cryptocurrencies wallets, customers can have the freedom to pay at lower transaction charges worldwide. Coming to business to business transactions, companies can eliminate the third-party transaction fee by leveraging a peer-to-peer payment network. As this system can operate without any human intervention, the chances of system failures slashed down drastically.
As a business owner, you can integrate a fully custom wallet system for your stakeholders and customers to enhance their overall experience. It will not only eliminate third-party involvement but also build higher trust among the entities.
Smart contracts enablement
Smart contracts reduce the chaos among customers and companies by streamlining and securing the business's entire documentation process. For the insurance industry, smart contracts can help cut the operational cost by as much as 40%.
With a mobile-based application, your customer base can interact with core services without needing the help of an agent. Right from documents attestation to securely store personal information, this implementation eliminates all potential data alteration risks.
Along with improving the customers' experience, higher automation can be established leveraging the blockchain-based contracts. As all the parties have attested their documents with unique encrypted signatures, even a negligible unauthorized audit will trigger a spam notification.
If you are not leveraging the potential of smart contracts for your business, it's the right time to integrate this future-oriented technology. These contracts help your business in establishing higher transparency across the distributed business ecosystem.
Faster performance delivers sheer customer experience
As the digital era is evolving, customers' expectations regarding uninterrupted performance are growing rapidly. Centralized systems and liner-fashioned data architecture will fail fast to cope with this digital transformation.
On the other hand, blockchain systems are proved to be more 'reliable and real-time' in delivering what today's customer demands. Be it dealing with insurance documentation formalities or building a database for a customer-centric service application, this tech fits the best.
As per Gartner company, the total business value-add of blockchain to reach $3.1 trillion by 2030 and it's higher than any other technology implementation. Many companies are already in the race of improving their business process efficiency for customers. Regardless of the industry, you need to optimize your business operations to offer an uninterrupted experience to all associated individuals.
Service and product delivery
Another business area which is improving with the blockchain implementation is how faster customers are receiving their services or products. With the traditional approach, the entire service or product delivery cycle is looped with multi-point manual analysis.
But with blockchain, the majority of the iterations can be automated with higher accuracy and efficiency. With this tech integrated with your agile approach of delivering services or products, the development sprint can be optimized.
Along with this, the customer record-keeping unit can also be empowered with this modern tech as it will help companies in faster customer issue resolution or service upgradation.
Even with these advanced implementations, the world is still playing at the surface level of this technology's potential. This is the right time to get started with blockchain applications and offer a better customer experience to improve the retention rate. We at SevenBits bring in a dedicated blockchain CoE to cater to your every business goal. Know more about SevenBits' services; get in touch with us at [email protected] to explore the future.