Blockchain poised to change financial landscape; IDC

International Data Corporation hosted its UAE Banking & Finance Congress at the Jumeirah Creekside Hotel in Dubai

Tags: BlockchainCustomer experienceCustomer serviceIDC Middle East and Africa
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Blockchain poised to change financial landscape; IDC
By  Aasha Bodhani Published  November 24, 2016

International Data Corporation (IDC) hosted its UAE Banking & Finance Congress which focussed on the best-practice strategies on embracing the power of digital technology.

The event brought together a panel of BFSI industry leaders to present the strategies for going beyond digital and taking the customer experience to new heights. The event featured presentations from senior executives of Emirates NBD, National Bank of Fujairah, Al Hilal Bank, Commercial Bank of Dubai, RAKBANK, United Bank Limited, Union Insurance Company, DGCX, and First Gulf Bank.

The event explored this evolution in customer demand in greater detail, offering advice on what it takes to triumph in the battle to provide the best customer experience. IDC also introduced its new digital transformation model called 'Leading in 3D', which is focused on providing the tools required to drive operational excellence in retail and corporate banking.

"Customer expectations are changing and traditional customer service is often regarded as unappealing these days, leading to poor customer experiences," said Jyoti Lalchandani, IDC's group vice president and regional managing director for the Middle East, Africa, and Turkey. "This change is driven by a new generation of customers who are demanding better, personalized, and increasingly remote services, which in turn is prompting the need for organisations to provide timely and relevant information to client-facing units across multiple channels."

Thomas Zink, associate research director, Financial Insights, IDC Central Europe, added: "Over the last nine months, blockchain technology has been a much touted branch of science that is poised to change the entire financial landscape.

"However, its true capabilities and potential can easily be misunderstood. As such, our aim during this event was to explain how blockchain technology can be used to improve efficiency while reducing the cost of operations and serving as an enhanced, tamper-evident ledger solution that will form a major part of future banking systems."

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