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Blockchain has potential to transform banking

Financial sector can leverage blockchain to enhance customer satisfaction and drive innovation, Avaya tells World Islamic Banking Conference

Blockchain has potential to transform banking
Avaya can help organisations enhance customer satisfaction, ensure greater compliance and reduce fraud, Hani told the conference.

Blockchain could help banks transform their data from a cost centre to a business enabler, participants at a recent banking conference have heard.

Avaya experts, addressing the 24th World Islamic Banking Conference in Dubai, made note of the many organisations struggling to turn the huge volumes of data they have about their customers into actionable insights.

Blockchain could for instance be used to transform how customer satisfaction is monitored by regulatory bodies, and how banks control identity management, amongst other innovations.

Blockchain in banking has come to be associated with cryptocurrency applications, noted Fadi Hani, vice president, Avaya, Middle East & Africa and Turkey. “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,” Hani added.

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 ten of UAE customers would change their banks if they received bad service, according to Avaya’s recent Customer Experience in Banking survey.

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. Banking regulators could use such a solution to measure customer service levels across different banks, Hani told conference delegates in his presentation.

“Moving forward, Avaya is committed to open technology platforms that allow us to integrate these technologies in new ways to bring even greater value to our customers and partners across the region,” Hani said.

A recent report by PwC said financial institutions in the Middle East are launching initiatives to understand possible business and operating model for blockchain solutions.

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