Blockchain Application Development to Improve Customer Service

Published : May 06, 2019

blockchain in customer service

  • An efficient complaint management system is the key to improve customer service. It is a significant unit of business operation that strengthens service delivery and enhances market reputation. An efficient complaint management system functions in several ways:

    • It facilitates early detection of complaints
    • Enhances the complaint intake capacity
    • Accelerates quality response
    • Supports the business to improve the service to avoid further complaints

    The existing complaint management systems focus on strategies like compliance management, promoting a fair consumer financial marketplace and prevention of discrimination. Conventionally, businesses are struggling to manage complaints with:

    • Databases and networks for reporting capabilities
    • Incentive programs for customer service employees
    • Changing products and services based on customer complaints

    On the way to achieve these solutions, businesses spend heavily on both human and technology resources. Still, there are lots of rooms to improve customer service. The existing solutions like CRM are not scalable and efficient enough to deliver quality customer service.

    A digital platform based on blockchain technology is capable to provide efficient complaint management solutions. Blockchain solutions facilitate business to improve customer service by addressing the multiple roadblocks singlehandedly. Blockchain applications can enhance existing methods to address complaints and reduce cost massively. Such platforms are scalable, secure and integrable with technologies like AI, IoT and big data, that enable effective complaint management.

    Read more: Smart Contract for On-demand Vehicle Insurance

    Understanding the Requirements of Efficient Customer Management Platform

    Gartner identified four focus areas of the operational technologies that improve customer service to enhance the customer experience. These are also the requirements of an efficient customer management platform:

    • Analysis of customer behavior
    • Training and motivating customer service professionals
    • Agility and accessibility of customer service
    • Integration with technologies like AI, IoT, virtual customer assistance(VCA), and chatbots

    These areas take into account the multiple facets of customer experience with the business to enhance customer service. Technologies for speech analysis, customer intelligence, interaction analysis facilitate prediction of customer behavior to enhance early detection of complaints. Consumer messaging apps, customer self-service, and mobile customer service increases the compliant intake capacity of the business. The efforts to train and motivate employees also adds to complaint intake. And, emerging technologies like AI, VCA, and IoT facilitate the further improvement of customer services. A technology that enables execution of these operations will provide an efficient platform for customer service. Such platform functions as an efficient complaint management system. It is also a CRM system with complete synchronization with business operations.

    Blockchain Application Development to Improve Customer Experience

    A Gartner survey also revealed that 25% of CEOs are confident that blockchain will transform customer experience in a few years. Blockchain technology enhances customer service with its capability as an omnichannel platform for customer management. The platform facilitates the required technical functionalities discussed above for efficient customer management.

    Enhancing Predictive Analytics

    Blockchain can develop efficient predictive analytics systems. It has the capability to amalgamate the diverse source of data required for behavioral analysis of consumers. The decentralized approach of blockchain provides a broader platform for customer engagement with brands. It is capable to streamline and fragment massive amounts of consumer data compared to conventional technologies. Applications based on blockchain technology like R3 Corda supports developing efficient forecasting algorithms using large datasets. Applications of blockchain include prediction of customer lifetime value, creation of dynamic prices and customer profiling.

    Read more: Developing Efficient IoT Blockchain Solutions for Healthcare

    Improving Customer Engagement

    Blockchain can radically improve the interaction of the business with customers by building strong trust. Data insecurity and mistrust are factors that contribute to consumer skepticism. Blockchain technology addresses the issue by decentralizing data to promote transparency in customer relationship. It becomes a big differentiator for the business by building values like security, equality, and fairness in dealing with customers. Furthermore, smart contracts ensure implementation of strict standards in customer service to avoid discrimination of consumers.

    Increasing Agility and Accessibility of Customer Service

    Blockchain can transform customer self-servicing as it provides a system where users have control over data. A blockchain platform can enable direct customer connection with the specific department of a business to address their complaints. It can save time and facilitate a faster response to complaints by eliminating the long processes of internal reporting. The technology facilitates peer to peer encrypted messaging that enhance the accessibility of service in a secure way.

    AI and Blockchain for Better Customer Service

    Blockchain and AI can collect data from multiple-channel in real time to provide insights for better decision making. Businesses can provide customers the detailed information about any product and their origin. AI and blockchain enhance the collection of consumer feedback to improve the quality of service and products. AI and blockchain also enable secure chatbot application that can reduce the response of customer queries significantly.

    We create blockchain solutions that function as efficient platforms to provide omnichannel customer experience. To develop solutions that fulfil specific business requirements we need to discuss the expected capabilities of the platform. Consult us to create solutions that provide efficient customer service to enhance market reputation.

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