Superior customer service lies at the heart of every business undertaking. Today, every customer looks forward to a frictionless and Omnichannel experience from their service providers. So, when customers face any type of friction during routine activity, not just their perception about the organization changes but the brand value of the institution too takes a hit. The banking and the financial sector is under tremendous pressure to fulfill the growing expectations of both customers, as well as its employees. This is because of the legacy systems, outdated processes and changing regulatory requirements that have pressurized banks and financial institutions to balance the provision of personalized customer service with the rising cost involved in meeting their rising expectations.
According to a survey conducted by Finextra and Pega, 90% of premium corporate clients consider switching financial institutions for superior servicing.
To eliminate friction across all touchpoints in the customer journey, banks would require having in place a system that not just does away with the loopholes of the traditional legacy system but is also optimized to provide efficient, personalized and high-end services. Blockchain – A distributed ledger technology has the potential to address the pain points of the banking and finance sector by helping streamline processes and removing inefficiencies. In fact, progressive organizations are adopting this innovative technology solution for overhauling their fractured processes and systems.
How Does Blockchain Benefit the Banking Sector?
Over the past few years, this innovative technology solution has drawn a lot of attention from investors and other banking experts thereby propelling its popularity beyond the Bitcoin fanatics. So, what is so unique about Blockchain that has taken the banking and finance sector by storm? The features of decentralization, immutability, transparency, etc. make it an extremely secure, transparent, and an impossible to alter platform. The consensus mechanism offered by the ‘smart contract’ functionality of this robust platform provides a way for different actors or parties that are a part of the Blockchain, to reach a state of an agreement without the need for an intermediary. By providing access to a ledger that isn’t administered by anyone, Blockchain can provide a wide array of financial services i.e. from record-keeping, third-party transactions, cross-border payments to back-end operations, audit and regulatory compliance in the most secure, transparent and efficient way.
While Blockchain offers endless possibilities for the Banking sector, the challenge for the financial firms lies in identifying the right use case as per their business needs. In other words, the journey of introducing Blockchain into your business model is indeed a challenge? Since the functioning of Blockchain is powered by data (usually stored in multiple places and formats by legacy business networks) it’s prudent to move the company’s database onto a Blockchain. This brings together data from the company’s databases, as well as other parallel systems including its partners’ data.
With this, all the parties will have instant access to a single source of truth (data and other important information) about a particular business process.
How Does Blockchain-powered Salesforce CRM Transform the Financial Sector?
While a robust CRM system like Salesforce offers a centralized location for storing data that comes from multiple sources, combining it with an innovative technology solution like Blockchain can help financial institutions significantly improve their workflows and build reliable partner networks that extend the CRM. Besides extending its’ capabilities of transparency, trust and traceability in every single customer interaction, a Blockchain-powered solution can help break down data silos and business boundaries.
The recently launched Blockchain initiative by Salesforce is the first and one of its kind Blockchain integrated into CRM. Powered by Salesforce Lightning and built using Hyperledger fabric, this low-code platform extends the capabilities of the Salesforce CRM by helping businesses build trusted partner networks that share substantiated and distributed data. Allowing developers to build DAAPS or Blockchain applications with simple clicks and no code, Salesforce powered Blockchain platform can help financial institutions understand their pain points while ascertaining opportunities to advance their business models. In a nutshell, it provides the trust and transparency that the financial sector requires to share with their customers, as well as themselves.
The Road Ahead:
Though banks and financial institutions are under strict regulatory pressure, more and more financial institutions are leveraging the tremendous potential of Blockchain technology to streamline it for transparent, reliable and accessible financial transactions. When integrated with a robust CRM platform like Salesforce, businesses can create new processes and models that can help them accelerate business speed and agility. As a forward looking financial organization, you can draw benefits from a Blockchain powered Salesforce platform by partnering with a reliable Salesforce consulting company.
Originally Published here