2 Key parameters or USPs of blockchain, i.e. distributed & peer-to-peer, definitely add significant value in a typical CRM system design. Especially in current scenarios, where Organizations are penetrating globally and Data Security is a big concern, even the compliance to Data Privacy Laws, the design and execution of Blockchain can nullify the challenges to a great extent. A CRM system that involves a lead capturing to nurturing process, Blockchain extends multiple benefits due to its inherent design & capabilities.
Is it more secure? Yes
On the verge of cyberattacks & data privacy being enforced, the data stored and shared need to be secured. Secondly, with the increasing number of in-house systems at DC, Financial institutes are in the process to adopt reliable Cloud platforms for Tier-2 & 3 systems such as CRM. Blockchain extends a feature that participating users use network keys to restrict unauthorized access, making it more secured even in a multi-tenancy cloud model. Decentralization, distributed & regularly synchronous (between peer-to-peer), make it robust & tampering nearly impossible as it would require massive computing power to access the entire blockchain. So the confidential customer’s credential data and lead records are more secured.
- Data Sanctity? More Assured
In case CRM systems with B2C flavor, where Customers need to share personal information and expose themselves to risk through hacks. Also, the data is collected from multiple touchpoints, chances of false positives/duplicates/is-captured deepen the sanctity of data. With blockchain in place, a customer can have their very own personal key that presents companies with a unified and accurate picture of their personal information, past transactions, subscriptions, etc.
- More Transparency? That’s inherent
Blockchain is a Decentralized system and works on a peer-to-peer model. In a CRM while interacting with customers/peers, the peer-to-peer concept offers straight connection and communication without the need of any middle entity. This increases the overall reliability of the entire ecosystem.
- Regulator Compliance? More comfortable
Today every vertical such as Banking, healthcare, insurance, utilities/energy, government, etc. are strongly regulated and compliance is getting stringent day by day. These are customer-facing industries and involve a lot of customer interactions right from feedback to grievance. During the periodic inspections, this evidence is demanded and needs to be reproduced. Blockchain, by nature, makes this process smooth and comfortable for Organizations which is very important
As the Financial institutes are going global and extending multiple services under one roof, the customer base and the penetration are supposed to boom. For effective encashing every upselling and cross-selling opportunity, nurturing every lead in a competitive environment, a strong CRM is a must.
Every CRM vendor is tunning to cope-up with this. The adoption of Blockchain can prove to be the revolutionary thought to cater to the world of huge opportunities, strong governance with a safe and secured environment.
Image Source: https://cloudblogs.microsoft.com/
Global iTS is a leading Microsoft Dynamics 365 ERP and CRM Partner, headquartered in the UK. With 300+ clients, successfully proven implementations, an excellent support system by our experienced domain specialist, and a good track record of customer retention. Also, it has a strong foothold and customer base across other GCC countries (Bahrain, Saudi Arabia, Oman, Kuwait, UAE, and Qatar). Global iTS is mainly into the specialized requirements in Financial Services and Insurance sectors focusing on Digital Transformation journey in Retail Banking, Commercial Banking, Insurance Providers, Private Equity, and Investment Banking by bringing Artificial Intelligence, Machine Learning, Blockchain, and Robotic Process Automation technologies and enhanced their productivity and profitability. We bring in over 15 years of international expertise to digitally transform any aspect of a client’s business.
