📞 Blockchain in Customer Service
Today's Highlights
- Establishing a more secure and efficient customer service process
- Today's Infographic
- In Other News - a few interesting developments we're tracking.
Establishing a more secure and efficient customer service process
In this rising digital economy, it has been getting harder and harder to satisfy customers of many different types of services due to the rapid transition. In fact, companies have been losing billions of dollars yearly due to poor customer service. New technologies and ideas need to be implemented to meet consumers’ demands.
Luckily, Blockchain is a new technology and it has the power to revolutionize customer service in the digital space.
Blockchain streamlines transactions between the business and the customer by eliminating the middlemen. For example, when an insurance claim is filed, all the paperwork is minimized or completely removed due to the blockchain, and the customer benefits from this due to them receiving their insurance benefits faster. Eliminating the middlemen could also allow for products and services offered at a lower price which will always please consumers.
A major problem with current customer service is when a consumer talks to customer service about problems with a product/service, it is usually a headache for both parties to try and resolve the problem. With smart contracts, however, all parties are held to their contractual obligations, and actions (refund, other sorts of compensation) can automatically be taken if certain conditions are met or not met.
Products inevitably get lost in the shipment process, but very few customers call or complain to businesses about their missing items. This is harmful to companies because they don’t realize the full extent of their shipping problems and will not improve their business accordingly. With blockchain, more specifically IBM’s IOT blockchain services, all goods are securely tracked, so if an item ever goes missing, the company will know well before the customer.
Blockchain also makes the customer service process secure and private, which is a primary concern for many customers when doing online business. Blockchain can be the secret weapon for many companies to enrich their customer service while saving money doing so.