At the 24th World Islamic Banking Conference, customer relations firm Avaya announced that technologies such as blockchain will transform Customer Experience delivery in the banking sector. 

In October, Avaya showcased the Happiness Index on Blockchain at the GITEX Technology Week in Dubai. The Happiness Index is a method allowing the collecting of customer data from numerous sources to measure satisfaction levels.

Blockchain could help banks handle the huge volumes of customer data they obtain and help them transform it into actionable data, it has been claimed. This would transform the way in which customer insight is monitored and used.

Banks need to meet strong regulations with the compliance standards, fight online fraud, while also meeting customer expectations.

According to Avaya, more than half of banking customers in Saudi Arabia, and every four in 10 in the UAE, would change their bank immediately after receiving bad service.

Fadi Hani, Vice President of Avaya, explained:

“For many organizations, blockchain in banking begins and ends with cryptocurrency applications. However, Avaya is committed to leveraging so-called disruptive technologies like blockchain, artificial intelligence and analytics to drive innovation in customer experience.

By helping organizations 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.

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.”