Blockchain Technology Can Simplify Modern Banking

Avaya experts, addressing the 24th World Islamic Banking Conference in Dubai, made note of the many organisations struggling to turn the huge volumes of data they have about their customers into actionable insights.

Blockchain could help banks transform their data from a cost centre to a business enabler, participants at a recent banking conference have heard.

This technology could be used to transform how customer satisfaction is monitored by regulatory bodies, and how banks control identity management, amongst other innovations.

Blockchain in banking has come to be associated with cryptocurrency applications. For banks, this issue is particularly important as they have to meet strong regulatory compliance standards. Failing to deliver the required customer experience can be costly for banks: more than half of Saudi banking customers and four in ten of UAE customers would change their banks if they received bad service, according to Avaya’s recent Customer Experience in Banking survey.

Avaya is committed to launch new technology platforms that allow to integrate those technologies to bring even greater value to the customers and partners across the Middle East region.