The majority of discussions around Blockchain and its potential focus on payments and processing, but there are also discussions about what it can do for Customer Experience. Forbes defined customer experience as ‘the perception the customer has of your brand’, which can change how a brand treats its customers. So how can Blockchain improve the connection a brand has with its customers? The answer lies with speed and transparency.
How Will Blockchain Improve Customer User Experience?
When a payment is made by a customer through an online store, there are a variety of background checks that are conducted to ensure that no act of fraud is taking place, which is achieved by filtering the transaction through a payment gateway and confirms the customer is who they say they are. This process can disrupt the customer’s journey as sometimes the payment can fail for various reasons or take a long time to action which may result in deterring the customer away from the site in the future.
Blockchain can improve this process for customers by facilitating the payment between the customer and the company. Blockchain technology will hold the customer’s details in trusted locations and verify the customer’s identity independently. Both the customer and the company trust Blockchain as they both know that their identities within the Blockchain cannot be changed. This puts the power and control of the customer’s information back into the customer’s hands, thus massively improving customer experience. Customers want the assurance that any information they hand over to companies is at their discretion and that it will be handled with the utmost security. Customers may also be more willing to hand over additional data to companies they trust, however, if there is a shadow of doubt customers will quickly become skeptical and be less likely to do business with that company.
Another major benefit to implementing Blockchain to improve customer experience is for transparency. As data transferred on Blockchain is transparent for all to see, this enables customers to see their payment history with a company, allowing companies to leverage trust. Customers that are unable to access their transaction history may start to distrust a company and how it uses their data. Money is emotive, and if customer’s feel as though a company is not trustworthy enough to do business with, they will take that money elsewhere.
In conclusion, Blockchain is swiftly improving transparency and efficiency for CUX by providing smart contracts, strong data security, and access to transactions. A study conducted by Super Office found that 45.9% of businesses’ top priority over the next five years was Customer Experience which proves CUX is, and most always be at the highest priority of any business if they wish to succeed. Blockchain technologies will make the customer experience a smoother one by starting with strong foundations in trust and transparency.
Kulbyte, T., 2021. 37 Powerful Customer Experience Statistics to Know in 2021. [online] Superoffice.com. Available at: https://www.superoffice.com/blog/customer-experience- statistics/
Morgan, B., 2017. What Is Customer Experience?. [online] Forbes.com. Available at: https://www.forbes.com/sites/blakemorgan/2017/04/20/what-is-customer-experience- 2/?sh=24298cfd70c2