Single Customer View
The Use Case
In the current market, few financial services companies have a clear view of each of their customers. This becomes a challenge as valuable customer data and insights have to be manually gathered and a seamless customer experience is difficult to deliver on. In addition neither the customer or the regulator have a clear view.
A blockchain platform would have the potential to show a single customer view for all relevant parties. Due to it's real time, immutable nature, a blockchain could provide a customer view which could greatly aid both the customer relationship manager and the regulator.
How It Could Work
Frank has been with his car insurer for many years, given his continued loyalty, Frank expects a reduced premium. Is spite of this he sees an increase from last year. His relationship manager did not have all of the data on his history to hand, and therefore was misinformed when providing his quote.
A single customer view on the blockchain would provide a real time, immutable view of his insurance history would mean it would be an easier task to calculate a fair premium for Frank. The relationship would also save important time in trying to collate as much data as possible on his client, with a clear picture already available.