This month, we discuss the opportunity that blockchain presents to the banking sector. We explore the use of NFTs in driving customer loyalty and allowing companies to engage with Web3. And we invite readers to join us this month for Consensus 2023 in Austin, Texas.
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Even as they push ahead with digital transformation, retail banks are losing ground to fintechs. Younger, more agile, and more technologically savvy operators are offering many equivalent services, but with a greater emphasis on speed, convenience, modern integration, and outstanding customer experiences.
Shored up by capabilities like blockchain, artificial intelligence, and other transformative technologies, the disruptors are on the offensive in what can appear to be an asymmetric contest.
But banks can fight back.
Few arenas are better positioned than financial services to introduce these technologies. By embracing the deft capabilities of disruptors, financial institutions can still level the playing field. Web3 blockchain-powered loyalty is a pertinent example of where there are significant near-term opportunities:
- Loyalty powerhouses like Starbucks have proven the shift to Web3 loyalty is both possible and worthwhile
- Neobank/startups have created their own reward and loyalty schemes, showing what it could look like in the banking space
- And larger banking innovators are already knocking at the door, with examples like KBC Bank’s Kate Coin demonstrating the viability of these use cases
Web3 loyalty presents a valuable avenue for internal knowledge building and progressive implementation, at a time when concepts like the metaverse are still in their infancy. But, which financial institutions can take this existential leap?
To discuss this subject or any other area of industry innovation, schedule a call with our blockchain specialists.
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In recent years, digital collectibles and non-fungible tokens (NFTs) have come to prominence, offering new, innovative ways for customers to collect and trade unique digital assets. While often associated with online communities and gaming platforms, companies in various industries can take advantage of this trend to renew loyalty programs:
Hotel chains can create memorabilia NFTs of customer visits, with long-term history and analytics that become available for users.
Fashion brands can offer limited-edition virtual clothing items that can be worn by avatars in virtual worlds or social media platforms.
Music producers could release exclusive music or concert experiences in NFT format, giving fans a chance to own a distinct piece of music history.
Sports teams and events companies can create digital collectibles of memorable moments or autographed photos that fans can collect and trade. This approach goes hand in hand with blockchain-based ticketing, something we explored in a recent blog post.
By offering digital collectibles, companies create a sense of exclusivity and scarcity, encouraging customers to engage with their brand and collect their offerings. Additionally, the use of blockchain technology to verify the authenticity and uniqueness of each digital collectible provides an extra layer of security and trust for customers.
Early movers can take advantage of this innovation to drive customer loyalty and differentiate themselves. Ready to explore the Web3 frontier? Reach out to our blockchain specialists to start a conversation.
We are thrilled to be attending Consensus 2023 from April 26th to 28th in Austin, Texas. Join us at the event to explore new ideas, exchange insights, and discover how our innovative technology can transform your business. Make sure you don’t miss our speaking sessions alongside Hyperledger Foundation:
‘Catalyst Blockchain Manager for Hyperledger Fabric’
Hyperledger Foundation Booth, no. 312, 1pm CT & 5pm CT, Thursday, April 27th
Speaking: Hanna Zubko, Abhi Dobhal, Christopher Kelly, Paresh Daya
During the sessions, our team will outline the power of Catalyst Blockchain Manager in enabling value-driven blockchain solutions. Talks will feature applications that promote recycling and sustainability for local economies, and that serve millions of people. We truly believe blockchain has the potential to revolutionize the way we do business and create a more sustainable future, and we look forward to sharing our vision with you.
Connect with our team ahead of time to schedule a discussion.
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IntellectEU is a dynamic software development and services company specializing in digital finance, blockchain, and emerging technologies. We are experts in capital markets, Web3, and blockchain-based sustainability solutions, and…
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