The entire banking system is witnessing a transition, and the global pandemic has only amplified this transformation. And the same is the case with cryptocurrencies.
- Bitcoin’s price has grown by 66% in February 2021. – (Source: TechCrunch)
- The confidence for cryptocurrency as of January 2021 is almost 100%. (Source: Binance Research)
Cryptocurrency has unquestionably started to resonate with society. People, businesses, and governments have realized that blockchain technology has the power to change the world.
Today, investors and retail bankers are expressing their inclination towards cryptocurrencies and distributed ledger technology (blockchain) that underlies them.
Many businesses and investors are starting to make sustained involvement in the crypto-verse, believing that it could be the future of money.
Cryptocurrencies can exceed traditional investment commodities while offering higher efficiency, less bureaucracy, and increased transparency!
Having said all of that, there are a couple of common challenges cryptocurrency businesses come across.
Let’s look at some of them, shall we?
- Contact Centers – The cryptocurrency industry is flourishing yet, customer care is still a significant challenge. The similarities between BFSI and the cryptocurrency industry are many and using the same contact centers is a possible and viable solution for the crypto-verse.
- Regulatory Compliance – There are not enough regulatory compliances yet, but many countries around the globe have started to place regulations, most of which have a striking similarity to current BFSI regulations
- Security – There are possibilities that a crypto wallet can be hacked. However, the chances of recovering the money are minimal. This makes security an important concern for any organisation that provides cryptocurrency or blockchain technology related solutions.
- Other Challenges – Problems like not being able to withdraw money when you want. Moreover, many times, limit orders and market orders do not execute, causing losses to investors.
Other than this, a common problem is not being able to respond to high volumes of tickets due to lack of contact centers because of which of limit orders do not execute.
Can BFSI-Friendly Contact Centers Be Used By Cryptocurrency Exchanges?
The simple answer is – YES!
To understand the similarities between Cryptocurrencies and BFSI, it is necessary first to learn more about BFSI. The BFSI (Banking, Financial Services, and Insurance) industry at the moment is in for a drastic transformation.
Drastic transformation is essentially the transition from on-premise and extremely secluded solutions, to on-cloud solutions offering easy integration between systems, low overall costs and decentralized operations (WFH), while ensuring BFSI-grade security.
The trends in banking and finance have changed, and we are now looking at emerging markets leveraging the potential of AI and blockchain technology that has brought cryptocurrency investments at par with traditional banking investments.
Just like the banking sector has revolutionized over time giving its customers access to contact centers for easy and quick ticket resolutions, the cryptocurrency industry is yet to leverage the most of this.
The good news is that cryptocurrencies are very similar to BFSI in terms of contact center requirements. The contact center arrangement used for the banking industry can also be used by cryptocurrency exchanges to provide a great customer experience to their customers.
Anything that moves from paper-based to digital is called digitizing. This allows banks to explore various business processes/technologies like RPA, cybersecurity, and blockchain.
Digital Transformation In BFSI And Cryptocurrency
Blockchain technology is a notable driver of digital transformation in the BFSI industry. It is still an emerging technology, yet blockchain has the potential to change the BFSI sector.
Many regulatory bodies worldwide believe that blockchain can cause ripple effects in the fintech and the banking sectors.
Today, banks are not only joining hands with various fintech startups based on blockchain and other DLTs. Still, they are also encouraging collaboration between themselves because back-scratching is pivotal for the successful implementation of blockchain technology.
Similarities Between Cryptocurrencies And BFSI:
- KYC Regulations – New regulations similar to the BFSI industry that are being implemented, ensuring safety and security and accountability essentially for fraud prevention and AML.
- Customer Identification – Cryptocurrency exchanges and BFSI both need to ensure they identify the customer accurately, both for customer experience and as confidential information is involved
- Regulations and Compliances Followed include – PCI-DSS, FSI, SOA (SOX) and AML.
Additional Challenges Of Cryptocurrencies Over BFSI:
- Cryptocurrency wallets are anonymous, which means one person can hold on to multiple wallets. So then, identification of the owners of each wallet becomes difficult. Ameyo’s internal encrypted database could be the solution to this obstacle.
- The transactions that are made from wallets to other wallets are not necessarily untraceable but what happens if you transfer to wrong wallet, there is no way to contact the person and ask them to return the money as wallets are anonymous, Moreover, no central body can control the wallet (freeze account, reverse transaction, etc)
- If you forget your ATM pin, you can always regenerate it via your bank but in the crypto-verse, if you lose your private key, you essentially lose all your money.
Even though cryptocurrencies are significant and blockchain technology has the power and the potential to change the world, there are several concerns that need to be addressed. That is where Ameyo can help and give you a competitive edge over others.
Ameyo is a one-stop solution for all the obstacles mentioned above. Ameyo provides various security features to ensure security and compliance, such as VAPT service pack, DMZ Proxy server, data masking and encryption, interaction archiving, etc.
This helps enable compliance with various regulations and organizational policies PCI-DSS, SOA (SOX), FSI, AML, etc.
Besides this, Ameyo can help you in many ways:
- Mask, encrypt and maintain various wallet addresses in the backend (not visible to users) of multiple customers.
- Initiate a call or chat function at the same time when there is trouble with a transaction failed to order, or there is an issue in any section. You can also create a ticket directly without having to navigate through multiple pages.
- Cryptocurrencies are well known for having poor CX. Ameyo can help by ensuring SLAs, skill-based call routing, and customer feedback to enhance the CX experience.
- Live interactions (chats and calls) – Ameyo can help by integrating chatbots and voice bots to enhance productivity.
- Furthermore, Ameyo can assist you with setting up remote agents, allowing you to reduce costs while increasing productivity.
- Ameyo can assist you with cloud infrastructure to help you reduce CapEx. The same function on-premise is also available.
- Ameyo keeps records of all the calls, chats, and social media recordings to ensure compliance and proof.
- Provide bank-like personalized CX to HNI DeFi customers with options like VRM and Video chat.
- KYC Enables – To ensure everything is in order and there is no problem with the government and policies in the future.
Ameyo is a one-stop solution for all your customer experience needs by helping you connect with your customers to serve them better. Cryptocurrency is the elephant in the room, and let’s be honest, we all are intrigued by it.
Regulatory compliance and security are the most important and common concerns revolving around the crypto-verse.
Ameyo ensures that everything is in order in that vertical and ensures targeted workflows for issue categories and customer priority segments.
Looking to know more about us and how we can help you? Get in touch with us today!