Bitcoin technology drives customization in payments
The Bitcoin protocol makes it easier to tailor financial products and services to the wants of corporate clients and individual customers.
Consumer choice increases steadily. In the last decade, we’ve seen features that allow businesses and consumers to customize their purchasing experience by setting default payment preferences, for instance, on their preferred e-commerce website or directly on their smartphone. Such configuration options are bound to reach ever-greater levels of sophistication. There is more to come. Now a whole new level of customization appears to be within reach for the financial service industry. The next wave of mass customization is about building a unique product for each customer and genuine product lines for entire industries. Dedicated crypto coins for business payments and loyalty programs are on the horizon.
Social media and loyalty programs are by no means new, but they pave the way for better customization options by allowing financial service providers to analyze the value that consumers attach to new payment methods. By allowing customers to utilize digital cash, financial institutions can in effect use customers as marketers and co-creators. Social technologies like Bitcoin empower customers to broadcast to a large network, which is essentially free marketing for the bank whose products and services they are promoting.
In addition, digital money provides undreamt-of possibilities in the cross-border payments sector. Banks can now easily provide low-cost transfers globally at a tremendous velocity by offering custom-made crypto coins or by simply taking advantage of the Bitcoin network. B2B-payments can be done within minutes rather than days, resulting in improved cash flow while accelerating the supply chain at the same time. These innovative use cases combined with legacy systems, globally accepted card products, and traditional alternative payment methods such as SWIFT-transfers, SEPA, ACH, and Check 21 offer unique value propositions to corporate clients and treasury departments.
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