EY launches blockchain enabled loyalty management solution

Blockchain

Seamless interoperability amongst multiple loyalty programs and a single wallet provided by the blockchain platform elevates the overall customer experience. The solution can be customized for small businesses looking to introduce loyalty programs or for large conglomerates looking to maintain existing loyalty programs while creating interoperability amongst its respective businesses or for aggregators looking to create a connected loyalty ecosystem

EY, a global professional services organization, announced the launch of a loyalty management solution, underpinned by emerging technologies- blockchain and analytics. In a shifting loyalty landscape in the digital world, EY is combining the domain knowledge and experience of its advisory, tax and accounting professionals and working with start-ups to redefine the loyalty ecosystem backed by token economics and emerging technologies.

The blockchain enabled loyalty platform that is central to this unique solution, offers increased transparency to all stakeholders, interoperability amongst loyalty programs and real time secure transactions. It leverages data visualization and analytics to provide intelligent insights that will help augment brand loyalty and enhance the customer experience.

Ram Sarvepalli, EY India Advisory Services Leader, says, “We are challenging ourselves to embrace disruption and think differently for our clients. This unique offering is channeling emerging technologies – blockchain and analytics and the experience of EY professionals, its alliances and start up ecosystem to build a holistic value proposition.  The solution will help resurrect loyalty in the digital age by providing a one stop shop offering for all its stakeholders in an increasingly competitive landscape.”

The solution addresses all contours of the loyalty management lifecycle including loyalty strategy and governance, program design and implementation, partner management, program technology enablement and support. It can be customized for small businesses looking to introduce loyalty programs or for large conglomerates looking to maintain existing loyalty programs while creating interoperability amongst its respective businesses or for aggregators looking to create a connected loyalty ecosystem.

Rohan Sachdev, EY India Advisory Financial Services Leader, says, “Given the range of potential applications of blockchain, it is not surprising that the firms are investing considerably in building platforms that can be adopted across a variety of industries. The introduction of our blockchain enabled loyalty platform is indicative of the fact that with the right market stimulus, this technology can unleash an array of new opportunities to build seamless trust based ecosystems.”