The growth experienced by crypto exchanges and cryptocurrency has been a rare event for companies. Rapid growth can lead to reputational damage if companies aren't prepared to scale up their customer service to meet increased consumer demand.
One of the most cited market researches, Oracle's suite on customer experience (CX), shows that customers are more likely to leave a business because of poor customer service. Customers are willing to pay more for similar products in order to get the customer service they desire.
Investors in the cryptocurrency have more options to receive the customer service they need, thanks to the new digital currencies and exchanges. To gain or retain a competitive advantage in this highly competitive market, cryptocurrency exchanges should consider working with customer service professionals like Simply contact.
Problems for Cryptocurrency Businesses
It is clear that cryptocurrency is resonating in society. People, governments, and businesses have all realized that Blockchain technology is able to transform the world.
Retail bankers and investors now love cryptocurrencies.
The technology underpinning them is Blockchain (distributed ledger). Many investors and businesses continue to invest in crypto-verse technology believing that it will be the future of money.
Cryptocurrencies are a better investment option than traditional commodities. They offer less bureaucracy and higher efficiency as well as greater transparency. Here are the top challenges that cryptocurrency faces. Let's now take a look at some.
-Contact Centres
The cryptocurrency industry is growing rapidly. However, customer care and support remain a major challenge.
There are many similarities between cryptocurrency and banking, financial services, and insurance (BFSI). The use of the same contact centers is a promising and practical solution for the crypto-verse.
-Regulatory Compliance
There isn't enough regulation. However, regulations have been introduced in most countries around the world. Most of these regulations bear striking similarities to existing BFSI regulations.
-Security
Hacking crypto wallets is possible. However, there are far fewer chances of recovering the money. This makes security a significant concern for any firm offering Blockchain technology or cryptocurrency-related solutions.
-Other Challenges
There are many problems, such as not being able to withdraw cash when it is needed. Investors can also lose money when limit orders and market orders fail to execute.
A common problem is that few contact centers are able to handle large volumes of tickets, which can lead to limit orders not being executed.
Why is Crypto CX Increasingly Widening?
Many cryptocurrency platforms lack sufficient resources to provide customer service. Many rapidly growing exchanges are unable to scale up their resources in line with the increasing number of customers they serve.
This causes a gap in customer experience for crypto customers, and this needs to be fixed. We'll now examine this issue in greater detail.
1) Difficulties
It is difficult to set up a solid customer service framework due to the current laws regarding cryptocurrency activities. Although cryptocurrency businesses do not have control over the currency's value, bad reviews can damage their reputation and attract regulatory attention.
In early 2018, bitcoin's exchange rate against the US dollar dropped after South Korea restricted external access to its crypto markets. Additional customer complaints result from drastic falls in cryptocurrency values following such events.
2) No Customer Service
The cryptocurrency industry has a poor track record in customer service. The issue has been exacerbated by the rise in decentralized exchanges.
The majority of decentralized Bitcoin exchanges and cryptocurrency websites offer no customer support. All trading happens automatically on the Blockchain. It is a great technological feature but it can also put people in danger.
There are a few situations where a lack of customer support can catch you by surprise while using cryptocurrency exchanges. First, if there is an error in the exchange. This could be theft, cyberattack, or technical issues.
This can lead to poor customer service systems that take time to resolve issues and get clients back on their feet. Users will lose access to their accounts permanently if they don't get customer service.
3) Poor Customer Service
It is not uncommon for cryptocurrency service providers to refuse withdrawal requests or provide poor customer service. A few prominent crypto service providers have come under fire for not allowing users to withdraw money and offering poor customer service.
Many users complain that trading platforms fail to provide basic customer support in difficult times. This can lead to missed trade opportunities. Additionally, long response times make it harder to provide customer support in cryptocurrency.
Most users' queries and concerns are answered by a pre-written response. This helps to calm customers. It is not always helpful. This can hinder trades and possibly restrict users' access to their accounts.
Most exchanges are unable to stay online during heavy market movements. Arbitrary account discrepancies, such as suspended accounts or missing funds, are common. If there are any problems with the funding transfer process, crypto exchanges could be required to repay customers.
How Cryptocurrency Businesses Can Improve Their Customer Service
Based on our experience with Simply contact, it is possible to still make customer service more efficient despite these challenges. These are seven steps they can take to improve their customer service strategies.
1 Set up a Complaint Hotline
Ineffective customer service can lead to new regulations that cost companies millions to billions each year. Businesses must make it easy for customers to reach them to resolve their problems.
It is not necessary to set up a large call center. A simple complaint hotline is more cost-effective and convenient.
Automation has made it much more affordable to outsource customer service issues.
2 Monitor Customer Interactions
Companies that use cryptocurrencies need to develop ways of monitoring customer interactions. These methods do not need to be difficult or costly.
Businesses have the option of affordable or free software that allows them to keep adequate records. You can even use a Google spreadsheet to do this.
You can even use your own database to keep track of customer interactions if your cryptocurrency company has one.
3) Multi-Linguistic Customer Support
The popularity of cryptocurrency is quite remarkable. This service should be available in many languages, as there are so many customers in different countries.
4) Use Advanced Technology
Customer care that is good offers the best combination of human and technological resources to increase efficiency, reduce costs, and improve the overall customer experience.
All you need is universal service delivery, advanced analytics, and Artificial Intelligence skills.
5) Offer Self-Services
Many consumers prefer to use the internet for their shopping needs than to contact customer service. Firms must have a solid knowledge base in order to meet their customers' needs.
Clients must be able to find the best solutions for their problems by using helpful guides and articles.
Additionally, knowledge bases and FAQ sites in multiple languages and localized areas help to enhance the customer experience. This is just the beginning.
To address consumer complaints, there are many other options for communication. These include chatbots, live chat, social media platforms, and chatbots.
6) Hire Professional Agents
Most crypto exchange users seek help in difficult and risky sectors. It is, therefore, crucial to have highly-trained customer service personnel.
Clients can feel more comfortable trading or exchanging cryptocurrencies with professional human engagement. It also improves the overall customer experience with crypto.
7) Use a "Follow the Sun" Service Framework
Customers looking to trade cryptocurrency may have different time zones or regions.
Customer experience partners that work across multiple geopolitical areas, seven days a week, can satisfy customers and generate additional business.
Multiple locations are a good idea to ensure system continuity in the event of an outage.
Summary
All regulations are based on the protection of consumers. Unfortunately, many cryptocurrency sites provide zero outsourcing customer support. A significant gap has been created in the overall customer experience for crypto customers due to a lack of resources.
If firms fail to make customer service their top priority, lawmakers will continue to enforce stricter regulations on crypto businesses. Compliance policies will be more difficult for cryptocurrency firms that are regulated.
These companies can avoid being regulated by focusing on customer issues.
Businesses can take reasonable steps to improve customer satisfaction by setting up complaint hotlines and monitoring customer interactions, employing professional agents, providing self-service, using advanced technology, and implementing multilingual customer support.
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Simply Contact has over 7 years of experience and 400+ agents. We receive almost 15,000,000 outbound/inbound calls each year.
The Simply Contact experts will provide you with the best customer service possible by providing:
* Customer Service Support Available 24/7/365: We make sure that our customers' needs are met.
* Omnichannel Support: We provide multiple channels for customers to contact your brand.
* Security Standards in place: Security is our top priority. This can be proven by ISO/IEC 27001 2013 and PCI DSS compliance.
* Multilingual Team: We can support your customers in more than 18 languages.
