Start with customer experience

I am always surprised to see how little importance fintech companies seem to give to customer service. 

People are running away from banks as deeply frustrated by inadequate support from outsourced call centers – why do we want to build new companies that repeat the same experience and errors?

A bad customer experience can sink a successful company. I have no doubts about that. So, why companies are making it hard for their customers to get in touch with them? 

Some examples (you can find the sources in the comments):

– “Coinbase’s customer service communications have been primarily via email. In response, many customers are reported by CNBC to have said they struggle to reach company representatives.”

– “[Chime] users are discouraged from contacting customer service via phone or sending multiple emails; they’re told that doing so could “cause the review time to be extended.”

What happened to the philosophy of “hug your customer, know your customer, be present for your customer even (especially) if it is with bad news instead of hiding away.”?

How can you not pick up the phone when you have lost or frozen your customer’s $10,000?

CEOs who don’t understand the value of customers and just want to automate everything are going in the wrong direction. Full stop.

Luckily enough, some lead the way with examples. Think about Blend, the most prominent mortgage tech platform in the industry powering the biggest banks in the US: they have a call center of 300+ people ready to help customers when what they can find online is just not enough. 

Because offering a frictionless online experience, sometimes means come down to having knowledgeable people on the phone ready to assist. Human touch can never be replaced by any amount of bots or slick app experiences.  

What’s the best example you can think about in that sense? 

The first that comes to mind for me is Apple

They have the easiest to use products in the market with a strong effort on customer support, both online and offline – their genius bars are packed around the clock in every store – from Shanghai to New York. Steve’s quote in the image of this post summarizes the whole concept pretty well!

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