Companies have rarely experienced growth as rapid as that seen by cryptocurrency exchanges. However, this growth brings risks, particularly if firms fail to scale their customer service processes. According to a Zendesk report, 52% of customers will switch to a competitor after just one poor customer service experience. Moreover, 73% of consumers prioritize customer experience (CX) when deciding whether to stay with a brand.
With new exchanges and digital currencies emerging, firms must prioritize customer service to remain competitive. By partnering with Simply Contact, cryptocurrency exchanges can ensure they meet escalating consumer demands and maintain a competitive edge.
Challenges for Cryptocurrency Businesses
Cryptocurrency has made a significant impact, with governments, businesses, and individuals recognizing the transformative potential of Blockchain technology. Retail bankers and investors are increasingly leaning towards cryptocurrencies and the underlying distributed ledger technology, seeing it as the future of finance.
Cryptocurrencies offer the potential to surpass traditional investment options by reducing bureaucracy, improving efficiency, and enhancing transparency. However, the industry still faces challenges, including:
Contact Centers
While the cryptocurrency industry is booming, customer support remains a major challenge. By leveraging professional contact centers like Simply Contact, the crypto sector can enhance customer care and operational efficiency.
Regulatory Compliance
Although global regulatory frameworks for cryptocurrency are still developing, many countries are implementing regulations similar to those in the BFSI sector. Ensuring compliance is critical for maintaining trust and transparency.
Security
There are chances for crypto wallets to be hacked. Nonetheless, the possibilities of recovering the money are significantly less. This makes security a significant concern for any firm offering Blockchain technology or cryptocurrency-related solutions.
Other challenges
Problems such as being unable to withdraw cash when you need it. In addition, market orders and limit orders don’t execute in many instances, resulting in losses for investors.
Besides this, a prevalent problem is being unable to respond to significant volumes of tickets due to few contact centers, resulting in limit orders failing to execute.
Reasons Behind the Increasing Gap in Crypto CX
Most cryptocurrency platforms do not have sufficient resources for customer service. Several swiftly developing exchanges cannot scale up their resources as per the number of consumers they cater to.
This lack results in a gap in the crypto customer experience, which obviously needs to be addressed. Now, we’ll look at this issue more closely.
Laws difficulties
The current laws on cryptocurrency activities make it challenging to establish a sound customer care framework. Even though the cryptocurrency businesses don’t have any power over the value of the currency, poor reviews can tarnish their reputation and draw in regulatory attention.
For instance, bitcoin’s exchange rate to the US dollar fell in early 2018, after the Government of South Korea limited external access to its crypto markets. Drastic falls in the cryptocurrency values in such incidents result in additional customer complaints.
Lack of customer service
Customer service in the cryptocurrency world does not have the best track record. In addition, the rise of decentralized exchanges has contributed to the issue.
Most decentralized Bitcoin exchanges and cryptocurrency sites offer no customer service. On the Blockchain, all trading takes place automatically. Despite being an excellent technological feature, it mostly puts people in danger.
A few instances exist when a lack of customer aid can catch you off-guard while using a cryptocurrency exchange. The first is when there’s an error with the exchange. It can be theft, a cyberattack, or a technical issue.
When this occurs, interactions with a faulty customer care system take a considerable amount of time to respond and get clients back on track. No customer care tends to worsen the situation, resulting in users losing access to their accounts forever.
Poor customer service
Poor customer service and refused withdrawal requests are common in the cryptocurrency industry. A report revealed that 52% of customers switch to a competitor after just one bad experience. Many crypto platforms struggle to provide timely support, especially during high-volume periods, leading to missed trade opportunities and frustrated users.
Long response times and automated replies often worsen the user experience, potentially locking users out of accounts or delaying transactions. Additionally, during heavy market movement, many exchanges experience downtime, further straining customer relations.
Wondering how to improve customer experience? Check out our detailed guide.
How Cryptocurrency Companies Can Improve Their Customer Service
Based on our 11+ years of experience across various industries at Simply Contact, cryptocurrency platforms can still enhance their customer service strategies despite common challenges. Here are seven actionable steps they can take:
1) Set up a complaint hotline
Poor customer service tends to bring about new regulations and costs firms millions to billions of dollars every year. Hence, businesses must provide a way for their customers to contact them in order to hear their issues.
There is certainly no need to invest in a massive call center. Instead, a simple complaint hotline is a more convenient and cost-friendly solution.
Thanks to automation, the cost of running call centers has been significantly reduced in recent years, making it more inexpensive to outsource all your customer service issues.
2) Monitor customer interactions
Firms that work with cryptocurrencies must also develop methods of tracking customer interactions. However, these methods of monitoring customer interactions do not have to be costly or difficult.
In fact, businesses also have access to affordable or free software which permits adequate record-keeping. Moreover, something free and as simple as a Google spreadsheet can also be used for this purpose.
If your cryptocurrency firm has an in-house database, you even have an option of using that database for keeping track of your customer interactions.
3) Implement multi-linguistic customer support
Indeed, cryptocurrency has become quite a sensation worldwide. With so many clients in countries around the world, this service should be available in multiple languages to meet the universal demand.
4) Use advanced technology
Good customer care service ultimately offers the best possible mix of technological and human resources to boost efficiencies, minimize costs, and enhance the complete crypto customer experience.
A universal service delivery, advanced analytics, and Artificial Intelligence (AI) skills are all the things you need to look for.
5) Provide self-services
Many online consumers prefer self-service over getting in touch with the customer support staff of a company. Hence, firms must create a robust knowledge base to adhere to their customers’ needs.
They must also spontaneously find solutions to their difficulties via helpful articles and guides to aid clients in finding the most suitable answers to their queries and concerns.
Besides, localized and multilingual FAQ sites and knowledge bases help enhance the overall crypto customer experience. And this is not all.
6) Hire professional agents
Several other cost-effective means of communication with businesses can be set up to address consumer complaints. These include email, live chat, social media platforms, chatbots, and profiles on review sites.
The majority of crypto exchange users are seeking help in a sector that is risky and difficult. Thus, the need to have engaged and highly skilled customer care personnel is crucial.
Professional human engagement can significantly aid clients in feeling more at ease while exchanging or trading cryptocurrencies. In addition, it boosts the overall crypto customer experience.
Looking to enhance your customer service strategy? Discover our solutions and learn how Simply Contact can help you build a stronger customer care team.
Customers who are looking to trade cryptocurrency will differ in terms of their time zones and regions.
A customer experience partner that works across multiple geographies, 24 hours a day and 7 days a week, can satisfy customers, generate more business, and earn additional revenues.
In case of a significant outage, having multiple locations ensures system continuity.
Summary
The lack of customer service in cryptocurrency is creating significant gaps in the overall customer experience. Stricter regulations may follow if firms don’t prioritize customer care. Implementing solutions such as complaint hotlines, monitoring interactions, hiring professional agents, and using advanced technology can immediately address customer concerns and improve service.
Looking for a reliable customer service solution? Simply Contact offers tailored contact center services to meet your business needs. Contact us today to boost your customer support strategy.
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