Rarely have companies seen the amount of growth that cryptocurrency and crypto exchanges have enjoyed in the last 12 months. Earlier this year, NBC reported that market capitalization for digital coins could climb to $1 trillion by year-end — despite the dramatic sell-offs in Q1.
But with rapid growth, comes the potential for reputational damage if companies are unprepared to scale their customer service operations to meet heightened consumer demand. Widely cited market surveys, such as Oracle’s suite of customer experience (CX) studies, indicate consumers are likely to abandon a business because of a poor experience. In fact, a majority of customers are even willing to pay more for a similar product to get the service they want.
With the rise of new exchanges, as well as new digital currencies to compete with Bitcoin, cryptocurrency investors have more choice than ever before to get the CX they want. Cryptocurrency exchanges looking to maintain or gain an advantage in this highly competitive market need to consider the value of partnering with a customer service expert in order to gain the upper-hand.
Scaling Cryptocurrency Exchange Customer Service with Power and Agility
When it comes to fast-growing tech markets, having customers discover and cope with service problems on social media can breed company distrust and potentially damage a business’s reputation. The risks are even greater for cryptocurrency-related companies, as many individuals have large sums of money wrapped up in the market, making customers exceptionally sensitive to bad service.
Digital currency exchange Coinbase experienced major growing pains after transaction volumes last November and December increased by 295 percent. Online forums and social channels lit up with comments about unanswered and unresolved operational issues. Coinbase’s general manager, Dan Romero, said in a blog post that this led to long wait times and that “The [customer support] team was left feeling like we were bailing out a sinking ship with pots and pans,” he wrote.
In this instance, executives learned the hard way that scaling is crucial to protecting their brand. Coinbase has since invested heavily in their customer service cryptocurrency exchange operation and is seeing significant improvement. However, taking an expert-led, data-driven approach from the start can help enormously when it comes time for cryptocurrency exchanges to scale.
Rapid growth, combined by the complex and 24/7 nature of the cryptocurrency industry, can be difficult for even the most established organizations to service. The right outsourcing partner can enable crypto exchanges to focus on their core business offering for greater innovation, while ensuring a customer experience that sustains and elevates the brand for long-term success.
Finding a worthy customer experience partner
While growth may come quickly for crypto exchanges, selecting a customer experience delivery partner shouldn’t be as rapid. Some companies choose to outsource their entire customer-service operation, while others opt for a blended approach. Regardless, there are certain qualities that crypto organizations should look for in order to ensure the delivery of high-quality customer service:
- Financial service experience – An experienced partner can help you navigate the different regulatory environments, and ensure robust data-protection policies and technologies are in place.
- Multi-language capabilities – Crypto currency is a global phenomenon. With customers located in countries all over the world, it’s critical that service is offered in multiple languages in order to meet worldwide demand.
- A follow-the-sun service model – Similar to the above, customers looking to trade cryptocurrency will vary in terms of their region and time zone. A customer experience partner operating around the clock, across multiple geos, not only serves to appease customers, but can also generate more business. Multiple locations also ensures system continuity in the event of a major disruption.
- Universal agents – Highly-skilled and engaged customer service agents are critical, as many crypto exchange users are looking for guidance in a market perceived as both complex and risky. Professional human interaction can serve as a competitive differentiator and help customers feel more at ease when buying, selling or exchanging cryptocurrency.
- Next-gen technology – The right partner will be able to provide the ideal combination of human and technology resources to reduce cost, increase efficiencies and enhance the overall customer experience. Look for omnichannel service delivery, artificial intelligence capabilities and advanced analytics.
Investors hungry for exposure to digital assets can choose between a host of crypto exchange options, with competition only standing to intensify as more users and institutions enter the market. Platforms that deliver on key aspects of the customer experience — such as user-friendliness, accessibility and transparency, while managing the delicate art of scaling in the fast-paced, uncharted territory of cryptocurrency — will have the competitive advantage.
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