Companies have rarely witnessed the growth that crypto exchanges and cryptocurrency have enjoyed all this time. However, swift growth follows the potential for damage to reputation if firms are not prepared to scale their customer service processes to meet the escalated consumer demand. 

Some of the most significantly cited market surveys like Oracle’s suite of customer experience (CX) signify that consumers mostly tend to abandon a specific business due to poor customer experience. In fact, most customers are even willing to pay significantly more for similar products, just for the sake of getting the cryptocurrency customer service they want. 

With the emergence of new exchanges and digital currencies, cryptocurrency investors have a wider choice to get the cryptocurrency customer service they want. Cryptocurrency exchanges seeking to retain or gain an advantage in this cutthroat market must consider collaborating with a customer service professional like Simply Contact to gain a competitive edge. 

Challenges for Cryptocurrency Businesses

Without any question, cryptocurrency has been resonating with society. Governments, businesses, and people alike have understood that cutting-edge Blockchain technology has the power to transform the world.

Now, retail bankers and investors are conveying their liking towards cryptocurrencies as well as 

Blockchain (distributed ledger) technology that underlies them. Several investors and businesses have sustained involvement in the crypto-verse with the thought that it is the future of money.

Cryptocurrencies can surpass conventional investment commodities while providing less bureaucracy, higher efficiency, and better transparency. Moving on, here are some of the most prevalent challenges cryptocurrencies encounter. We shall now look at some of them. 

  • Contact Centers

The cryptocurrency industry is booming. Still, customer support and care remain a massive challenge.

The similarities between the cryptocurrency industry and banking, financial services, and insurance (BFSI) are numerous. Using the same contact centers is a promising and feasible solution for the crypto-verse. 

  • Regulatory Compliance

There aren’t enough regulatory compliances. Still, most countries worldwide have begun placing regulations. The majority of these regulations have a striking resemblance to the existing BFSI regulations. 

  • 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. 

1) 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. 

2) 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. 

3) Poor Customer Service

Refused withdrawal requests and poor customer service in cryptocurrency are not rare occurrences. Recently, a few renowned crypto service providers have been criticized for refusing user access to money and providing pathetic customer service.

Users often complain that the majority of trading platforms struggle with offering basic customer support at challenging times, resulting in missed trade chances. In addition, prolonged reaction times worsen the quality of customer support in cryptocurrency.

Users’ concerns and queries are mainly answered with a pre-written response to calm the customers. However, it is not always helpful. This hampers trades and potentially restricts users out of their accounts.

Most exchanges can’t stay online in times of heavy market movement. Arbitrary account discrepancies like suspended accounts or lost funds are also prevalent. Crypto exchanges may be forced to repay customers if any issues arise with the funding transfer process.

How Cryptocurrency Companies Can Improve Their Customer Service

Based on our experience at Simply Contact, you can still take steps to make their customer service strategies more efficient regardless of these challenges. Here are 7 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.

Several other cost-effective means of communication businesses can be set up to address consumer complaints. These include: email, live chat, social media platforms, chatbots, profiles on review sites.

6) Hire Professional Agents

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. 

7) Implement a “Follow-The-Sun” Service Framework 

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.

Our summary

The protection of consumers lies at the root of all regulations. Unfortunately, many cryptocurrency sites provide zero customer service. The lack of sufficient resources for customer service has resulted in a significant gap in the overall crypto customer experience.

Lawmakers will continue to execute stricter rules on crypto businesses if firms do not make customer service their utmost priority. The additional regulations will undoubtedly make adhering to compliance policies more difficult for regulated cryptocurrency firms.

These firms can stay away from the hands of these regulators by making efforts to address customers’ issues.

As a result, setting up complaint hotlines, monitoring customer interactions, hiring professional agents, providing self-services, using advanced technology, implementing multi-linguistic customer support, and perfecting your customer service strategy are reasonable and actionable steps businesses can implement right away to satisfy frustrated and dissatisfied customers.

If you are searching for a quality-driven contact service to take care of your customers, Simply Contact can give you just that and everything you need according to your business requirements.

With over 7 years of experience, 400+ employed agents, and almost 15,000,000 inbound/outbound calls annually, we at Simply Contact take great pride in choosing the best to be employed in our contact center to work on all your projects.

Simply Contact experts are sure to offer you the best customer service by providing:

● 24/7/365 Customer Service Support: We ensure our customers’ requests never go unattended or missed.

● Omnichannel Support: We offer your customers multiple ways to get in touch with your brand. Read more about omnichannel contact centers.

● Security Standards in Place: Security is our utmost priority, proven by ISO/IEC 27001:2013 and PCI DSS compliance.

● Multilingual Team: Support your valuable customers in over 18 languages with us.

Get in touch with Simply Contact today to grow and boost your business. For more queries and inquiries, visit our contact us page.