Some companies choose to outsource their entire customer-service operation, while others opt for a blended approach. While growth may come quickly for crypto exchanges, selecting a customer experience delivery partner shouldn’t be as rapid. 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.įinding a worthy customer experience partner 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. However, taking an expert-led, data-driven approach from the start can help enormously when it comes time for cryptocurrency exchanges to scale. Coinbase has since invested heavily in their customer service cryptocurrency exchange operation and is seeing significant improvement. In this instance, executives learned the hard way that scaling is crucial to protecting their brand. Coinbase’s general manager, Dan Romero, said in a blog post that this led to long wait times and that “The team was left feeling like we were bailing out a sinking ship with pots and pans,” he wrote. Online forums and social channels lit up with comments about unanswered and unresolved operational issues. 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.ĭigital currency exchange Coinbase experienced major growing pains after transaction volumes last November and December increased by 295 percent. 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. Scaling cryptocurrency exchange customer service with power and agility 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. 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.
In fact, a majority of customers are even willing to pay more for a similar product to get the service they want. 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. 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.īut with rapid growth, comes the potential for reputational damage if companies are unprepared to scale their customer service operations to meet heightened consumer demand. Rarely have companies seen the amount of growth that cryptocurrency and crypto exchanges have enjoyed in the last 12 months.
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