Even in a world where automation rules crypto operations, white-glove services prove the enduring value of human touch. Customer service is one of the most critical aspects that determines the longevity or success of any business.
In this article, we tackle an important question: Have Crypto Platforms Proven We Don’t Need Human Customer Service? While most crypto users would answer this question based on their varied personal experiences with specific crypto exchanges, DEXs or other types of digital asset platforms, the truth is that the crypto industry falls short when it comes to this particular business aspect.
Here are some interesting stats to back this claim: a recent customer experience report in the crypto industry by Gitnux revealed that 38% of crypto platforms suffer from inadequate customer experience processes, 58% of crypto users report being frustrated with slow customer service response times and 43% of users have at one point abandoned a transaction due to delays in customer support.
For an industry that’s mostly technical, these figures are not encouraging at all. Imagine how many newbies have tried out DeFi ecosystems in the hopes of generating some passive income, only to give up since they couldn’t contact anyone. In most cases, crypto projects in the DeFi realm only feature documentation, leaving users to navigate by themselves.
Does crypto still need human customer service?
The report by Gitnux goes on to further note that 41% of crypto users are of the view that their concerns are not adequately addressed by support teams. This statistic begs the question whether crypto needs to scale on human customer service or strike a balance with other automated support systems.
Integrating 24/7 personalized customer support with existing crypto ecosystems could certainly solve some of the major hurdles. This includes issues such as account recovery, where users are sometimes forced to try over and over again with SMS or email-based prompts before they can access their accounts back. With a human touch, it is more seamless to verify identity through multiple data points, granting users a smooth recovery process.
At the same time, a human customer service is better placed to update or guide users on nuances that revolve around compliance, fraud prevention and more prompt assistance with failed transactions or withdrawal errors.
The caveat, however, are the associated costs of having a 24/7 human support team. Indeed estimates an average annual salary of $30,644 for one customer rep in the U.S. While the figure may not seem as much, most of the big crypto platforms would require to hire thousands of people, given their client base. A huge cost overall.
What if there’s another way crypto platforms and users could approach it – contracting white-glove solution providers that feature a personalized customer service package in their offering. According to Gitnux, a whooping 70% of crypto users would prefer personalized customer support features.
White-glove service: a middle ground
Instead of retail or institutional crypto participants going through the hassle of unsupportive customer service, they can chose leverage concierge OTC desks such as the one run by On-Demand Trading (ODT). This white-glove crypto solution acts as a trusted partner, catering to individuals who value simplicity and tailored personal guidance that makes crypto trading seamless, efficient and secure.
So, how does it work and why could this approach be more practical that a 24/7 customer approach? With white-glove partners such as ODT, crypto investors are guided through by a dedicated account manager who understands their needs and can easily maneuver the complexities associated with trading in the digital asset market. Think of it as a trusted partner who does all the legwork while the client’s only task to issue instructions on their preferred allocations.
This crypto service model has seen ODT attract over 1000 clients, closing for them trades that range between $500 to over $10 million on a daily basis. What’s more, this particular white-glove service provider does not have trading limits, which is the case in most centralized exchanges. Clients can transact $500 to $1M+ seamlessly with same-day settlements, no hidden fees and without having to stress about trust or compliance.
With institutions, HNWIs and family offices now looking to gain some crypto exposure, such white-glove services could be play a fundamental role in the onboarding process and client retention phase. Not everyone is excited to learn about the technicals of navigating DeFi vaults, let alone dealing with absent customer service. As such, concierge OTC desks could go a long way in filling the gap that currently exists in crypto’s customer experience.
However, it also worth noting that white-glove services are a cost to the investors as opposed to human customer support who may be internally hired by a specific exchange or subcontracted.
Conclusion
The digital asset industry has finally come of age, with over 500 million crypto owners as the per the latest stats. These figures are a wake up call to both centralized and decentralized platforms to level up on the customer support experience. On the brighter side, white-glove solutions are already stepping in to fill this gap and it could only be a matter of time before they become mainstream. After all, most investors are after the gains that crypto could offer, not the physical exercise of chasing customer support just because a transaction didn’t go through or one forgot their password to an account that has millions of dollars allocated.
Source:: Have Crypto Exchanges Proven We Don’t Need Human Customer Service? Not Yet