Opinion: Lagging Customer Service Is Hurting the Crypto Space

Customer service is the heart and soul of any business. Without it, a company is doomed to fail.

No Customer Service? No Company!

When someone has questions about your products, what do they do? They call up your customer service department to speak with someone who knows your company. That someone then provides the necessary information to them, easing their concerns and bringing them closer to buying or investing in your services.

One of the problems we’ve been seeing with the crypto space is that customer service departments are significantly lacking. When someone has a problem with an account on an exchange, for example, who can they get in touch with? Not a person. Most of these firms now employ auto-bot systems that will answer general questions with general answers via algorithmic processes. Nobody really gets anywhere, and concerns are never really addressed.

People are usually stuck having to try to figure things out for themselves in the crypto space, and if there’s ever a serious problem in the mix, they’re still typically left to their own devices.

During the time of the coronavirus pandemic, many companies used what was going on to eliminate their customer service departments altogether. They figured they didn’t want people near each other or getting exposed, so they sought to either limit their customer service capacities or rid themselves of these departments fully. This was a very bad decision, especially for crypto companies like Coinbase.

It used to be that you could call Coinbase up in the past and speak to a real person and get answers and information regarding your concerns, but those days are long gone. Coinbase has never had great marks on its chart for customer service, though things have taken a very negative turn for the company and for many others now that you can no longer call.

The big question is, “What was the point, exactly?” What was the point of getting rid of customer service in crypto fully? Aside from the established clients and customers that are likely calling about technical glitches or similar issues, the lack of customer service could be turning off a lot of crypto newbies seeking to get involved yet can’t because they have too many questions and not enough data.

Badly Needed Change

In providing necessary information to newbies, crypto companies could have seen their client rosters and operations grow tenfold very quickly, but these companies have cut themselves out in many ways by not having people you can reach with a simple phone chat. In this sense, they are being cut out by their traditional competitors, as you can still call a bank and get a real person on the line to discuss your account.

The crypto space is eager to grow, but the only way to do that is to implement some of the successful tactics other standard industries have chosen to utilize.

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