Despite the growth of the crypto industry, some businesses still fail to meet the highest service standards. Even big exchanges may disregard prompt customer support. In a high-profile case, negligence resulted in a class-action lawsuit seeking a whopping $5 million in damages. Poor support lands companies in hot water, affects customer retention, and causes damaging word-of-mouth.
In fintech, an industry dealing with the sensitive matter of money, support with a human face is an advantage. CoinLoan’s experience stands out against the turmoil of crypto service and even goes against some commonly held assumptions. Its approach is particularly fruitful today when users expect more information and guidance than ever before.
Support as Achilles’ heel of crypto
In 2021, the Laptop magazine’s investigation revealed an absence of “readily available live support teams” at four of the biggest crypto exchanges. This flaw jeopardized not only their reputation but the perception of the cryptoverse on the whole. Most decentralized exchanges don’t have any support at all as there is no “team” running the platform.
In recent years, crypto has made a giant leap forward – the public no longer associates it only with cybercrime and the Darknet. As governments are warming to digital assets, more and more consumers are looking to try them. They expect a minimal headache and maximum confidence, so poor user experience is a turnoff.
High-effort issue resolutions make customers 96% more likely to be disloyal, and 81% more likely to share negative word-of-mouth. This is true for any fintech company, whether it deals with crypto, fiat, or stocks. In one of the most outrageous cases, a lack of human support at Robinhood led to a tragedy and a multi-million dollar lawsuit. So, how can crypto businesses do better?
Who are the customers?
The first step to building excellent support is researching the target audience. As noted in Customer Experience in Fintech, two generations are the most active with regard to choosing fintech over banks – Generation Y, or Millennials (25-40 years old) and Generation Z (under 25 years old).
Millennials are tech-savvy, and they put a great emphasis on customer experience and stability. Gen Zers are “flexible, connected and tech-dependent, sustainability-oriented and tolerant, engaging to brands that connect with them and enhance their experiences and feelings.” They have the most trust in online apps.
According to the study, which focused on the perception of Revolut services, the ease of use is irrelevant as both groups are digitally skilled. It includes support into the top-5 factors for customer experience and loyalty, along with perceived value, protection of data, speed, and innovativeness.
CoinLoan’s broader reach
CoinLoan’s customer insights also reveal considerable interest from more seasoned investors. Generation X (42-57 years old) and even boomers (57-75 years old) are now increasingly engaged in crypto. The investment gap between generations is gradually closing, which is extremely promising for the growth of the industry overall.
This also means that crypto businesses should broaden their focus and take ease of use into account. CoinLoan’s support model is comprehensive as it does not segregate users and offers a balance of communication methods.
CoinLoan’s experience: Keys to reliable support in CeFi
Dismissing ease of use is a short-sighted decision. If appealing to boomers is not on everyone’s agenda, reducing the number of queries is always a plus. This is exactly what lets CoinLoan’s model shine.
How it works
On the surface, CoinLoan’s support resources are modest — the size of the team surprises many customers. If the staff does not use generic agent profiles, how can several employees cope with a constant flow of inquiries?
The answer is simple: quality trumps quantity. Unlike platforms with sophisticated features, CoinLoan leverages ease of use. As its functionality is fully automated and works without a hitch, there is no need to expand the team, at least for the time being.
Inquiries across channels and time zones match the resources naturally. What’s more, in-house support gives precise quality control and direct access to audience insights for effective decision-making.
Every company has its own definition of excellent support. Above all, CoinLoan’s philosophy requires customer-oriented, professional, and timely assistance. Here is how Sofia, Customer Support Team Lead, summarizes the mission of her department, “We work hard for our users to have the best customer experience. While the market can be unpredictable, we must make sure that our professionalism and support is always something our customers can count on.”
Human touch: People, not chatbots
CoinLoan maintains a strong focus on human interaction, and the support metrics back its course. Despite the chatbot boom, CoinLoaners overwhelmingly choose humans. The company’s Live Chat includes only some automated features – it suggests Help Center articles matching the user’s query.
Despite the hype around AI, CoinLoan does not see evidence of high demand for virtual service agents. In its model, automation is a complementary tool for basic queries. Giving it more importance would contradict the customer research findings – around 90% of users prefer human support to self-service.
Why this matters
The lack of human touch is one of the biggest challenges for fintech and its major weakness. It can demolish trust in any financial provider reliant on technology. Operating models centered on automation create the impression of a faceless entity.
With the rise of Siri and Alexa came a new type of chatbots that blends speech recognition, natural language processing, and Artificial Intelligence. While bots can now provide meaningful verbal responses, they fail to create genuine human rapport. Forbes has warned that overreliance on automation can “kill customer service”.
Personalized and customer-oriented service
The human touch makes every customer’s experience highly personalized and interactive by default. Based on each user’s situation and perception, the agents must give tailored, helpful, and understandable responses. In Sofia’s words, “We should always think about the way our user will interpret the information provided.”
Why this matters
Most users want to be treated as people, not numbers. They want experiences tailored to their needs, abilities, expectations, and past communication. As stated in the Salesforce report, Millennials and Generation Z expect “tailored engagement based on past interactions”. Over half of Gen Xers and baby boomers feel the same.
According to Customer Experience in Fintech, personalized service is where fintech outshines conventional banking. This is possible thanks to the fusion of the digital and social realms. Yet live support is not always available in the crypto space.
Empathy is a must
Customer support is not only about hard skills – as Sofia says, “Whatever the situation, it is always a must to be compassionate and get to the bottom of the issue reported.” Every customer must feel that their concerns matter.
This means the team engages all components of EQ (emotional intelligence):
- Social awareness – recognition of the customers’ emotional cues.
- Self-awareness – staff's awareness of their own emotions, triggers, and strengths.
- Self-management – adaptability, emotional control, and stress management.
- Relationship management – developing positive relationships with customers to reinforce trust and credibility.
Why this matters
Sofia explains, “It is essential for the customer to feel understood and feel our compassion. Even when some issues cannot be resolved quickly, having a person who empathizes can relieve the pain of waiting.”
Empathy helps support agents assess each situation from the customer’s perspective. It creates a deeper, authentic connection that helps them better understand what the user is saying (and implying) and be in a better position to solve their problems.
According to Sofia, “As professionals, we must know our product very well, so as not to keep our customers waiting for the solution or make them feel that they are dealing with rookies.” Diverse staff expertise, low turnover, and centralized resources help the CoinLoan team find solutions as soon as possible.
The frontline staff has extensive knowledge of the platform, blockchain fundamentals, and fiat payments. They also bridge the gap between knowledge and desire, as some users are only starting their journey in crypto.
Why this matters
According to the latest statistics, most customers want to interact with a friendly and knowledgeable agent who resolves their issues in one transaction, so they do not have to repeat themselves. Support in crypto adds another dimension – it is not only about troubleshooting but also about education, as noted by Klaus.
Keeping customers in the dark, misinforming them, or making them repeat inquiries to multiple reps are the deadly sins of support. Such flaws are not only unethical – they erode trust.
Fast and timely support 24/7
CoinLoaners want to get assistance as soon as possible, and the company’s Live Chat is the fastest way to reach out. When an instant resolution is impossible, the team sets reasonable deadlines and ensures they are met. Whatever the query, support aims to minimize the wait time to several minutes per chat, which is reflected in customer reviews.
Why this matters
In any industry, long wait times are the most annoying part of a service experience. They cause more frustration than the absence of a human agent or unfriendly and incompetent staff. As users are increasingly impatient, two-thirds of them expect a response in ten minutes or less.
Proactive, not reactive
CoinLoan’s approach is aimed at forestalling negative experiences. The team seeks to anticipate problems and avert them before the users’ convenience is affected.
CoinLoan announces any changes to its platform in advance, explaining their meaning and benefits from a user’s perspective. Technical updates are communicated via the blog, email, and the company’s social media community.
Why this matters
Forbes calls proactive service “the future of customer engagement”. Users want preemptive delivery of information and prescient support. These are measurable advantages for financial service providers. In banking, being reactive is “a clear, and frankly elementary, customer service failure,” according to Deloitte. Crypto businesses have no reason to ignore these findings.
CoinLoan uses a mix of channels to enhance reach, interactivity, and personalization. Currently, Live Chat surpasses email as users want responses in real-time. The company's presence on social media (Telegram chat and news channel, along with Twitter, Reddit, and Facebook) complements these primary means of communication.
Why this matters
CoinLoan’s approach is comprehensive — most individuals aged 18-55+ prefer to contact businesses via their websites/apps and social messaging services. Live Chat is an important loyalty booster and the preferred channel for Millenials, who make up 62% of the Fintech industry. Meanwhile, email is the preferred digital channel for Gen X and baby boomers in the EU.
How does CoinLoan track user satisfaction?
CoinLoan’s Intercom system lets it quantify and monitor users’ satisfaction. They can rate the quality of each live chat interaction on a scale of 1 to 5, and the team also keeps an eye on customer reviews. The quality control system tracks multiple performance metrics, including:
- the speed of response
- the time spent per chat
- the most popular questions
The team summarizes the insights on a regular basis, making them actionable for the other departments. It relays user input on new features and suggests improvements when there is enough data to back them. These proposals are then evaluated based on viability, feasibility, and demand.
As Sofia puts it, “We are involved in a constant flow of ideas within the company. By sharing their insights and results, employees improve the quality of all CoinLoan services, including support.” Centralizing feedback and acting on it are two powerful ways to reinforce success in fintech.
Self-service is overrated
Today, most users expect a company to have an extensive FAQ section. According to Salesforce Research, the majority of consumers prefer online knowledge bases for basic questions, and Millenials are particularly keen on taking case resolution into their own hands. While CoinLoan leverages this trend, its experience is quite peculiar.
Just 5-10% of users choose the Help Center over live chat/email. Thanks to smooth navigation, CoinLoaners can find their own answers and resolve their own issues, but most of them prefer human interaction. Furthermore, reducing live conversations is not the primary purpose of the knowledge base.
As Sofia explains, “This is done not to avoid interactions with customers, but for transparency.” The CoinLoan Help Center is, essentially, an educational supplement to the Terms and Conditions. The team continuously updates the articles to keep users informed of any changes. The section covers the entire customer journey, from discovering CoinLoan to using particular services and features.
Why this matters
The Help Center articles build trust through in-depth explanations, spark discussions on social media, and reduce the number of live inquiries. Users appreciate the opportunity to find the necessary information with little effort. If transparency can affect the purchasing decisions of 87% of consumers, it is sure to affect financial decisions as well.
Crypto support is not an entry-level job
Frontline staff plays a major role in the financial industry, which has the highest customer churn rates. Yet one of the myths about support implies that the staff is easily replaceable.
This does not hold true for CoinLoan, as its agents deal with a diverse and demanding range of tasks. They need experience, in-depth knowledge of the technical side of things – the platform and communication systems – and emotional intelligence.
Every support conversation factors in the user’s mood, priorities, and expectations. Not only is EQ important for managing conflict and demonstrating empathy – it also helps the agents manage their own stress levels to prevent burnout.
Human element as a pillar of success
The company’s emphasis on human support is a conscious choice. Here is how Alex Faliushin, founder and CEO of CoinLoan, explains it:
”For over twenty years, IT services grew horizontally with a firm focus on expanding and optimizing costs. As a result, after a decade of fintech development, companies turned to ever-increasing automation like bots and algorithms. Now, we see a growing demand for tailored customer-centric services, where human problems are solved by humans. This phenomenon is not exclusive to fintech – it affects many spheres of life. That's why we have taken this path.”
Professionalism, regular feedback analysis, and smooth communication between departments allow CoinLoan to maintain high standards of service. Its model proves that support with a human touch is the winning strategy for crypto lending platforms and fintech businesses in general.
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The information provided by CoinLoan (“we,” “us,” or “our”) in this text is for general informational purposes only. All investment and financial opinions expressed by CoinLoan in this text are from the personal research and open information sources and are intended as educational material. All outlined information is provided in good faith. However, we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of any information in this text.