2021 DEFI Digital CX ReportBe a customer experience leader in decentralized finance

DeFi’s customer experience operations deficit

Executives in this hyper-growth industry are focused on transactions, customer acquisition, and revenue growth. Customer experience has been less of a focus. Consequently, operations may not yet be configured to address contact inquiries with speed, scale, and high customer satisfaction. As consumers encounter issues throughout their journey, from onboarding to making their first transaction to managing their account, they reach out for help. This can result in a significant backlog of delayed and unanswered customer inquiries that put brands at risk for prospect abandonment and customer churn. Left waiting for a response, consumers may turn to Reddit, Telegram, or Discord to seek guidance from the community, exposing themselves to security risks. This has become a flashpoint for many brands in this highly competitive market, and brands who prioritize customer experience could win big in this booming market.

And while decentralized finance may thrive in the absence of rules and regulations, a material downside is that surging popularity has attracted bad actors. Reuters reports that while cryptocurrency losses from theft, hacks, and fraud dropped sharply in 2021, “Crime in the booming ‘decentralized finance’ space hit an all-time high.” Concerns about these issues are a major drawback for many who may be thinking of entering the market and engaging with a DeFi brand.

Good news: A study conducted at Harvard Business School uncovered that simply having access to help alleviates consumer anxiety, and increases confidence and trust.

When brands offer customer service where consumers have the ability to message should they encounter an issue, it increases the consumers’ confidence to do business with the brand. Plus, 91% of customers say good service makes them more likely to purchase from a company again. 

Not all forms of customer service are created equal, though. In an industry fraught with cyber scams, particularly phishing, the use of insecure email exchange for help desk support or general brand inquiries increases the exposure of these brands and their customers to scams. This creates additional risk for customer attrition. So how can a brand deliver a trusted and responsive consumer experience?