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Why Cryptocurrency Exchanges Need A Conversational AI Strategy

January 11, 2022  •  4 minute read

The cryptocurrency market has boomed over the last couple of years. Valued at $1.49 billion back in 2020, the cryptocurrency industry has recently breached the $3-trillion mark, defying expectations and expert predictions.

Anyone familiar with cryptocurrencies, or crypto, understands that they are a totally novel asset class, the fundamentals of which are hard to grasp. That said, there is no doubt that crypto is here to stay. And at the core of the crypto customer experience are the major exchanges – Coinbase, Binance, Kraken, and many others. 
 

The Crypto Customer Experience

If you’re a part of this rapidly growing industry, you know firsthand the vast amount of customers who interface with crypto exchanges on a daily basis. They have inquiries that are complex, personalized, and often high stakes, involving large sums of money. 

However, right now, the reality is that a majority of crypto exchanges provide a poor customer experience (CX). Even those who are market leaders in the space offer limited customer service, providing support only through traditional channels of phone and email with often delayed responses. Users seeking more immediate responses are forced to scour online FAQs for answers or rely on crypto forums. In a highly digital world where consumers expect companies to be available 24/7 across all channels, platforms and devices, the prevailing customer support infrastructure in the crypto industry as a whole is already behind the times.


Will Things Improve?

Coinbase announced that a 24/7 phone line would be coming by the end of 2021, but consumers are still waiting for this to go live. On the bright side, this is a positive shift and an indicator the industry is starting to pay attention to the voice and chat experience, two key components to a conversational AI strategy.

The change is much-needed. A recent investigative article revealed that major cryptocurrency players in the U.S. performed poorly in most of their support channels, namely phone, email and social media. When this is the prevailing situation in top U.S. cryptocurrency exchanges, imagine how bad things are at smaller exchanges with fewer resources to allocate to CX. 

So, what can exchanges and other crypto-related businesses do? Crypto exchanges need to scale fast to meet the rising consumer demands. However, hiring more live agents for support is seen as a cost burden and detrimental to that goal. This is what results in the abysmal state of customer service in the cryptocurrency market, resulting in creating an industry-wide dysfunction. The good news is, there are tools and technologies that can help crypto exchanges scale in lean ways, and do more with less. 

Conversational AI Strategy: A Game-changing Opportunity in Cryptocurrency

Conversational AI is the game-changer needed to elevate the crypto customer experience and provide quality support that builds trust and confidence among crypto consumers. However, nearly all crypto exchange firms don’t seem to have a conversational AI strategy in place. 

Imagine a solution that can help automate customer service requests, handling basic transactions like balance inquiries and password resets, while empowering the live agent with customer conversation and history insights. 

A new generation of dynamic, conversational AI agents has evolved to fully understand meaning and context, enabling them to engage customers in human-like discussions. Machine learning (ML) allows AI agents to learn during conversations, making them more responsive and providing resolutions in future interactions. In the budding cryptocurrency market, having a conversational AI strategy can help companies effectively triage inquiries, and improve the overall CX.

Main street banks that adopted conversational AI now enjoy streamlined AI customer support, which then impacts customers’ experience positively. Being in a young and emerging finance vein, crypto exchanges should examine the success of these banks and be inspired by their template. 

The yellow.ai Advantage

yellow.ai provides decentralized enterprises with a robust and comprehensive CX automation platform to help customers quickly find the information they need and provide immediate support throughout their journey.

With yellow.ai, cryptocurrencies can engage their customers anytime via their preferred device through seamless and consistent omnichannel AI customer support. Conversational AI builds moments of trust and bolsters customer confidence in crypto exchanges by addressing their questions in real-time.

It’s high time to level up your customer experience and stand out from your competition. 

Contact yellow.ai today and discover the power of dynamic, conversational AI agents.

Natalie Elmquist

Natalie is a Senior Content Marketing Manager who is helping build Yellow.ai's presence in North America through brand storytelling. With more than a decade of marketing experience, Natalie has spent the last 7 years working for high-growth B2B SaaS companies. Her marketing passions involve all things content, persona, and SEO-related. Work aside, Natalie is a proud mom of two identical twin boys and enjoys spending most of her free time these days keeping them entertained.
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