Part 6
Automation adaptation is key in cutting costs and handling volume peaks during high volatility
In the aftermath of the market plummet in 2022, many crypto companies took a devastating blow to their revenue — Coinbase saw a 60% drop and reported a $1.1 billion net loss. The price of Bitcoin dropped 65%, and multiple major crypto companies went bankrupt.
So what now? We’re at a fragile time where companies will either try to build the plane while flying it in the next bull run or establish themselves with a healthy foundation to set them up for success. Which one do you want to be?
Assuming you want to set yourself up for success, right now is the time to cut costs, innovate, leverage the right tech and be strategic in every aspect of the customer experience to gain trust.
Automation and conversational AI
Automating repetitive tasks with AI can streamline the workforce, make the lives of CX agents easier and mitigate human errors. But that doesn’t mean your brand should incorporate just any AI technology — it’s important to be tactical when doing so to ensure the outcome is financially beneficial.
Total cryptocurrency value received by illicit addresses
2017
2018
2019
2020
2021
2022
Source: CoinGecko, "2022 annual crypto-industry report," coingecko.com.
Here are four tips to kickstart integration of AI into your CX strategy
Focus on the entire customer journey
Map out the entire path your consumers take to purchase crypto, from account setup to authentication to answering questions and providing support. Where can you automate tasks?
Automate simple, low-value tasks
By monitoring interactions with data analytics, identify tasks that are straight-forward enough to automate.
Use data to personalize as much as possible
Your AI should have a “right data at the right time” approach for true personalization. Where can you leverage data to make consumers feel seen and heard?
Lean on CX experts
Being strategic in incorporating AI into your brand is necessary. With CX experts as your guide, build out an automation strategy that will boost your contact center’s productivity and efficiency.
Spotlight
A historic U.K. banking and financial services group accomplished an agile CX when they had to pivot during COVID-19. When the U.K. government announced a mortgage payment holiday and bounce-back loans, the staff capacity was already reduced.
The company needed an instant response to the enormous surge in demand. So, they teamed up with Foundever and used intelligent automation to process tens of thousands of applications per day, control backlogs, and accompany eager customers, rapidly deploying a digital workforce that assumes the work of 800 FTEs in days.
Our takeaway
Right now is a pivotal time for the crypto industry, and what you prioritize to invest in will determine your ability to stand out in the new wave of digital exchange. Automation and AI must be part of your CX strategy to foster a strong CX, and your brand needs to have a healthy grasp on the entire customer journey to best understand how and where to implement the tech.