By Laura K. Inamedinova
June 5th, 2018

3 initial steps to avoid communication crises

3 initial steps to avoid communication crises

By Laura K. Inamedinova
June 5th, 2018

The career in crypto-Fintech is definitely attractive: innovative worldview, like-minded people around, no static corporate rules, modern offices (some have dogs and pool tables!), endless opportunities. However, despite all the perks mentioned above, crypto-Fintech is quite risky when it comes to maintaining spotless reputation and avoiding sloppy (which tend to turn into large) mistakes.

Since many people are still not quite aware of the nature of crypto-Fintech as well as this sector mainly focuses on the alternatives for traditional payments and banking (hence, responsibility for savings of others), well-built communication is a key for success overall. It is especially relevant considering the questions or disappointment of clients which may arise due to technical difficulties or other risks which may lead to financial or privacy losses, unpleasant to any customer.

Talking in general, despite the unpleasant background of struggles in crypto-Fintech, it is not difficult to manage communication crises in a professional manner as well as to stabilize the situation and avoid losing current and potential customers at the same time. These three steps can be beneficial while quickly contemplating on potential scenarios.

Reliable human (and not only human!) resources. As most of crypto-Fintech companies are based on particular mobile applications or websites, it is necessary to invest in live chat which would be accessible 24/7 in order to solve any potential difficulties. Surely, it means that there is a need for a relatively decent-sized team in customer service which would be ready to serve nearly anytime. Every minute is very important when the problem appears; therefore, having someone who could answer once or twice per day would not work well. Hint: in the beginning, it could be a few people, working daily or nightly shifts respectively. Most importantly of all, people in the customer service team must be able to hold an excellent technical knowledge as well as be perfect communicators who are always ready to provide a polite and precise chat with any client. Might seem obvious, but many companies, including both start-ups and large corporations are receiving regular complaints of angry clients who were not treated properly in light of the issue.

However, customer service can be based not only on real people. As a particularly disruptive industry, Fintech (including crypto-Fintech as well) is currently adapting the benefits of high-end technologies for the majority of crucial spheres, and customer service is also included. Of course, it is only the very beginning, but the perspective of upcoming decade is promising and giving the chance for a more convenient approach towards customer service.

Good terms with media. Well, it would be a cliché to claim that nowadays media is a powerful tool. No one should be surprised with endless abilities of this industries starting from the skills to find out an intriguing story and finishing with the obnoxious (and potentially quite misleading) exposure of certain events. Therefore, the relations with media should be definitely well-maintained while working in crypto-Fintech. By defining ‘media’, not only mainstream outlets, but also social media should be taken into account. In 2018, the pages of companies in social media platforms can be easily ranked or commented along with spreading the word of mouth amongst probably all circles one could imagine. It could bring the similar or even bigger impact on the company’s reputation than traditional media!

In other words, a good team of any crypto-Fintech business should have a spokesperson (or even a few!) to be in charge of the development of the dialogue with journalists or users of social media channels. Even in case of unpleasant situation or potential crisis, these people have to react immediately. Speaking to people without hesitation, including clear explanations and professional discourse may not solve the problem itself, we all could agree on that. On the other hand, such a step can prove that the company is both responsible and customer-friendly what are one of the main advantages in any sector.

Honesty, honesty, honesty. Even though some problems and crises in crypto-Fintech can mean the major failure which would suppose the bankrupt and the end of the business, it is crucial to tell the truth in any case. This is ultimately difficult and forecasting solely bad reactions, yet the effect of hiding the essential details will be even worse. Crypto-Fintech usually concentrates on money of people and it makes lying in unclear situations even more awful. Let us assume a hypothetical situation. Customers may have false expectations which would be dictated exactly by the context provided by the company. Hence, lying in any form – both hiding the ongoing things or claiming something which is far from true – will be revealed in the very end. Naturally, such an experience will be unpleasant for customers and even more for business people who were directly responsible for the processes which lead to the situation which would not be able to solve anymore. Needless to say, it will bring a lot of damage not only for the collapsed business, but also for the reputation of people who used to work there and might look for new career opportunities.

Communication crises and problems with customers are things that are not desired by any business person seeking to be successful and respected. However, no one is secured from such bad occasions. The ability to solve them is useful for both further development of the company and soft skills of people working there (as, for example, working under pressure, creativity and organisation). All in all, customer evaluation, good communication and fair play can significantly contribute to the overcome of nearly any problematic situation in crypto-Fintech.