HMBradley is an online neobank. Unlike traditional financial institutions, HMBradley is a type of direct bank that operates their business model exclusively online without physical branches. It offers bankers the following financial services and products:
High-yield hybrid checkings/savings accounts: You get a personalized APY (up to 3.00%) that’s directly affected by your saving habits. More savings, better returns!
Smart credit cards: Not only do you earn cashback for every dollar you spend, but you also get personalized rewards based on your top spending categories!
Curated and accessible credit opportunities: There’s no need to go through an application process to browse financial products you’re qualified for. Doing that doesn’t impact your credit score either!
Despite offering amazing tailored products and services, HMBradley faced a challenge common among financial technology companies: scaling their customer support.
How Fintech Companies Benefit From Scaling Customer Support
Before expounding on why Fintech startups find scaling customer service challenging, let’s talk about its importance.
HMBradley had some specific objectives they wanted to achieve:
Drive signups: Having great customer service that drives signups helps build a base of new customers!
Upsell: Excellent customer service can encourage more deposits from new and existing customers and even get them to sign up for HMBradley’s credit card product!
Solve repetitive questions: Not only does HMBradley get to take care of customer concerns, but they also free up their team!
For the general context, here’s why having great customer service works for the betterment of Fintechs:
Traditional bank customer service is typically slow and subpar. A negative customer experience results to a dissatisfied customer!
Unlike traditional institutions in the financial services industry, Fintechs don’t have physical locations. You can only interact with them digitally! A smooth digital customer experience is key to leaving a lasting impression!
Why Scaling Customer Support is Challenging
Here’s why scaling customer service is difficult for HMBradley and other Fintech companies. There are two primary reasons I'd like to cover.
The first issue is data privacy and security. In the Fintech industry, you work with the following:
Highly-sensitive personal financial information
An ecosystem of new technologies like blockchain for money transfer and APIs for open banking
Other Fintechs even work with cryptocurrency like Bitcoin
Addressing this cybersecurity issue, both for HMBradley and its customers, is of utmost importance!
The second reason is having a large customer service team is expensive. Scaling customer service isn’t financially practical, especially when you’re still growing your customer base!
These were huge hurdles, but HMBradley found an answer to address those concerns.
HMBradley’s Solution: Chatdesk Teams
Chatdesk Teams is a solution that - by leveraging a combination of artificial intelligence, a bit of automation, and human support - helped HMBradley scale their customer service capabilities.
How Did Chatdesk Teams Help?
First off, Chatdesk Teams is highly-affordable. HMBradley easily saves $1-3 per ticket!
Another key factor is Chatdesk Teams’ capability of providing real-time human responses (not chatbots) 24/7, even on social media. HMBradley could even get Chatdesk Experts who were not only their Superfans, but also Fintech Experts!
Chatdesk also provided HMBradley a convenient solution to scale their customer service capacity. There was no dev work needed and Chatdesk handled all the hiring, training, and scheduling for them!
What About Data Privacy and Security?
HMBradley and their customers’ data is kept private and secure by Chatdesk through the following measures:
Chatdesk does the automatic redaction of sensitive information using Google DLP.
The Chatdesk Experts also start off working only on tickets that don’t require account access.
Chatdesk is even certified by regulators for SOC2 and compliant with the GDPR and CCPA!
As for their impact on HMBradley, here are some concrete examples:
More conversion opportunities for new signups: 24% of tickets that the Chatdesk Team works on lead to these opportunities!
Fully resolved tickets: 82% of HMBradley’s tickets are fully resolved by the Chatdesk Team!
HMBradley’s case is a great example of how Chatdesk can help Fintechs overcome one of their common obstacles. If you’re facing the same challenge - whether you're a Fintech, a small business, or a retailer - you can see for yourself how Chatdesk works by simply scheduling a demo!
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