We aim to make sure that using Wise is as convenient as possible – so you can manage your money hiccup-free. And we measure that convenience (or lack of it)...
The key indicator that we’re offering a truly convenient product is your ability to use Wise without any hiccups. That’s why we’re now measuring convenience (or lack of it) by how many customers contact us for support.
In Q1 2023, more of you had to contact us (~ 3% more) compared to the end of 2022.
The increase in contact rates has many contributions but mostly:
To make Wise even safer to use, we introduced more controls to protect your money - but this has had some consequences for customer convenience. In particular cases, some of the controls are leading to 1 in 3 customers contacting us for help to unblock an issue. Multiple teams at Wise are working hard to make this better and effortless for you.
Alongside new controls, we’re sometimes asking customers to update or change personal details. To do this, you currently have to get in touch with us. We’re looking to introduce functionality that lets you update your address without needing to get in touch.
Wise card users who needed to contact us increased. This is partly explained because we simply have more people using the Wise card (great!). However, the experience of getting a card has a number of pitfalls (not great!) so a number of you contacted us for help with this. We’re looking to introduce a better way to validate your address when you order a card and also give you an order status while you’re waiting for your card.
With expansion to new countries, a number of you had issues opening a new balance. For example in Brazil, many of you are having difficulty topping up your account - sometimes sending money to your own CPF (Brazilian individual taxpayer identification) instead of Wise’s CNPJ (Brazilian legal entity taxpayer identification). We’re looking to make this easier with clearer instructions.
Nope! There were some successes.
In some cases, we’re processing your documents and information faster so you don't have to reach out for updates so often. In some scenatios this is cutting the number of you who need to contact us by around 3K contacts per month.
Other smaller experiments are showing positive results too:
We’ve revamped the final step when you send a transfer (when you’re waiting for money to be received by your recipient) to answer your questions upfront. This resulted in 1K less contacts per month.
We tested sharing card transaction statuses with you upfront - especially recovering declined transactions. This reduced the number of you needing to reach out by 2.5K contacts per month.
We introduced sharing more information with you about the status of your card order, which resulted in 1.2K less contacts per month.
We improved the experience of sending transfers in USD, approximately reducing 1K contacts per month.
We made considerable improvements in some currencies convenience: Philippine peso, Malaysian ringgit, Singaporean dollar and Pakistani rupee all saw significant decreases across the quarter. This is due to some work with our partners and managing the flow of funds into our partner accounts better - resulting in approximately 5K contacts less per month.
We'll report back on this next quarter, so watch this space!
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
Our average price changed from 0.65% to 0.66% in Q2. Overall, this quarter we 😞Increased fees on sending money from EUR, CHF, HUF, MYR, SEK, RON, BGN, HKD,...
It was another busy quarter for Wise Platform; from exciting partnership announcements, to podcast deep dives and a whole European tour of conferences,...
It's getting faster to send money with Wise 57% of transfers are now arriving instantly (under 20 seconds) in Q2 - a 2% increase in instant transfers...
Speed We've seen an impressive 3% increase in instant transfers (arriving in under 20 seconds) in Q1, compared to the end of 2022 The main driver was the...
Our average price changed from 0.66% to 0.65% in Q1. Overall, this quarter we 🥳Decreased fees on sending money to ILS. 🥳Launched interest for customers...