Q2 2024 Mission Update: Convenience
At Wise, our mission is to move and manage the world’s money. The core of this mission is to create a seamless experience for you, our users, minimising the need to reach out for help. We gauge our success in enhancing convenience through a crucial metric: the frequency of inquiries to our customer support.
Achieving New Convenience Milestones
We're thrilled to share that Q2 2024 marked a historical achievement again - our lowest ever customer contact rate, 7.14%, reducing by nearly 3% from the previous quarter. It was a rather bumpy ride since the first months we actually increased our contact rate significantly. It’s good news that we’re still on the right track but we didn’t make a lot of dent quarter over quarter.
So what happened?
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In April, we faced some challenges integrating with the direct debit system (ACH) for USD transfers, causing confusion about the time it takes to fund transfers and in some cases errors that prevented the payment.
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We’ve also had considerable delays in processing some transfers especially when sending to INR, PHP, THB and PKR.
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In May we experienced issues with our cards that caused some transactions to fail. This meant more customers reached out for clarification.
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Our customers are still facing security challenges when changing devices or account details, especially phone numbers. We’re actively working to simplify this process. We've improved two-factor authentication, significantly reducing reliance on SMS which has been a major source of problems.
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The good news is that:
- We've improved our customer verification process, resulting in a 22% decrease in inquiries about verification this quarter. A key improvement was allowing customers to make some changes independently and better understand rejection reasons, reducing the need for agent assistance.
- In June, we had our best month ever for contacts per transfer by nearly halving the usual number of transfer delays. Hopefully we can keep this trend up.🤞
