GFS Consulting

Navigating the world of fintech has been quite a journey lately, and the challenges are real. Take, for instance, encounters with major players where a simple glitch turns into a customer service nightmare. Whether it's a flagged payment or a verification snag, the disconnect is palpable. Ever had a payment stuck in limbo, only to be told, "It's with our partner banks, and we have no control"? Or the classic runaround with verification – submitting documents, only to be asked for the same info again, with the excuse of not receiving it? Or they didn’t review it actually 🙈 Let's talk about the inexperienced staff who pop up, offering scripted responses and seemingly working in a ghost town. Escalations get promised, but resolution remains elusive. Or “Sorry, but we can’t connect you to such a department or a team. Please contact us by email or via the chat channel” 👀 Take a look at SumUp for instance. Despite being world-class, the customer experience falls short when things go awry. It's not just about the glitches; it's about the unprepared personnel on the other side. Received such a puzzling email from SumUp recently. 🤔 "We are subject to security measures imposed by the financial regulators against which we cannot object. In accordance with international banking regulations, the risk and security assessment departments have no opportunity to review or change any decision made. We therefore ask you to choose ONE of the following solutions for security verification of the transactions carried out: - Retention of funds for 2 months for the purpose of protecting against any cancellation requests we may receive; after these 2 months without loss due to cancellation requests, the funds will be immediately credited back to your account; - Direct refund of the amount to your customer if you contact them and can arrange another method of payment, i.e. not via SumUp." Operating a business with a fintech or payment solution like SumUp proposing a 2-month fund retention and a convoluted verification process poses significant challenges. Businesses, especially those reliant on steady cash flow, can be severely impacted by such delays. SumUp’s proposed verification process raises questions about its adaptability to the needs of businesses in dynamic environments. Seeking fintech partners with faster fund transfers and streamlined verification procedures is crucial for businesses that cannot afford extended waiting periods! As an academic Risk Management Researcher, Lecturer, and Business Consultant, scripted responses like this raise more questions than answers 🙈 Have any of you encountered similar communication from fintechs? Share your experiences and let's discuss how the industry can step up its game. #FintechChallenges #CustomerServiceWoes #PaymentGlitches #FintechIssues #Regulations #BusinessOperations #FintechStruggles #EfficientProcesses #SumUpExperience