In our inaugural CX Innovators blog series, we highlight industry leaders and our partners to explore their strategies for exceptional customer experiences.
For digital banking solutions company Praxell, dependability and accessibility of customer service has been a core driver of success for two decades. By combining the best technology tools with the right people and staffing models, Praxell provides fast, reliable services to a diverse set of businesses and consumers.
With a culture built around agility and adaptability, Praxell uses feedback and insights from their teams to evaluate opportunities for process improvement, The goal: providing a better banking experience for clients and end customers. That data has shaped the evolution of their client support, which now includes 24/7 support and targets resolution within two business hours from the time an inquiry is received from their clients.
“It is essential that our clients have a seamless experience, whether they operate a brick-and-mortar location, online or a combination of both,” says Mike Blok, director of account services at Praxell. “Dependability and accessibility of our Customer Service team are paramount to our success as we manage our clients’ card accounts.”
Customer service for Praxell includes supporting many different types of customers—their direct clients, businesses that their clients serve and employees of those two—with many different support needs. The complexity of coordinating a rich, positive experience for each audience requires a robust operating blueprint and technology infrastructure on the backend. This is fortunately seamless for customers—the hallmark of a good customer experience.
“One of the CX tools we rely on is Zendesk, which provides a seamless integration to our systems,” says Mike. “The platform gives us instant access to FAQ responses, which enables us to reply quickly to those questions while freeing us up to focus on more complex inquiries.”
Digital Banking for All
The company, which got its start in prepaid, continues to focus on financially underserved individuals and businesses who can’t get accounts with traditional banks or are turned off by their fees. “Our latest program, Juice For Business, targets small- and medium-sized businesses (SMBs) who are looking to move away from paying their employees via cash or check.”
And they’re focusing on SMBs for good reason. Sixty-nine percent of small business owners say they would switch banks if it provided all the features and services they need, according to a 2019 report from BlueVine on the state of SMB banking in the U.S. This points to major service gaps in the banking industry, leaving the space ripe for better service and tools to more efficiently get money into the hands of business owners and their employees.
Access to capital is a major issue for SMB owners, according to the survey, as are issues with deposits taking too long to post, not offering overdraft protection/ability and poor customer service.
Being able to deliver faster access to funds as well as the customer experiences consumers and businesses demand are critical to the success of banking and fintech brands.
“Although we offer our customers the ability to manage their accounts via cardholder portal, IVR and SMS, many still prefer to speak to a live person,” Mike notes. “Partnering with Ubiquity, we’ve been able to adjust staffing to reduce the average wait time, but on high-volume days, it’s clear just how critical it is to have a strong customer support team to keep customers happy and business moving forward.”