Freetrade have hundreds of thousands of customers. How many do you think are unhappy? 10? 50? 100?
I completely agree!
All the customers are important
No, theyāre not. Paying customers are important, and those that add to a network effect. Those who want everything for free and complain if something goes wrong, are not important, and the best thing is to weed them out early.
Customers can be difficult, but I would say every customer is very important and the potential to monitise each client exist even if they make a purchase of US stocks fx fee is an income no matter how small, and one unhappy customer could stop potential future customers from joining. Going above and beyond does benefit on the long term especially for a fast growth company like Freetrade
The ease of switching providers is low --i saw redditors discuss how they tried to buy Amc (STONK!) or GME (another STONK! ) on TDameritrade FidelityWeBull etc, these apps made it easy to onboard. itās harder to find another Amzon (great customer service with bots and real people on the other side). I use multiple brokers-- i have a SPAC problem Thats why I dont shut them down.
ps A longterm happy customer is literally good business, its revenue
update:
pps
I think something should be done about customer service, Trustpilot (minus the GME and AMC reviews). plenty of good reviews until recently
ppps
I see 25 ppl got hired
Lol
Yes it was truelayer NOT trustly. But it was an amazingly simple,seamless transaction MAGNIFICENT
BREAKING NEWS
I would love to invest in truelayer,I wonder who is the biggest investor??
Are you being sarcastic on the ābreaking newsā?
No,it is breaking news to me I never knew about it. Canāt wait for the partnership to be up and running. It will make such a difference to the user experience. All you hear is people wondering where their money has gone and having to use a transaction code,it really is the dark ages technology that Freetrade have right now(it does pain me to say that)
Itās in the app already. Iāve been using TrueLayer to transfer funds from Monzo.
Yes I just tried it,BUT why is the transfer not INSTANT like the other investment platform,I donāt understand why you have to wait 2-4 hours. They need to sort this ASAP
Iāve said similar before; specifically re European expansion.
The app/functionality needs a lot of development to bring it in line with competitors. European expansion will detract from this and leave a lot of existing customers who are waiting for this pretty disappointed.
Now thereās the customer service issues mentioned in this thread (which I personally havenāt experienced).
You only get one chance to make a good first impression.
You donāt need to wonder - itās all on CH. Looks like Northzone is one of the biggest.
I signed up yesterday. It went through all smoothly. I made a deposit via BACS and last night made my first trade on the NYSE.
I donāt have inside knowledge but imagine the problem is on the bank side (where Freetrade have a client account for the cash) - is it with Barclays? The money probably gets into their client account near instantly most of the time with faster payments but given the time lag my suspicion is that Freetrade have some sort of batch process from the bank (like a CSV download of transactions updated every hour or so), which they then use to reconcile the transactions and credit them to the appropriate freetrade account using the ref.
It would be nice if they could sort that out and query instantly to check if the funds are there, but there might be a step Freetrade isnāt in control of here which slows it down (for example a list of transactions only updated every hour).
I do think from a customer perspective people expect instant transfers nowadays between financial institutions and so the delay is probably a significant source of support load (which costs real money) and bad first impressions (which are hard to correct), so it worth sorting out if they possibly can, even if it means something painful like moving bank.
I can see and understand both sides of this āarguementā.
Someone pointed out minimal complaints ratio via forum posts.
If you want too see how frustrated people are getting with FT, go look st the play store reviewsā¦Shocking and nearly all negative, prior to Gamestop and reddit madness.
I agree with the point of āteethingā for a start up. I personally wouldnāt consider them a start up, in the UK anymore.
I personally think on the more pessimistic side of things on FT (long term user may I add). If you start a business in this field. You know youāre targeting 100ā of thousands, even more so, of customers. I do feel let down with the lack of support and features sometimes, when āweāve had lots of users joinā line comes out. Likeā¦thats the point of the plan isnāt it, too grow customer base. In drips and drabs, in huge random Swan eventsā¦either way. You should be prepared for these situations. With that all said. Amazing see the hiring of 25 temps to help the back log and job offerings up for new staff.
It is sorely needed. Points raised via this forum and more so, the apps stores. Really, really need to be addressed.
Well.
I am not happy as I canāt invest in US Stocks.
How come?!