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How to Deal With Demanding Clients – ReadWrite

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Deanna Ritchie


Every business wants to do right by its customers. At the end of the day, that’s what a business is there for: to serve its customers and clients and to serve them well. A business will not stay in business without training its employees on the best practices for dealing with the customer base.

When one of those customers asks for everything, demands extras for free, and complains about the work you provide, hard conversations sometimes have to happen. Here’s how to handle your problem customers with grace and how to ensure your clientele become long-lasting, loyal patrons of your business.

Why it’s Important to Serve Tough Customers Well

You know what it’s like: You’re going about your day and minding your own business when a rude customer insists you drop everything and cater to their every whim.

It can be tempting to snap back at them or let your irritation show. But when issues occur — which they will, with even the best clients — the wisest action you or your team can take is to quickly and calmly find an equitable resolution for both of you.

When you prioritize customer service above all, you’re more likely to retain customers in the long term. In some cases, a good customer service experience can actually turn a problem client into one of your brand’s biggest proponents. But how, exactly, do you turn a customer into a brand advocate?

How to Handle Your Worst Customers

Your customers look to you — not just for your product or service — but for help and a pleasant experience. You will find that a brand advocate is your best tool against complaints and the best way to build your your company.

Make Sure You’re on the Same Page

With most of your problem customers, the root of the problem is miscommunication. Understanding the customer issues with concrete examples is key: Ask for the specifics of what they’re looking for, what went wrong, or what’s bothering them. Then take a moment and respond with equally specific solutions.

Be intentional about how you communicate. Make sure the words you choose are clear and calm. An easy way to quickly understand a situation is to mirror the language the other person is using. Be sure to parrot (mirror) your customer’s questions or concerns back to them — to see if you have truly understood their concerns.

Acknowledge Where They’re Coming From

Sometimes, all people want is to be heard. While that sounds simple — allowing your customer to talk through their situation without interruption takes a little time. Resist the temptation to jump in the conversation with a quick fix (this will make an enemy faster than almost anything you could do)! While listening — only ask questions to clarify their position. DO NOT tell them to take a breath, breathe, or “calm down.” These responses are generally known to be non-helpful.

Full and careful listening with mirroring language will help them calm down naturally and will give you the information you’ll need to diagnose the problem.

To be clear — taking time to hear, mirror and respond doesn’t mean that you have to agree with your customer. Merely listening and acknowledging their frustration will help you move closer to a resolution.

Use Any Soothing Trick to Help Yourself

You can silently be soothing yourself. “I’m okay, I can’t wait to tell the other co-workers, I’m handling everything in my life better. Instead of contradicting someone by saying “but,” make a point to say, “yes, and…” The word, “but” can sound antagonistic, condescending or rude — while “yes, and” lets people know you’re on their side.

Keep Tabs

If you have a customer that’s constantly demanding more or being rude, document their behavior. Record emails, voice messages and anything else that displays their problematic behavior. Make yourself a few notes of dates, times and a few quick details.

Say a customer is being particularly needy or making a ton of complaints, some of which start to sound very similar. Pointing them back to what they’ve already said can help keep them on track. Plus, it can give them a taste of what communication with them is actually like.

Call in Support

Sometimes, you just have to pass the baton. When it comes to difficult customers, don’t be afraid to ask for support. Whether from a colleague or someone in leadership, having an extra voice in the room can be comforting, and can help you reach a resolution faster.

Watch for signals for when you need to call in help, like when someone is asking for more than what you’re able to give. That is the time to call in your manager. Let him or her explain why you can’t do what they (the customer) are asking.

Go the Extra Mile

At long last, you’re finally finished helping your problem customer. You can either throw in the towel, or take this one extra step that may help you and your company retain this customer in the long run.

It’s simple: After you’re finished helping them, ask if there’s anything else you can help them with.

Being willing to go the extra mile to help does two things: First, it shows you appreciate them as a customer. Secondly, it allows them to voice other concerns that they may have forgotten about. Either way, it’s good business to do this one last check-in before sending them off.

Pushing back on a demanding customer is rarely the correct choice. You’re already busy and stressed — the last thing you need is a problem client.

By taking a mental step back, you’ll approach the situation with new eyes. With a little luck, you might even turn the terror of a customer into a loyal brand advocate. When you’ve turned an enemy into an advocate, it’s a beautiful transformation and well worth the effort.

Image Credit: andrea piacquadio; pexels

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content development.

Politics

Fintech Kennek raises $12.5M seed round to digitize lending

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Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Fortune 500’s race for generative AI breakthroughs

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Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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UK seizes web3 opportunity simplifying crypto regulations

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Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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