FILE PHOTO:  James P. Gorman, chairman & CEO of Morgan Stanley, testifies before a House Financial Services Committee hearing on

Summary List Placement

Happy Friday!

Bloomberg had a report on Thursday on nearly 2,000 customer accounts at Robinhood being comprised. The news comes after a previous report from Bloomberg regarding the hacks in which the $11.2 billion fintech downplayed the incident, saying it impacted “a limited number of customers.”

The story hits on a major theme impacting all consumer-facing fintechs: customer service.

For a long time, many personal finance startups have avoided maintaining customer service telephone lines, often explaining that their users didn’t want to get on the phone and would rather email or chat online.

It’s a convenient explanation, as it allows them to save money. It’s also, in my eyes, not true. No matter your age, when your money is suddenly at risk, you want to get on the phone with someone pronto. 

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Source:: Businessinsider – Finance

      

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