The BitLicense has just become stricter with new mandatory rules to treat customers well.
The New York State Department of Financial Services (DFS) has established customer service standards for DFS-regulated virtual currency entities (VCE) and will begin monitoring their implementation. Based on VCE records, DFS will evaluate the adequacy and efficiency of customer service policies.
DFS established detailed requirements for VCE telephone and electronic communications, transparency, and the online posting of frequently asked questions (FAQs). VCEs are expected to provide records of their policies and procedures, as well as the requests and complaints they receive along with resolution times.
The new requirements are largely elementary. “Human customer service representatives” are expected to be available during business hours, and customers are expected to be connected to voicemail outside of those hours. The receipt of electronic communications must be automatically recognized with an estimated response time. Frequently asked questions (FAQs) should be accessible to users who do not have an account with the company. Customers should be informed immediately if they are interacting with artificial intelligence instead of a human.
Each customer request or complaint must be tracked and the person or persons responsible for customer service must be identified to DFS.
Recording of data in the form of tabulation and customer feedback must begin in the third quarter of 2024 and be accessible to DFS by November 1. “This guidance sets clear expectations for a positive customer experience, which benefits both consumers and businesses,” Supervisor Adrienne Harris said in a May 30 statement.
The new requirements are largely elementary. “Human customer service representatives” are expected to be available during business hours, and customers are expected to be connected to voicemail outside of those hours. The receipt of electronic communications must be automatically recognized with an estimated response time. Frequently asked questions (FAQs) should be accessible to users who do not have an account with the company. Customers should be informed immediately if they are interacting with artificial intelligence instead of a human.
Each customer request or complaint must be tracked and the person or persons responsible for customer service must be identified to DFS.
Recording of data in the form of tabulation and customer feedback must begin in the third quarter of 2024 and be accessible to DFS by November 1. “This guidance sets clear expectations for a positive customer experience, which benefits both consumers and businesses,” Supervisor Adrienne Harris said in a May 30 statement.
