PayPal Can Save $25mn a Year by Automating Customer Service

PayPal’s CFO John Rainey said 11 percent of the company’s 60 million customer inquires could be automated; the types of transactions they are calling about are simple questions like what did I buy for the amount charged; each of these calls costs PayPal about $4, Rainey believes the company can automate these inquires and save the company about $25mn a year; “There is no reason they need to speak to us about that,” Rainey said to Business Insider. “We have all that information.”; they are not looking to automate all inquiries but instead take care of simple customer asks to be more efficient and spend more time on complicated calls. Source.

  • Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

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