Trade Republic Ditches Chatbots, Deploys 1,000 Human Agents for 24/7 Support
Trade Republic is fundamentally restructuring its customer service. From now on, users of the savings platform can make phone calls directly from the app or contact service staff via live chat – around the clock, seven days a week, and in eight languages.
The company is responding to persistent criticism from the community: both in Germany and in Austria, numerous customers had publicly complained in the past about poor accessibility, long waiting times, and what they considered inadequate support. In Germany, the company’s home market, the criticism was particularly vocal – consumer advocates and media had repeatedly addressed the handling of customer inquiries.
Noteworthy is the approach with which the Berlin-based fintech is now tackling the problem. While many banks and financial service providers are increasingly relying on AI-powered chatbots and automated systems to scale their customer service, Trade Republic is taking the opposite path. Earlier attempts to handle inquiries primarily through automation had reportedly not delivered the desired results. Instead, the company is now working with an external service provider that supplies more than 1,000 trained service agents. These agents are intended to resolve issues directly at first contact. More complex cases can be tracked live in the app via a new tracking system.
According to the company, a double-digit million euro amount has been invested over the past six months in building the new infrastructure, product development, and agent training. “Our goal is to be the long-term home for the complete wealth of our customers,” says co-founder Christian Hecker. In the next twelve months, Trade Republic aims to “operate the best customer service of any bank in Europe.”
Strong Growth in Austria
Alongside the service offensive, Trade Republic reports significant growth in the Austrian market. Within one year, the customer base has more than doubled from 100,000 to 250,000. The company attributes the growth to consistent localization, in particular the automatic deduction of capital gains tax, which eliminates a considerable administrative burden for Austrian investors. In Germany, Trade Republic has been one of the largest neobrokers for years and has evolved there from a trading provider into a broadly positioned retail bank with savings plans, interest-bearing accounts, and a card offering.
“This demonstrates our ambition to be the bank that is closest to its customers, both technologically and in personal interaction,” says Oswald Salcher, Country Manager for Austria.
Over 30 New Features in the App Update
Simultaneously with the launch of the new support, Trade Republic is releasing a comprehensive app update. The new features include more flexible password and PIN options as well as support for common two-factor authentication apps – a point that security-conscious users had previously missed. Active investors will also receive enhanced analysis functions and more detailed return breakdowns.
Also new is a detailed tax reporting feature that can be exported as a data sheet. Through partnerships with portfolio tracking tools such as Finanzfluss and Getquin, direct data sharing is also set to become possible in the future.
To further engage the community, Trade Republic is also planning an international customer advisory board consisting of ten selected users per year, who are to exchange ideas regularly with management. In addition, live Q&As, votes on new features, and a dedicated Reddit forum are planned.
The new customer service will be rolled out gradually to all customers in Germany, Austria, and other core European markets over the coming weeks.
