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 Chief Product Officer of LendIt Fintech.

He 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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