Pittwater Life August 2018 Issue

Business Life: Money
Business Life
Good ‘Customer reason service’? for going Now
‘nuts’ there’s this a contradiction!
festive season
When This month writing some about first-hand
accounts financial of innovation customer one
service, of the as perspectives practised by I
can larger share companies: with you I recently is from the
inside had the of pleasure a fintech of company finishing a
which book with in my the case provocative has been title
rolling of ‘Bullshit out Jobs the fast-growing
– A Theory’
Acorns by David app. Graeber Since who launching is
in an Australia Anthropology in early professor 2016 the
app out of now the resides London on School the smart of
phones Economics. of around Graeber’s 350,000 core
Australians, premise is that that’s contrary roughly to a 1.5%
of prediction the population. made by economist
J M If Keynes you’re in 1930 the dark that about by
what century’s I’m talking end we about, would all Acorns be
is enjoying a micro a investment 15-hour work platform week,
or nearly what’s 40% sometimes of the modern called a
‘round-up’ workforce spends app, the their first days one in a
of range its kind of soul-sapping Australia. full-time Our
firm jobs they along secretly with our believe partners do
brought not need it to out be from performed. the US Jobs
in corporate 2015 where law, it had academic been and
established health administration, for a few years. human
resources, The app public works relations, in a couple
of telemarketing ways: by taking and, a yes, data even
feed financial from services your spending all potentially
accounts fall into the and category rounding of what up the
purchases Graeber calls you ‘Bullshit make to jobs’. the
nearest Do read dollar this and book investing if you
these want to accumulated have a laugh balances while also
into enjoying a mix a thought-provoking
of exchange traded
funds look at listed modern on work the ASX, – especially or,
by aspects you debiting such as how an amount society or
regular undervalues payment jobs from that directly your
bank benefit account mankind to – your such Acorns as
account. teaching, nursing Most users or caregiving enjoy the
round – and elevates up feature those of jobs Acorns that as
it mainly allows shuffle them paper to save around while or
they contain spend. the word As a ‘strategic’ parent of in
teenagers the title. Bear I think mind, I’ve come however,
to that the Graeber’s conclusion views that are apps not
such mainstream as Acorns economics using a and blend are
of highly psychology debatable. and technology
may And be it the was only pure effective coincidence way
to that get during modern the kids month to I save had
because Graeber’s they book sure fresh do know
how in my to mind spend. I managed
to Acorns have three works close because the
principles encounters underlying with its design
what I suspect is
the pinnacle of all
useless occupations
– the call centre
representative.
The first encounter was
with Optus – I have one of
their mobiles on a corporate
plan and I contacted them to
arrange a travel pack for an
overseas trip – the $10 per day
‘all-you-can-eat’ phone deal
are for when firmly you rooted are overseas. in behavioural It
finance: turned out investing that they small don’t allow
amounts corporate on customers a regular to basis access that
won’t travel packs. be missed When combined I asked them with
investing if corporate over customers an extended don’t
period travel overseas of time to the average person was
into gushingly the markets apologetic smoothing and said
out they peaks understood and troughs. my concerns Of
course at which it point doesn’t it was hurt just that easier it
does to give all up. of The these next things day within they
the sent framework a text asking of a highly about my
attractive and functional user
interface – fancy words for the
app looks and feels very cool.
While these principles have
proven to be sound over time
Acorns goes on to provide an
indirect benefit to its users
in the form of education and
improved financial literacy.
Get two or more people in the
room who have an account and
you’ll find out what I mean –
when did you start? What are
customer service experience,
I duly ignored it. The day after
they sent me the text again;
bugger it, I filled it out and gave
them all zeros. The next day
someone from Optus actually
called me… but not to fix the
you problem saving or for? to suggest What returns a work
have around you but had? to apologise It’s inherently and
competitive empathise again but when – Aarrrgh! it’s
combined Thanks, but with get the lost! tools and
information The next encounter that the app was with
provides Woolworths. it’s I also have extremely had one of
informative their branded – as credit a regular cards from user
you the days can’t when help it but churned become out
more many informed frequent flyer about points the to
behaviour now when it of doesn’t markets but whether once a
you month are it looking gives you to 10% or not off – your the
with Brian Hrnjak
balance grocery bill, of your a tangible Acorns feature account
rises in a card and when falls in so line many with of them
movements promise so much in markets but deliver during
the so little. course Lately, of the however, trading this day.
feature One of hasn’t the challenges been working
any properly: finance no app automatic would deduction have
encouraging at the checkout, young which people means to
save a half and hour invest on the is phone to remain with
relevant a call centre. in their After eyes. a week Over I get
the past year an a number email with of an
enhancements official-looking
have taken place
following user case feedback, number the
headline ones thanking being: me
Found Money for partners my enquiry, – users
can shop online saying with brands that the
such as Bonds, management
Dan Murphy’s,
BCF, Uber etc. and team these are still
partners usually investigating
deposit bonus
amounts how and why or extra this occurred round ups and
into that they users will advise account; further once
My their Finance investigations feature have – uses been
artificial completed. intelligence This time to I took track a
and moment categorise to reply, spending thanking and them
calculate for their email, free cash advising flow; that in
Super my view fund the cause linkages of the – allows problem
users was their to make rubbish deposits systems to and a
range that if they of industry don’t expedite and public a $50
offer gift voucher superannuation like they did funds; the last
Emerald time the system Portfolio broke – a I socially would
responsible expedite seeking portfolio a new option card
introduced provider and following new supermarket member
feedback; – the problem was apparently
Little solved Acorns the next – sub working accounts day.
designed The last to encounter allow investment was with
on Origin behalf Energy. of children Where we or other live in
dependants Pittwater there under is no the gas age supply of 18.
56 52 DECEMBER AUGUST 2018 2017
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