Inside The FinTech & CyberSecurity Class of 2019: Onionfive

Inside The FinTech & CyberSecurity Class of 2019: Onionfive

06-Feb-2019 by Tasneem Hooghart

Next up in this series is our feature on Onionfive, a South Korean startup empowering companies to do customer service right with their tech solution Oqupie. What makes Oqupie, THE solution for customer service? Coming all the way from South Korea, how has their experience in the Startupbootcamp Program been? Find out more, by reading their story.

Customer Service in a ‘transparent’ marketplace

Incorporating excellent customer service should be a vital part of any brand’s marketing strategy. In a time where more than 50% of customers would pay more for a better experience, and 9 out 10 consumers would go elsewhere after a bad customer service experience, the stakes are higher than ever for brands to deliver excellent service to their customers.

Oqupie: 1 system connecting all your customer consultation channels

Launched in November 2018, Oqupie is a cloud-based, data analytics customer support solution for business struggling with customer support. It’s all about tapping into the potential of continuous communication and increase productivity with technology: Oqupie connects brands to their customers by transforming the multitudes of data collected and managed across multiple channels, into knowledge that is crucial to creating a smooth customer experience.

Here’s all you need to know:

Apart from its multi-channel set-up which ensures that no customer conversation is left out, the platform’s other added features (such as the option to tailor the management of VIP/key customers, administer multi-language support, provide multi-angular reporting and execute real-time performance monitoring) empower businesses to not just engage, but fully immerse with their customers.

So, what makes Oqupie different from solutions? Firstly, their solution proves extremely simple to set up. And of course, their freemium model gives more companies access to their services.

“Our solution is really simple to use. We do have competitors out there but from what we know, with these solutions, it usually takes an hour to set up the customer support system. Oqupie only needs 3 minutes! Secondly, our solution is based on a freemium service. Which is great, especially for startups and smaller teams. There isn’t any trial period involved. We want to help other startups have a good customer support system so they can pay as they grow. At the moment, our clients have assisted around 500 000 customers through the Oqupie platform. And we want to continue creating these meaningful interactions between our clients and their customers.” – Jeewoo Kim, Chief Product Officer, Onionfive (Oqupie).

Q: How can you beat the competition? A: Offer excellent customer service.

When the entrepreneurs behind Oqupie conducted in-depth market research (on the IT heavy Korean market) to validate their product, what they found was that at least 80% of companies in South Korea did not have a proper customer support system. Apparently, even though customer support is an essential part of any business, many companies don’t optimise the process – they all seem to have their own internal systems in place, or utilise solutions such as Gmail or outlook to simply provide customer support and not improve the customer experience.

“Customer support is not Q & A where you simply answer questions – it is about creating a lasting relationship with the customer and giving them a good emotional connection with your brand or company. Oqupie offers exactly that kind of service. That’s why our clients are interested in using our platform – of course, it helps them increase their productivity as well, and that is what all companies want to achieve.” – Jeewoo Kim

What’s more, these days, the larger organisations such as banks, are no longer simply selling products – they’re offering their customers: services. When these big players (such as the ING’s and Rabobank’s of the world) are in competition – the only difference their customers experience when consuming their product or service comes from the level of service offered. Basically, one clear way for companies to set themselves apart from the competition would definitely be by offering top-notch, customer support.

“This idea of winning the competition by providing excellent customer service is not only happening in the ‘service areas’ but also in the ‘product areas’. Nowadays, consumers are buying products because of the brand and the value of the brand. They purchase products not solely based on the specs or the hardware itself. So there’s a lot of changes happening that point to how crucial customer service can be for the growth and success of a company” – Jeewoo Kim

The future is human-centred

The Fourth Industrial Revolution is not just a movement of technology-driven change – it is a golden opportunity to harness converging technologies to create a human-centred future. In that same wave, Onionfive’s solution – Oqupie taps into enabling technologies such as artificial intelligence and chatbots to make customer service easier.

“Many companies are bringing chatbots to their systems but there are still limits to what such technology can do. People thought AI and chatbots will change the way companies communicate with their customers but in reality, it still takes time and there are limits to what they can do. It is mainly the the larger, global companies (who have access to a lot of data and resources) that can really execute that. There is this high barrier for small-medium companies to have access to that kind of technology. And that’s what we’re trying to do with our solution – we’re bridging that gap between the final goal of fully automated customer support solutions and manual customer support solutions” – Jeewoo Kim

What lies ahead?

Onionfive’s goal is to become a truly global company in this coming year. Before joining the startupbootcamp program, one of their goals was to also fit their solution to the European market by becoming GDPR compliant. In this past month, they’ve managed to work with Privacy Valley, to meet GDPR requirements. And so, as a first step towards going global, Onionfive is now focused on expanding firstly in Korea, and then the wider Asian region.

“This program has given us (a startup from the other side of the world) a lot of new opportunities – network wise we’ve been exposed to new investors, partners, and big corporations that we would have otherwise been never able to meet. But more importantly, bringing together so many startups in a single space – experiencing the workshops and working together, that’s also one of the advantages of the program, as I see it. Some of the startups are interested in using our software, and the great thing is, they know about the European market. So when we talk, there’s always a lot that we learn from the conversations that we have here. These things, they’re not something that you can read in a report. It’s great.” – Jeewoo Kim

 

Demo Day for the FinTech & CyberSecurity Class of 2019 is on 14th February. Tune in to the livestream at 14:15CET, to catch Jeewoo (and the other 11 teams in his cohort) pitching on stage at the Rabobank HQ in Utrecht!

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Marketing & Content Lead