Feedback: Is Goldmoney doing enough to re-activate existing "wealth" members?

mr1mr1 Posts: 257 Bronze ✭✭✭
I was initially attracted to, and set up an account with, Goldmoney several years ago because of their fledgling peer-to-peer gold payment system, and was severely disappointed when they pretty much completely discontinued it. After that, I didn't pay a lot of attention to Goldmoney until just recently around the beginning of the 2017.

Somehow I completely missed the whole Bitgold/Goldmoney merger and wasn't aware of the new peer-to-peer gold payment system that is now available (and which is even better than before). I looked back through my emails, and I think I did find a couple emails from Goldmoney about the merger that I missed, but not much. I only decided to look back into Goldmoney because I heard Peter Schiff talking about the new functionality. Even then, I became very confused when I logged into my "wealth" account and couldn't find all the new features. It took me awhile to figure out that I needed to create a separate personal account.

I also just talked to a friend that has held a Goldmoney account for years, and he was not aware of the new personal accounts either.

So I'm thinking that there are probably a lot more of the Goldmoney "wealth" account holders that are not aware, or are not clear of all the changes and added features that came with the Bitgold merger.

I would respectfully submit that the "wealth" account holders are prime potential customers for adding personal accounts, and that consistent ongoing efforts should be taken to reach out to them and make sure they are aware of all the great new features.

@Melanie Does Goldmoney have specific initiatives to market personal accounts to existing "wealth" account owners? From my anecdotal evidence, more could be done.

Thanks for all you do!

Answers

  • TauntFourstarTauntFourstar Posts: 203 Bronze ✭✭✭
    Good question.. so they suggest people with over 1000g of gold open a wealth account but anyone with a wealth account doesn't necessarily need a personal account. I believe but am not 100% sure, that the target is wealth customers as they pay most of the fees that the personal accounts do not have to. Does the personal account offer anything today that the wealth does not? if not, from a business perspective it doesn't make sense for a wealth holder to be a personal account holder too. from a customers perspective it makes more sense to have an account for yourself, wife/husband and max out the free features before needing to open a wealth account. After all its free. In any case, I think for the majority of new users the personal account does just about everything they will need.
  • GMONEY1GMONEY1 Posts: 301 Bronze ✭✭✭
    @mr1 , I'm glad you brought this up because from my experience the underlying technology of 'Personal' (i.e. Bitgold) made the Goldmoney experience SOOOO much better; existing Wealth customers should know and get reenergized about this.

    As a result, I use 'Personal' like a checking account: several transactions, usually relatively small, but the redemption/purchase process is usually lightning fast.

    I use 'Wealth' like a savings account: far fewer transactions, usually larger, and the process takes at least a day or two (which is still fast).

    @TauntFourstar ..some good points as well.



  • GoldMattersGoldMatters Posts: 3,457 Gold ✭✭✭✭✭
  • mr1mr1 Posts: 257 Bronze ✭✭✭
    GMONEY1 said:

    @mr1 , I'm glad you brought this up because from my experience the underlying technology of 'Personal' (i.e. Bitgold) made the Goldmoney experience SOOOO much better; existing Wealth customers should know and get reenergized about this.

    I agree. There are probably some higher net worth "wealth" account holders that wouldn't be super interested in the new "personal" accounts, but there have got to be a large number of "wealth" account holders like me that created accounts but don't have much if anything in their account due to the hassles and fees of making wire transfers, and the storage fees for wealth accounts. These people, like me, may become reenergized upon finding out how much better the personal accounts are for small transactions. Plus, the new peer-to-peer payment system is just huge in my mind. I feel like that should be continually shouted from the rooftops to the existing "wealth" customers that do not have personal accounts.
  • mr1mr1 Posts: 257 Bronze ✭✭✭
    @Melanie
    FYI. I just talked to another friend of mine that is a long-time Goldmoney wealth customer, and he wasn't aware of the new personal accounts either. All my anecdotal evidence points to additional untapped potential from inactive wealth customers. :)
  • MelanieMelanie Posts: 1,039 Admin
    @mr1 Interesting! Thanks for sharing :smile:
  • SpontaneousOrderSpontaneousOrder Posts: 229 Bronze ✭✭✭
    I opened my GoldMoney (today called "Wealth") account in 2009, and although today I have complete confidence in Goldmoney, the summer 2005 announcement about BitGold acquiring GoldMoney was a huge shock for me and something I was extremely concerned about for a few months. I recall getting several emails about the merger. I don't understand how any current GoldMoney customer could have missed it, unless their account email address went bad or something.
  • mr1mr1 Posts: 257 Bronze ✭✭✭
    @SpontaneousOrder
    I searched back through all my emails from Goldmoney (I don't think I deleted any), and here are the subject lines for all the emails I found from the time GoldMoney joined forces with BitGold, until I finally opened my Goldmoney "personal" account on 1/13/17 (due to hearing about the new features from Peter Schiff):

    5/22/15-"Exciting news from GoldMoney"
    1/21/16 -"We’ve Updated Our Login Page for Improved Efficiency and Security"
    8/2/16-"Unifying the Experience with Goldmoney"
    10/6/16-"Introducing the Official Goldmoney Mobile App"
    10/18/16-"Fund Goldmoney Wealth Holdings from Goldmoney Network accounts"
    12/2/16-"We’ve Modernized the Goldmoney Wealth Experience "
    1/3/17-"Welcome to Goldmoney Concierge"

    I was an inactive Goldmoney "wealth" account holder and I think I may have read the original 5/22/15 announcement about the merger, but I must have not put much weight on it upon seeing this line in that announcement about upcoming features:
    "Free global payments (for non-US resident customers)"
    That is the feature I care the most about, and I'm in the US, so I think I wrote off the merger as unimportant to me.

    I definitely should have read the 10/18/16 email carefully since it gave details of the new features, but I must have missed it. Of the other emails, non of them really highlighted the benefits of the new personal and business accounts.

    So, from my anecdotal evidence I still think more could be done to reach out to inactive wealth account holders and try to get them active again by showing all the new benefits of opening a personal account.
  • mr1mr1 Posts: 257 Bronze ✭✭✭
    @Melanie
    Thanks!
    If I may be so presumptuous as to give additional suggestions...
    Goldmoney has made (and is making) so much progress with its offerings, that I would think that at least 2 emails a month reiterating the benefits of a personal account to the existing wealth account holders could be warranted. If Goldmoney is worried about annoying customers, you could just target the inactive users with low or zero balance. You never know what subject line that would catch people's attention. Here's some potential email subject lines that I think might have caught my attention earlier:

    -"Get a 5% bonus on your first deposit, when opening a new Personal account to compliment your wealth account"
    -"US Residents can now send peer-to-peer gold payments by opening a new Personal account"
    -"Say goodbye to wire transfer fees... buy gold with credit cards or bank transfers"
    -"Open a new Personal account and get free gold storage up to 1,000g"
    -"Free Goldmoney mastercard provides liquidity to gold holdings in Personal Accounts"
    -"Do you know the benefits of our 3 account types: Personal, Business, & Wealth?"
    -"Benefits of adding a Personal account to your existing Wealth account"

    I'm know I'm no marketer, so those may need work. But for what it is worth, those are what I think might have spoken to me. Thanks!
  • TomSwiftTomSwift Posts: 35 Tin ✭
    I am in the process of converting my old Goldmoney Wealth account to the newest version since I was informed it would be easier to start new rather than upgrade my old account due to the new KYC rules. I filled out the online information and then discovered I had to fill it out on paper as well. I emailed my completed form for the first edit, as required by the company. Afer a week, I contacted them only to discover they had not received it. I sent it again to the same email and again waited. Finally, I sent them a message and after a few days, I heard that they received it and would get back to me after checking it. That was weeks ago. Now, when I just tried to log on to once again chase them down to see the status, I get an error saying there is an unknown problem with the website. I have pretty much lost my faith in them due to the horrible customer service and will be buying bullion instead. Too bad, since it would have been a useful method to purchase silver. I was not going to bother putting anything on this forum, but after my failed attempt to log into the account a few minutes ago, I changed my mine.
  • DeOmnibusDubitandumDeOmnibusDubitandum Posts: 26 Copper ✭✭
    @TomSwift I am having the same issue. Login to Goldmoney Wealth via the "new" login form (https://www.goldmoney.com/sign-in) is not working for me.



    It's only working via the old one: https://wealth.goldmoney.com/user/login.php
    However, switching to the new Goldmoney Wealth layout is also not working after logging in.

    @Melanie Could you please forward this problem to your IT department?
  • DeOmnibusDubitandumDeOmnibusDubitandum Posts: 26 Copper ✭✭
    @TomSwift Login and the new layout are both working fine for me again.
  • TomSwiftTomSwift Posts: 35 Tin ✭
    edited June 16
    Just tried and I got in. However, still nothing since May 23 from Goldmoney Wealth concerning my Know Your Client first draft. Trying to figure out why I would trust a company when they take almost a month to look at a form to see if there are any spelling mistakes or typos.
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