Bumps in the Road with new Goldmoney Holding

SpontaneousOrderSpontaneousOrder Posts: 302 Bronze ✭✭✭
There's a an old principal of quality control: when people are having problems, they are 10 times as likely to tell other people than when they are not. On this forum there are many people talking about problems with the new Holdings, but that does not accurately reflect what is happening to the entire Goldmoney customer base. It's nowhere near as bad as it may seem from following this forum.

Another great service I use (Nextdoor) is also going through growing pains with a major upgrade. Maryam M. posted something very profound that I think applies in spades to Goldmoney as well:
We’re excited to make this change! That said, as a veteran of many redesigns, I want to warn you that the initial reaction from users to a redesign is virtually always negative. Users who are used to doing things one way (understandably) find it frustrating to have to learn the new design patterns and complain. (Internally, we we refer to this as the “who moved my cheese” effect ☺). So if you hear grumblings, I wouldn’t become too concerned and would encourage [everyone] to just stick with it for a couple of weeks; our experience has been that [users] generally become comfortable with the new design … That said, if you discover any critical bugs or user experience issues that still need to be addressed, please do let us know.

Many have said that Goldmoney rushed through this change with not enough advance preparation or communication with users, and there's definitely a lot of truth to that. However, to quote another Nextdoor staffer Gordon S.:
... we definitely don't believe that our work is done on the new design. The team is still fully engaged, and they have a healthy list of bugs and optimizations they are planning to implement (as well as any new bugs or suggestions you identify). But this list will never be done. Keep in mind that the Classic Design is four years old and still has thousands of bugs fixes and optimizations we wanted to make but haven't yet done (and now never will). If we waited to launch the new design ... until all the bugs were fixed, it would never happen. Also, keep in mind that it's a huge burden on the team to maintain two separate designs and code bases and doing so slows down our ability to launch new features ...

There's never a perfect time or a perfect way to jump to a new system. Eventually you reach the point where you just have to bite the bullet and go for it. Please, just stick with it, be patient, and persist in getting Goldmoney to do what you need it to do for you. Once Goldmoney defines the transition process, go ahead with it. If you only have a Personal account and need to open the Goldmoney Holding, then do it. If your Basic holding needs to be upgraded to a full holding, jump through the hoops to get it done. If you run into problems, let Support know. "This too shall pass." And going forward Goldmoney will have a strong foundation on which to build some amazing new services that will benefit us all.


  • GoldmattersGoldmatters Posts: 4,020 Admin
  • Marco_1983Marco_1983 Posts: 152 Bronze ✭✭✭
    @SpontaneousOrder I fully agree. I know every time there is a change in a website, its users have reactions (both positive and negative).
    I know Goldmoney is going through a "transition" phase and I fully agree that users should be patient and trust the company.
    Personally, I like changes, even if they require adapting to them.

    However, for the majority of us, talking about the platform's problems in this community doesn't mean we don't like changes. It just means we are willing to help the company make better and faster steps through changes. :smile:
  • 79Au19779Au197 Posts: 4,047 Gold ✭✭✭✭✭
    I absolutely agree with EVERYTHING said above. Yet as much as I agree with @SpontaneousOrder I must point out that @TheRaveneer and @mr1 hit the nail on the head with

    This isn't a new UI we're complaining about, it's the fundamentals of what made Goldmoney transformative and disruptive in the first place. IMHO, Personal Account holders are seeing nothing but downsides, admin burden and extra costs.

    mr1 said:

    I'm guessing a good way to determine whether a launch is premature is whether the launch requires you to break features that are more important than the features being added. As for the Goldmoney's account unification launch, the premature launch has left all new users with "broken" funding options (ACH deposits, credit cards, & cryptos aren't implement in Holding accounts so they only have wire transfers available). That seems like too high a price to justify the change at this point.

    Since the new Holding accounts are basically just renamed Wealth accounts, I don't understand why they couldn't have just added the features to the Wealth account over time, and then once it was ready they could announce the renaming of the accounts and the closure of the Personal and Business accounts. To the outsider, it sure seems like the timing was just to have one more thing to announce on the year end investor call, without regard to how it would affect new customers.

  • SpontaneousOrderSpontaneousOrder Posts: 302 Bronze ✭✭✭
    @mr1 can't you use ACH to deposit to your Personal account and then immediately redeem the gold to your Goldmoney Holding (formerly Wealth account)? I think that still works.

    Granted that would only work if you already have a Personal account, and I think you're right that they pushed the rollout so they could announce during the year-end investor call.
  • gokitegokite Posts: 2 Tin ✭
    I've been trying to get an answer from goldmoney simply on the differences between a basic vs full holding. Aside from the "insight" to delivery of a service that is not done (what in life is 100% done?), how difficult is it to just list detailed information about your products? that should be #1 after creating the URL, itself.
  • OptimanOptiman Posts: 50 Tin ✭
    system changes and implementations are always problematic. What is missing or wrong is that its nearly impossible to communicate with Goldmoney. They just do not respond, so makes things seem perhaps worse than they are. Only today I tried to send them a message and I got a error message pop up that I had reached my limit on messages sent today, even though I hadn't sent any. I get the impression that they have few staff to answer questions or too many question to deal with and have shut down even trying? It too bad as they started off as a very good company and everything seems downhill sense the Goldmoney Holding thing started.
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