Brex and UJET Prove That Innovation Is Possible in Traditional Industries
July 12, 2019
Henrique Dubugras and Pedro Franceschi founded Brex in 2017. But the duo didn’t arrive in the finance industry without any experience. The pair previously founded Pagar.me, a payment processing company, in Brazil in 2013 and sold it to start their journey to San Francisco to start a new venture in the Silicon Valley.
Dubugras and Franceschi planned on entering the virtual reality (VR) market and were accepted into Y Combinator’s Winter Batch 2017 with a $120,000 investment. After accepting, they experienced a serious roadblock. They couldn’t get approval for a small business credit card because of their immigrant status and lack of credit history in the United States. Even with proof of the investment from Y Combinator, there wasn’t a single financial institution willing to give them a credit card.
It was this experience that led Dubugras and Franceschi to pivot from VR to found Brex, a financial services company. Leveraging their previous experience with Pagar.me, the pair launched a corporate credit card product for startups.
Brex was the first company to offer instant approval for a corporate credit card. Unlike its competitors, Brex doesn’t require a personal guarantee or security deposit. Instead of using potential profitability or revenue benchmarks to underwrite the line of credit, Brex links to the customer’s bank account and underwrites based on available bank funds.
Brex’s strives to enable international founders to get their startups off the ground faster, without having to maneuver restrictive financial requirements. Companies with $100,000 to $6 million in seed funds are the best fit for Brex because it’s easier to approve high credit limits with higher available funds.
Brex’s previous basic voice service plan wasn’t scalable and Lucas Parelius, Director of Customer Experience, didn’t think upgrading would give them the return on investment they needed. Parelius stated that its original solution was, “…not a good product to begin with.”
Support associates didn’t have the right tools to support Brex’s customers and they weren’t able to answer calls efficiently to meet customer service level agreements. Since Brex’s voice service didn’t have the tools to monitor queues or provide actionable data, Parelius began searching for a better solution that offered these features and wasn’t tied to a specific CRM.
At over 175 employees, Brex continues to grow and needed a robust and scalable customer support tool. Parelius was looking for a solution to fit Brex’s needs for better support management like dashboards for incoming calls and intelligent queue routing along with the ability to pull real-time reports to optimize agent support. He was looking for a product that was built by a customer-focused company.
Parelius learned about UJET during his search for a new CRM tool. Parelius evaluated eight contact center companies. Compared to all of the other providers, UJET offered the best combination of cost and ease of implementation.
Brex needed a platform that offered more than its previous customer solution. UJET imports relevant customer data for agents before they answer calls or chats. Receiving customer information gives agents context before speaking to customers about the issue. Setting up proper call routing would ensure that Brex customers could be transferred to the right agent quickly without having to be transferred multiple times and creating frustration.
As the support supervisor, Parelius was also looking for a platform with robust real-time reporting. This would help Parelius manage associates to optimize support during high volume periods and see how quickly associates were resolving issues.
“UJET had everything I was looking for like call transfers, call routing, and real-time reporting.”
– Lucas Parelius, Director of Customer Experience
Brex implemented UJET voice for its associates, enabling them to support its financial customers more efficiently. UJET’s ability to provide accurate wait times and information from customer profiles helps Brex’s support team adhere to its customer service level agreements.
Associates are able to take inbound calls more quickly because of UJET notifications and benefit from incoming calls going to the right associate the first time due to call routing.
Brex offers 16 support hours daily during the business week and 14 hours daily on the weekend. It recognizes that financial emergencies can happen at all hours of the day and plans to offer 24-hour customer support soon, all supported by UJET.
Brex is exceeding its goal to answer inbound calls in under 30 seconds. To date, the longest customer wait time has been 24 seconds, with an average of only 12 seconds. Brex is now answering 95% of inbound calls within its 30 seconds goal and is trending toward 95% in early 2019.
Brex is striving to build a framework to allow the company to scale, while not wavering from the level of service and care it currently provides with 25 Associates. This includes opening a new office and setting up rules to intelligently route calls between offices.
“The level of support I get from the implementation team at UJET is not in the same universe as what I’ve gotten elsewhere. It’s like having a partner who will talk you through your use cases and help you not only implement it, but also optimize it.”
– Lucas Paralius, Director of Customer Experience
Brex is able to dynamically scale its customer support operations to keep pace with its rapid growth. The company also plans to offer customer satisfaction score (CSAT), customer effort score (CES) surveys and 24-hour customer support. Brex is also working on releasing an official app in which it will include the UJET SDK to offer an effortless customer support experience on mobile.
UJET’s partnership with Brex illustrates how two companies focused on innovation are transforming traditional industries. Brex is helping startup companies get off the ground with a corporate credit card. UJET is working with its customers to transform the customer service experience.