Lack of communication from Mintos
To my fellow investors, please see below the request I submitted to Mintos. I decided to open a topic here as well in case anyone has any additions to what I mentioned in the initial request.
I've noticed that communication from Mintos is considered dissatisfactory not only by myself but by many of my fellow investors as well. The things I've noticed are the following:
-updates regarding the Wowwo case: these come only once a month and largely consist of repetition of the current scenario. In every update, Mintos shares how Wowwo proposed a 'solution' where only 25% would be recovered. We know this already. If there is an update, it should actually contain new information, not be a repetition of what we already know. This makes us feel like Mintos is taking the piss. We understand the importance of confidentiality, but even if all you can say is that negotiations are ongoing, that would be better than repeating what we already know.
-providing only partial answers and swerving around investors' questions: it happens quite a lot on the forums that investors ask a question (myself included) and either receive only a partial answer or no answer at all. While I understand that especially in very active topics, like the topic surrounding the Wowwo case, it can be hard for Support to keep track of who's asked what... this is literally their job. Nobody benefits from receiving only partial answers. If a question cannot be fully answered because the staff member responding to the query doesn't have the answers at hand, or can't discuss certain things for the sake of confidentiality, we understand, but then tell us so. A simple: We have received your question and we'll get in touch with the relevant department. We will update you as soon as we know more, or a: since negotiations are still ongoing, we cannot share more information at this moment, would do. Ignoring the parts of questions that you can't answer will not do.
-questions on the forums go unanswered for a long time. There have been several topics that were opened on the investors forum that either didn't receive a reply from Mintos staff at all, or only after a week. This is simply not good enough. What are the forums for if not to get our questions answered? As the leading p2p investment platform, Mintos needs to do better when it comes to responding to investors. If support staff are overwhelmed, hire more people. It's that simple.
The financial industry is built on trust and good and timely communication is essential to gain and maintain your investors' trust. We need to see that Mintos takes us and our concerns seriously. Right now, we don't feel that way.
I'm interested in hearing how Mintos intends to improve communication. "
Again, if you have any additions, please post them below. That way Mintos can see where and how they can improve their communication to investors.
Hi Petra Christina Zaagman,
thank you for the feedback, we have received it and we will come back to you with an answer.0
I look forward to hearing more. In the meantime I encourage other investors to add their own experience to this topic. It is in both investors' and Mintos' own interest that communication and trust improves.1
I agree on this Petra and appreciate your post. The lack of meaningfull communication is worrying. No information means more uncertainty which equals to higher risk. It's like Mintos forgot who their customers are.
One example; more than one LO with a high level of pending payments had some time ago a cashback campaign. Why is it not explained in the campaign how the pending payments relate to the cashback campaign? Should we be afraid of the answer?
Another example;one of the LO's has a really high level of late loans, possibly caused by a broken API connection, but not a word from Mintos what causes this. Why bother providing this metric if it is not functioning? Why is it broken for such a long time?
Everything might be perfectly explainable but then why does Mintos not address these concerns. One might argue that Mintos is not suitable for active investing but frankly I don't trust risk management. Risk scores are only adjusted after the fact.
I have been investing profitably on Mintos since 2018 and intend to keep doing so in the future. I wish Mintos all the best and like to see them succeed. But honestly sometimes it feels like they have given up and this makes me think twice about my exposure here.0
Thank you Petra Christina Zaagman and Folkert for your feedback. We have taken it into account, and we are sorry if we have made you feel that there is a lack of communication from our side.
When we launched the Mintos Community back in March 2021, our goal was to provide a space for discussion, where investors can share their opinions and make questions for Mintos. Saying this, we do provide answers and participate in discussions with investors when called for it, but we also provide the space for conversations between investors.
To address the feedback about the frequency of the updates and our answers to questions related to the recovery of Wowwo’s debt, we would like to remind you that recovery cases take time, and even though we do understand that investors would like more frequent updates, in most of the cases the developments are confidential and cannot be shared straightforwardly due to the sensitivity of the topic. For the same reason, sometimes we simply can not disclose information, and in some cases, we can provide investors only with partial answers. It is done with the purpose of not disclosing any sensitive information related to our strategy to the counterparty.
We always share updates with investors as soon as we are able to, and we’re always happy when we can provide some extra info in our Community on the go, as new development happens. Otherwise, the regular frequency of the Funds in recovery updates is on a monthly basis. E.g., the monthly update that we will share this week will have more about the plans and developments regarding the Wowwo recovery case, and other cases, too.
In what relates to cashback campaigns, we want to highlight that they aim to increase investors' returns in a similar way that high interest rates do. The main difference is in a time frame - while the benefits of cashback are front-loaded, the benefits of higher interest are spread over the whole lifetime of the loan. The same as there can be different factors affecting interest rates offered by each lending company, there can also be multiple drivers of the cashback campaign. We cannot comment on all possible reasons behind this business decision but there is definitively nothing hidden.
We are sorry if our reply regarding the pending payment of DanaRuphia was too late in your opinion. As explained in another thread, we took our time to clarify all details together with the lending company. It has been confirmed by DanaRupiah that pending payments were caused by a technical error on their side, while there are no issues with their portfolio. The problem should be resolved soon. We thank you for your patience and understanding.1
I agree with you Petra. Thanks for pointing this out. This lack of communication and terrible customer support (taking sometimes 2 weeks to answer you back) is affecting not only these cases (Wowwo, etc), but also pending payments from Ukrainian and Russian loan originators after the Russian invasion of Ukraine.
I am also interested (as an investor that has lost trust in Mintos too) if they can react and improve their communication, transparency, and information to investors.0
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