How long is it OK for Bondora to mess up?

It’s a typical work day morning for me. I read the news, look over some of my favorite sites and generally check Bondora to see what’s been happening. I’m not a particularly nervous investor, I mostly just log on out of habit and to find inspiration for new blog posts. For the pretty much past three weeks my routine has been broken up because Bondora as a site is pretty much broken.

What’s currently very broken

Logging on to site is unreliable at best, completely impossible at worst.

Once you log on, then at best you get to do a few things before some sort of an error pops up.

Some sort of new loan handling process was implemented, which means a lot of money being stuck under bids and a large amount of money bouncing back all the time.

As of this morning the account statement page should be fixed, but since the site is currently offline for me, then not as if I can check :)

Things that have been broken forever

Cash flow page shots absolute nonsense for three years (!!) already. This means you cannot get accurate information about where or how your money is actually moving. The longer you invest, the more useless the cash flow page becomes. Currently it’s off by about 25% for me.

No reasonable data on recovery of defaulted loans in your portfolio overview. This means that unless you want to spend a lot of quality time with Excel then you can’t get a good understanding IF and how your loans are actually recovering.

Dozens of small bugs and quality of life issues for investors such as actually useful pie charts, a better portfolio overview, all the promised additions to the new portfolio manager, the whole trouble with additional claims for remade schedules, broken schedules for some loans, actual answers to ANY of the dozens of questions investors have asked via e-mail or forums. Serious lack of transparency is an issue as well.

What to do?

I’d personally recommend Bondora actually going offline for a full week to make the site actually work. Currently it’s just making investors more and more mad since they get a chance to log on and then everything is still pretty much broken.

My mind boggles at how this is actually possible that such a huge site fails to such an extent at IT development. We are talking about real money – hundreds of thousands of euros that investors cannot access when Bondora messes up their site. Whoever is their IT (or business?) lead, I don’t think they’re doing their job very well at this point. I’m assuming they have competent developers who are capable of understanding the issues, but for some reason they’re forced to make unimportant updates while not actually fixing serious old issues and bugs.

Another issue is how they communicate with investors. It took weeks of complaining and questions until some contact was made, and Tauri from the isepankur blog was asked to gather up ideas from small scale investors – while that’s all cool, then why is there a random person who is doing this, not Bondora itself?

For investors, I recommend – complain away! Publicly! As corporate culture shows, there is nothing better than attention to get things moving. Ideally a bit of bad press would be wonderful here to get the wheels moving, but overall honest complaints from bloggers is a great way to raise awareness on issues that aren’t being fixed!

2 thoughts on “How long is it OK for Bondora to mess up?

  1. Hi Kristi,

    thanks for speaking openly about this lack of customer orientation at Bondora. I am very disappointed about Bondora and in my mind they have lost a lot of credibility. They kept promising but did not deliver.

    Regarding the new handling process: I do not consider it to be as bad as other. Bondora needs to focus on customer whose loans are/will be funded. As the money is released after one/two days on average, it does not bother me much. But it bothers me that these released loans are counted as repaid and that they show up in my investment list. Why not keep them stored under reserved investments and only move them to my investment list once the customer accepted the loan and the loan is verified?

    I agree with all other aspects.
    I will link this blog to Bodora’s discussion board.

    1. I’m also very disappointed. I actually recommended Bondora to a lot of people a while back, but currently I’ve started to actually warn people away. I don’t think Bondora realises how bad the PR will be, if investors start to warn people off about Bondora, that kind of reputation loss is difficult to recover from.

      I agree, that in some ways the new system is better (though I’m not sure if that 1-2 days of released is accurate, it is longer for me!). The issue can be seen with the pie chart as well – the green keeps increasing while no actual payments are made. The payments count on investment overview page also increases because they haven’t thought it through. Another issue is that they made this new “balance after payment” section to every individual loan and that’s broken as well (!!) because it works off the same data that cash flow page runs on, and since cash flow is broken then that mechanic is broken as well, it’s incredible that they pushed it live without a single person realizing that it’s going to be broken.

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