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Money laundering accounts for anywhere between 2 and 5% of global GDP, which is between $800 billion and $2 trillion each year.
The figure has risen in recent years, with financial crime surging by more than 50% in 2022. This resulted in fines totaling $5bn due to anti-money laundering (AML) infractions and “know your customer” (KYC) failings.
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Compliance as a process is a topic often in the shadow of major news. However, identity checks are a critical part of doing business securely and reducing risk.
It’s clear that poor customer service is bad for business, but the financial implications might surprise you.
A 2024 study revealed that globally, businesses lose approximately $3.7 trillion in sales each year due to negative customer experiences. Customer satisfaction has reached its lowest since 2010, highlighting an urgent need for improvement.
It’s clear that poor customer service is bad for business, but the financial implications might surprise you. A 2024 study revealed that globally, businesses lose approximately $3.7 trillion in sales each year due to negative customer experiences. Customer satisfaction has reached its lowest since 2010, highlighting an urgent need for improvement.
In this article, we’ll explore what this means for businesses and how you can improve by outsourcing support to teams with the right expertise.
Modern customers have more choices than ever, which is why people often switch to competitors after just one poor experience. In fact, 96% of customers say they would switch after receiving substandard service.
Low customer retention caused by poor customer service results in several key issues for businesses:
Poor customer service doesn’t just affect sales—it impacts operational efficiency as well. Employees often spend a significant portion of their time resolving customer issues, detracting from other responsibilities.
The constant handling of complaints can also lead to high employee turnover, increasing recruitment and training costs while lowering overall morale, creating a vicious cycle of declining service.
Getting customer service right can prevent customer churn and even increase revenue. A survey revealed that 58% of people are willing to spend more for better service, even in a tough economic climate. But how can you solve the problem of poor customer service without breaking the bank?
In the quest to improve customer service, the role of artificial intelligence (AI) has sparked significant debate. On one hand, AI offers incredible efficiency by providing quick, accurate responses and automating repetitive tasks. Studies suggest that AI can streamline operations, reduce costs, and help resolve customer issues in a timely manner. However, there’s a counterpoint: the lack of human interaction can sometimes lead to a reduction in sales, as customers often prefer a personal touch, especially when dealing with more complex or emotionally charged issues.
The key to mastering customer service in the modern era is finding a balance between AI-driven support and human intervention. AI is excellent for handling high-volume, straightforward queries, but human agents are crucial for providing empathy, problem-solving, and personalised support. By leveraging AI for efficiency while ensuring human agents are available for high-touch interactions, businesses can maintain strong customer relationships and drive growth—all while keeping operational costs low.
Arringo’s customer service solutions integrate both AI and human expertise, enabling us to offer the best of both worlds—quick, cost-effective service when you need it, paired with personalised, empathetic support when it matters most.
As your business grows, the volume of customer queries increases, and managing this growth efficiently is critical.
Arringo’s scalable support solutions offer over 200 multi-lingual agents trained to handle surges in customer support demand, providing 24/7 service when needed. We also offer tech experts who can automate parts of your customer service workflows, such as CRM integrations, to ensure seamless operations.
Improving customer service isn’t about patching things up—it requires a strategic overhaul. Here’s how Arringo and ArriTech can help:
Poor customer service can have devastating effects on your business, but with the right strategies and partners, recovery is within reach. Contact Arringo and ArriTech today to see how our solutions can transform your customer service from a liability into a strong asset.
Book a free consultation to find out how the Arringo Group can help improve your customer service and support.
Book a free consultation to find out how the Arringo Group can help improve your customer service and support.