$3.7 Trillion Lost Globally: The Hidden Price of Poor Customer Service
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.
How AI Is Transforming Onboarding Compliance - AML, KYC, and KYB
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.
The Evolution of KYC Solutions: How QGen Online is Setting a New Standard
When businesses search for a KYC/AML platform, they often face a common set of frustrations a number of pain points that are often reflected in online reviews, user feedback, and industry discussions.
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.
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. For most businesses, when considering compliance, top of mind are painful implementations, time-consuming submissions, and costly administrative tasks.
ArriTech , launches QGen Online 2.0, the transformative risk management platform that leverages AI technologies such as document recognition and facial recognition to overall enhance security and streamline the efficiency of KYC for regulated industries. Extending across finance, real estate, gaming, crypto and other regulated industries.
QGen Online 2.0 serves a similar foundational role in risk compliance as a CRM does in Sales, overseeing a client’s entire lifecycle with an emphasis on simplicity and completeness.
For too long, consumers have faced the frustration of submitting a number of documents to securely complete identity checks. For businesses, the reviewing of these documents is even more challenging, especially where the risk of AI identity fraud is rapidly advancing and fake documentation easier than ever to reproduce.
QGen online is so impactful because businesses can now take advantage of a single advanced platform to manage compliance end-to-end, with a streamlined and innovative interface. The efficiency gains are significant, directly benefiting consumers by accelerating processing times, and reducing false positives to increase accuracy.
QGenOnline Platform Screenshot
QGen Online extends powerfully across various aspects of risk management. By automating and integrating a wide variety of risk management processes, the platform significantly reduces the manual effort required in compliance tasks, thereby saving time and reducing costs. API integration allows seamless incorporation of any businesses existing systems, ensuring that companies can enhance their compliance strategies without disrupting current operations.
The true technological innovation powering QGen Online is in its comprehensive functionality and ease of use. For businesses dependent on manual KYC checks, screening, and record keeping, QGen offers significant time and cost savings, whilst minimising the risk of fraud.
Adrian Kreter, Founder of ArriTech, recently highlighted the need for such a platform. “We had tested various systems for our own portfolio companies; however, our requirements were increasingly complex. In 2021 we made the strategic decision to acquire and then develop our own purpose-built solution. Following years of development, and continual improvements based on real-time customer feedback QGen Online is now live and available externally! This platform is fully customisable and enhanced with AI to offer a best-in-class compliance." Adrian Kreter, Founder, ArriTech.
With QGen Online, ArriTech not only simplifies compliance management but also empowers businesses to own their risk management lifecycle to a new higher standard. The platform is designed to support businesses in maintaining high compliance standards while focusing on their core operational growth.
Learn more at arritech.com
Book a free consultation to find out how the Arringo Group can help improve your customer service and support.