$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.
The Financial Action Task Force (FATF) has just published its latest recommendations for combating money laundering and terrorist financing. These guidelines are used by over 180
The Financial Action Task Force (FATF) has just published its latest recommendations for combating money laundering and terrorist financing. These guidelines are used by over 180 different governments worldwide to shape the financial regulations they put in place to combat misuse of the financial industry.
Some of the key changes will have a definite impact on the way that people do business in the future and it is vital that companies understand the latest regulations regarding anti money laundering (AML) and counter terrorist financing (CTF) to ensure that they remain compliant and competitive in today’s already challenging market. The changes will see a more fully integrated system for controlling both AML and CTF and offer further flexibility in a risk based approach; thus allowing companies to concentrate their efforts on high risk business.
Contact QGen today for further information on how we can help your business adapt to the new due diligence recommendations and stay ahead of the competition by adapting quickly and efficiently.
Book a free consultation to find out how the Arringo Group can help improve your customer service and support.