$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.
QGEN can be your compliance concierge partner from planning right through to execution. What does it really mean ‘to outsource your KYC/KYB and have it offered as a managed service…’? It should mean that you have undergone a rationalised thought process where your conclusion is “I NEED THE BEST HELP I CAN HAVE FOR MY BUSINESS”.
What does it really mean ‘to outsource your KYC/KYB and have it offered as a managed service…’? It should mean that you have undergone a rationalised thought process where your conclusion is “I NEED THE BEST HELP I CAN HAVE FOR MY BUSINESS”.
Support and help are always important when there are a number of specific legal rules and obligations that you must consider and adhere to, to ensure you are not breaking any laws. Like everything in life, if you do things for the wrong reasons, chances are your decision-making process may be flawed or eventually will give you all types of headaches.
If you are too lazy to make the effort to understand the obligations that apply to your business or you simply “don’t want to deal with all the red tape stuff”, KYC/KYB managed services are not for you. Chances are you pose a risk not only to yourself, but to any type of market or consumers you may be looking to target, and you are better off looking for something else to do.
KYC/KYB Managed services are for businesses that have understood that good technical support is a real asset to managing the risks affecting their business; furthermore, KYC and KYB Managed services are for individuals and/or businesses who understand that RISK per se, is a fantastic tool to make money…if managed properly. It is the latter that should be the reason why you should use KYC/KYB Managed services, which is quite different to forgetting about risk or getting someone else to deal with it.
Managed services underpin technology, technical understanding of risk management, an extra set of eyes, the possibility to discuss findings and conclusions, auditable records of work and most importantly evidence that you are doing what you should be doing.
Of course, we have all come across “we do not need anything” Head of Spreadsheets, where a flurry of mix decision making is usually disguised in a billion cells coloured-matrix, long policies, and where unfortunately, customers are still over burdened with having to produce never ending piles of stamped, celebrated, notarised, paper work…, or duplicate information…..Not great at all.
QGEN can be your compliance concierge partner from planning right through to execution. What does it really mean ‘to outsource your KYC/KYB and have it offered as a managed service…’? It should mean that you have undergone a rationalised thought process where your conclusion is “I NEED THE BEST HELP I CAN HAVE FOR MY BUSINESS”.Managed services can help you pin point specific regulatory obligations and deliver results, as opposed to subjective, non-technical poor decision making. At QGEN we understand business models, requirements, jurisdictional needs, and most important how to deliver solutions tailored to your business. We are not an automated service but a mix of manual and computer-driven verifiers who can offer custom solutions – we do NOT believe in one-size-fits-all. Give us a call, on +356 2248 4447, to discuss your needs and how managed services can support your business.
Book a free consultation to find out how the Arringo Group can help improve your customer service and support.