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. 

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. 

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.