Just before the much-anticipated opening of the iGamingFuture Breakfast Club, we asked Adam Doyle, Head of Gaming at LexisNexis®, the event’s principal sponsor, to give attendees a taster of some of the key themes that we’ll be exploring.
There are many differences between the gaming and financial services industries. But one thing that unites them is their customers’ demand for a quick, seamless experience.
In both sectors, customers expect instant onboarding, instant payments and instant results. Anything less will result in disappointment – and high dropout rates.
Gone are the days when opening a bank account required you to visit a branch when gambling was confined to physical buildings full of crowded tables.
Today, providers must contend with drastically different customer attitudes and expectations. Brand loyalty is a thing of the past. Access to a wealth of alternative services, at the touch of a button, has empowered consumers with the freedom to shop around for the quickest and best experience, and abandon any journey that presents too much friction.
The new minimum standard for an onboarding process is one that is simple, online, non-intrusive and able to be completed using a mobile, on the move. Neo- and challenger-banks have had notable success in this space; implementing biometrics and liveness checks, via apps, to reduce the time between application, verification and decision, down to minutes.
These expectations are now being felt across all industries: Instant decisions, payments and withdrawals. So how can modern consumer services respond?
Delivery relies on finding the right data suppliers and technology for your tech stack.
You may need to build complex workflows, waterfalling between providers of identity authentication if a match isn’t found initially. Automating this process allows it to happen almost instantaneously, ensuring only a minimal percentage of applications are referred to compliance teams for further investigation.
Building these seamless journeys with multiple suppliers and data sets has historically put a huge strain on development resources. Integrating new suppliers, configuring rules and risk scores, and ensuring they are kept up to date, can be a round-the-clock process.
Even a simple onboarding journey may require 10 different suppliers for each country, or jurisdiction, where the provider operates, each calling on multiple reference data sets to verify identity, device, IP, email and phone intelligence, affordability or credit score information, PEPs and sanction status, as well as carrying out document, selfie and liveness checks. Processes must be synchronised to ensure that a complete and accurate profile of the customer is achieved. Automation gaps, or problems with siloed data, will require manual intervention, slowing the process to completion.
An automated solution can vastly reduce an operator’s reliance on manual processes, as well as help to mitigate the risk of human error that can result in compliance failures, while fully documenting every touchpoint of the onboarding process.
In this way, compliance teams can focus on other aspects of the business that need attention. And sleep more soundly at night, knowing their obligations are being met.
Risk orchestration technology, moreover, allows those operating in rapidly expanding markets, such as iGaming, to quickly configure and implement workflows to enter new markets and jurisdictions, as well as to respond to regulatory changes, using natural processing language – and with minimal technical support.