LCCP - Whats changed for operators

The New LCCP: What’s Changed for Operators?

The UK Gambling Commission have released the new rules for operators to comply with, and they’re coming into effect on 7th May 2019. Are you prepared? 

As outlined in my last blog (which can be found here), the UKGC have removed the 72-hour verification window within which operators previously had to verify that their consumers were over the age of 18. With the removal of the 72-hour window sees consumers having to be verified before they can play a free-to-play game and also before they deposit for any online gambling.

Money2020: Hello Soda’s Round-up

Earlier this week we had the pleasure of exhibiting our ID and personalised data solutions at the 3rd Money2020 Europe in Amsterdam.

Taking place over the course of 3 jam-packed days, starting first thing Monday 4th June and running until Wednesday afternoon, the event saw the largest tech organisations showcasing their new user-friendly technology for the financial market.

We’re going to Money20/20 Europe

Following the success and fun we had at this year’s events, including ICE Totally Gaming and SXSW, we can finally announce that Hello Soda will be exhibiting at Money20/20 Europe for the first time!

Hello Soda will be present throughout the event in Amsterdam – you will be able to find us at Stand L45 from Monday 4th June through to Wednesday 6th June. Pop by to find out more about how your company could benefit from the ID and Personalisation big data solutions that we have to offer.

Three of our big data specialists will be attending the event from our Manchester HQ and would love the chance to catch up with other businesses.

The future of money

We’re excited to hear talks on payments, artificial intelligence and data analytics – all areas that we’re experts in. Let’s catch up while we’re there and build the future of money together.

Our diaries are filling up quickly, so get in touch now to booking a meeting with the team, or simply pop down to our stand for a quick chat.

We look forward to seeing you there!

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The Future of Identity Verification

Recent research reveals that an astonishing majority (84%) of financial services in the UK are concerned about their identity verification capabilities, and rightly so.

No consumer is likely to sing praises about the verification processes currently in place in a lot of institutions, a common example being providing a recent utility bill.

With sharp advancements in technology across a vast majority of sectors, it’s a wonder why identity verification in many still rely on traditional methods such as official documents.

Financial institutions need to consider the evolving needs of consumers, predominantly Millennials and generation Z, both typically lacking in traditional data such as credit history. These populations are in danger of finding themselves stuck in cycles where they put off big purchases such as cars or houses because they lack adequate credit for financial support, and therefore fail to build up a credit history.

An age-old problem

Millennials reportedly earn 20% less in salaries than the Baby Boomer generation, and as a result, many are putting off significant purchases that would actually help them to build credit such as houses and cars. The lack of credit history means that a large amount of this generation – and possibly even more of Generation Z – class as thin-file and, as a consequence, find themselves unable to access services such as traditional loans, rental agreements and mortgages.

So what does the future hold?

Big Data = Big Possibilities

There’s a lot of talk about ‘Big Data’ but this simply refers to any large amount of unstructured data and is entirely meaningless without the adequate analytics tools to derive meaning from it.

There are huge amounts of digital data created daily, therefore a continued reliance on the same traditional sources as twenty years ago risks restricting access for consumers who could otherwise be verified.

Balancing Customer Convenience & Security

Customer’s data is extremely important to keep safe, and with fewer and fewer consumers finding themselves adequately covered by traditional sources alone, it is important to take into account alternative ones that we have available to us in the digital age. Consumers have become used to being able to access goods and services within a few simple swipes and clicks, and any requirements for more vigorous checks adds friction and can result in high drop-off rates throughout the process.

This is how leveraging a multi-pronged approach to analyse digital data in real-time (assessing the quality and quantity, as well as looking for corroborative data) can robustly verify identity quickly and efficiently all online with less friction than traditional methods. Harnessing alternative data sources throughout the verification processes can help boost inclusion and increase access for those currently excluded or restricted, helping them to invest in business and property and, in turn, the economy.

To find out more about how you can bring your identity verification processes up to speed, visit our product page or get in touch for a chat/ free personalised demo.

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