The gaming landscape has changed dramatically over the past 12 months with more traditional players having to opt for online services.
Moving further into the digital space means gaming and gambling is now done in real-time. However, the identity verification KYC steps that take place to onboard a new customer, for many operators, are not.
Below is a list of all the topics we will cover in this article. Go ahead and click on any of these links, and you’ll be taken to that specific section.
Where Are We Now?
Traditionally, when performing some form of identity verification or onboarding, businesses would use methods such as proof of address or sending a copy of a passport and manual checks. These outdated processes can be time-consuming, frustrating and create a poor user experience for customers who may be likely to move to a competitor. Gaming customers (or ‘players’) infamously have some of the lowest tolerance for cumbersome ID checks out there, and a poor onboarding experience can see up to 45% of players drop off. Relying on traditional data to verify identity doesn’t just alienate the modern digital customer, it can also lead to huge demographics being unable to access the services they want.
Gaming has moved largely into the digital space in the last decade which has created exciting opportunities for operators and their customers. It means greater access to platforms from anywhere in the world, at any time and the ability to make choices and changes in real-time. This has had huge rewards for operators, allowing them to increase engagement with customers, offer new rewards in seconds, and add real-time decisioning to enhance the customer experience.
This shift has seen tighter regulations implemented, which has centred on age and address verification along with 2+2 checks.
Operators need to verify the name, date of birth and address of new players before allowing them to use their service and LCCP Conditions require operators to carry out 2+2 identity verification checks before:
- A player deposits funds or gambles.
- Access to any Free-to-Play (F2P) versions of games are made available.
- A player receives or is allocated free bets or bonuses to play with.
Operators who have been the most innovative and employed modern solutions have made the most gains in new customer acquisition, retention, and increased revenues as a result.
The Future of Identity
Increased regulation is coming. As gaming operators find new unregulated avenues to generate revenue, increased regulation is inevitable across the board.
One thing’s for sure, the challenge going forwards for operators is to meet regulatory requirements, but without adding friction and delays, which lead to customer frustration, and drop-offs. Businesses that fail to address the following key points risk being overtaken by rivals who are more open to innovation:
Embrace Automated Solutions
Consumers are increasingly becoming more comfortable with automated solutions and utilising alternative data and their wider digital footprint as identification.
Automated processes are quicker, more accurate and more efficient than manual processes, and a user can find out the verdict of their application in seconds.
Utilise Alternative Data
Alternative data offers the opportunity to collate, assess and corroborate the digital footprint of a potential customer in real time.
By leveraging alternative data sources, lenders can construct a richer, contextual understanding of individual consumers, enabling more accurate risk assessment and personalised customer experiences, as well as enabling previously excluded customers.
Implement Multi-Factor Authentication
Companies should ensure their onboarding processes are as frictionless as possible, but should not sacrifice security for speed.
Implementing robust, automated multi-factor authentication ensures customers are verified as efficiently and securely as possible.
How We Can Help
Here at Hello Soda, we’ve a comprehensive family of KYC and AML solutions all working together and delivered via a single API integration. Utilising all forms of data, this integrated approach helps increase pass rates in countries all over the world, which in turn increases revenue and customer acquisition with real-time onboarding, creating a better customer experience.
Our global ID, KYC & AML platform, Sodium, is designed to help save you time and money, streamline your customer journey, automate your onboarding process, reduce fraud and achieve regulatory compliance. One simple integration; a flexible 360° solution which is scalable and secure.
A unique and real-time ID scoring system intelligently verifies identity through a combination of data sources, including digital footprint verification, document authentication, facial recognition matching, liveness verification, live utility data address verification and CRA identity checks.
Utilise a single element or multiple processes – it’s entirely up to you. Learn more about how we can help to automate and simplify your verification processes to help you to learn more about your customers.
Book a demo today and see for yourself how powerful our suite of solutions are.