2020 was forecast to be a year of growth for many gaming operators, which now looks unlikely given the global impact of COVID-19.
However, there has been some positive uplift in the industry due to an increase in online players who are have been turning to online casino-style games in the wake of global ‘lockdown’ measures. Players are turning to games such as virtual slot machines and online bingo as a way to while away time at home.
As online activity has increased, so too has online fraud. This surge in online fraud has left many online gaming operators at risk, especially those who do not have the appropriate measures in place with to onboard new users and perform the appropriate KYC checks.
How do you stay ahead of your competitors in these tough times?
We know users can become frustrated when they feel like they have to jump through hoops to sign up to a service or online account. So how do you ensure this doesn’t happen whilst conforming to territory regulations? The answer is simple, your process has to be automated and in real-time.
Don’t segregate a corner of the market
Younger people are the most frequent online players, in particular men. In a recent research piece, it was suggested that over half of younger players (53%) play, and bet on a monthly basis. It was also suggested that greater volumes of play occur in and around pay-day. Knowing the best time to engage with a user can certainly provide a business with a competitive advantage.
Given young people have very little traditional data (or thin files) it can be tricky to onboard them. For example, the UK has over 8 million people aged 18 to 30. That means you’re missing out on a high proportion of users who can be verified to use your platform.
When those odds are stacked against you it will be difficult to win. In most cases, younger players are often missed when it comes to adequately perform Identity Verification checks due to their thin data files.
Don’t worry, we have the answer. Hello Soda has recently launched a single API platform named Sodium. This new platform can enable you to onboard all types of users instantly. Whether you wish to use document verification, social verification, utility data, traditional CRA data or a combination to verify a user Sodium is the solution for you.
Create a UX that keeps them coming back
You’re probably now thinking a document, social or utility account check will add a barrier to your KYC process? And since online gamers have the lowest tolerance for cumbersome ID checks, won’t they just switch to another platform? The answer is maybe, but, to prevent this automation and instant checks are the answer. Via Sodium, all of the KYC and AML solutions offered by Hello Soda provide robust, instant and real-time identity checks.
See for yourself
Hello Soda’s suite of solutions can provide your customer with real-time onboarding and your organisation with increased customer numbers, security and revenue.
Learn more about how we can help your organisation to perform instant and automated KYC checks. Book a demo today and see for your self how powerful our suite of solutions are.