How to give your players a 1st class gaming experience while meeting regulatory KYC/AML requirements?
The online gambling industry has been experiencing an astonishing 9.7% yearly growth rate in 2018, and 2019 already puts a bet to win this race. Along with the market’s growing revenues — the number of players moving online is also increasing.
How can you maintain excellent service and keep covering your clients’ needs in such a booming market?
As statistics show — the average deposit that players make is somewhere between 30–100 USD. It is a very emotional purchase that people make and it is the gaming platform’s responsibility to cater these clients in a fast and secure manner.
Right now we have 24/7 access to almost everything right from the phone: banking, food delivery, transportation, online shopping, billing, …
Why would one think that gambling has to be any different from it?
Players want to play — it’s that simple. Let’s be honest here, remember the last time you wanted to play any of your favourite online games, but couldn’t log in due to poor internet connection or some patch update requirement? Most likely that after a few vain attempts you just switched to another entertainment activity, like movies, music, books, youtube, whatever… you name it. Why is it so? The truth is that we’re living in a time when almost everything is digitalized, oversupplied and the competition is high. As a result, consumers are becoming very “spoiled” in that sense. They want to have access on demand to everything right here, right now.
Of course, it would be great for gambling sites not to have any registration at all, but there are certain restrictions and they exist for a reason. Gambling organizations are subject to legal regulations. It is a regulatory requirement for such entities to know who their customers are, their age, country of origin and activity history to stay in line with AML policies.
Now, let’s go back to the question I was asking you at the very beginning of this article. Don’t worry, I am not that bad to force you to scroll to the very top of it : ) Here it is:
➔ “ How can you maintain excellent service and keep covering your clients’ needs in such a booming market? ”
I feel it is important to automate things that can be automated and establish a convenient, intuitive and fast account opening process. It is not an easy task to achieve all of these criteria while ensuring that your customers feel safe and secure at the same time.
Not to turn this article into a sales pitch — I will be finishing it here. In other words, I’m All-In! Cheers!
But, if you genuinely want to learn more about BASIS ID automated KYC & AML solution that can help your business to increase conversion rate, cut the costs by up to 33% and start processing your customers up to 3x faster — feel free to reach out to us at basisid.com. We are always ready and happy to help you out!
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