The Compliant Customer Journey Always Wins

There are few industries as rapidly evolving as iGaming – that much is a fact. Every day brings exciting new developments in the tech world, and with each new product, service, and update – operators strive to improve their offering in line with their customers’ growing expectations. It comes as no surprise, then, that optimising the customer journey is firmly at the top of the priority list for any organisation looking to compete in this industry.

The cost per customer acquisition seems to be creeping higher and higher, and keeping those hard-won customers is becoming more of a challenge as iGaming companies continue to one-up each other by offering the best product, service, deal, or promotion on the market. That’s why building and retaining customer loyalty is paramount in today’s industry.

The modern customer wants a seamless experience on your iGaming platform. Sounds simple, right? Well, not quite. Making the most of your customer journey is crucial, but first you need to make sure you’ve got your basic processes and regulatory matters down to an absolute T.  To the outside world, it looks like this: a customer signs up, logs in, places a bet, then wins or loses that bet. But ask anyone who really knows the industry, and you’ll quickly find that there’s a lot more going on behind the scenes.

Keeping Players Happy & Staying Compliant

It all begins long before a player registers on your site; the minute they land on your page, the process has already kicked off – and you don’t want to find yourself playing catchup so early in the game. As an operator, you’re already tapping into your analytics behind the curtain, asking questions about the user’s risk level, location, IP address, and whether or not their device has been previously blacklisted. Other key considerations should include:

  • Are they Politically Exposed Persons (PEP)?
  • Has this contact information been associated with different names before?
  • Does the card they’re using match the details of the user who registered?
  • Is their first deposit disproportionately large considering their demographics?

Later down the line, you’ll want to delve a little deeper into their ongoing betting patterns and overall habits. Check on what they’re betting on, and what their behaviour and spend usually looks like. Any change in habit needs to be flagged and can be as subtle as playing far beyond their established routine, a change in the type of game they choose, or a marked increase in their daily spend. Identifying patterns of behaviour indicative of addiction is essential, so the earlier you can pinpoint that behaviour, the better, and this once again demands that you tighten your processes. Invest time and money early on in the game, and you’ll see it pay dividends soon enough – your loyal customers will be a testament to that.

It’s All About A Positive Customer Experience

Transaction Monitoring has become a necessity for compliance officers within the Gaming sphere to identify AML risk and detect suspicious activity. ComplyRadar enables you to fulfil your AML obligations whilst nurturing your genuine and VIP customers. Contact us for more information on how ComplyRadar automatically detects suspicious transactions – quickly and effectively – to help avoid reputational risk and potential fines.

Don’t gamble with your regulatory responsibilities

Is problem gambling becoming something of a public health emergency? This is the question on everyone’s mind in the iGaming industry, and to be completely frank – we need to take it seriously.

Look at the UK, and you’ll find that the Gambling Commission has, over the years, been gaining ground when it comes to its regulatory reach. This probably comes as a direct result of a fair, few well-documented issues across the industry – specifically surrounding problem gambling, insufficient anti-money laundering measures, and rising concerns about underage players – none of which have been properly squashed yet. Because of this, stricter legislation is more than likely on the horizon. Responsible gambling and serious regulation aren’t just expected, but mandatory for any iGaming business looking to compete and succeed in the long-term. Improved player protection measures and quicker, more effective detection of addictive behaviour patterns is at the very top of the priority list, with tighter regulation surrounding anti-money laundering measures also at the centre of the discussion globally.

The biggest industry names are sitting up and paying attention to these new regulatory demands, investing significant resources and budget in a bid to not only meet these challenges head-on, but surpass expectations to boot. The issue remains, however, that changes to gaming regulations are coming hard and fast, with most industry players struggling to keep up.

Finding the balance between compliance and customer experience

So, the real question is, are your systems robust yet agile enough to keep up with these regulatory changes? How will this impact your most loyal customers and VIPs? Industry leaders do place a premium on compliance, but they also must meet and anticipate changes without compromising on customer experience. iGaming companies need to maintain a compliant, frictionless, efficient experience for their genuine players, but actually getting there using a manual approach or legacy systems in this dynamic regulatory environment is becoming more difficult every day. Future-proofing your business is more important than ever before, so try and invest in the latest technology early on in the game.

First, up the ante and identify at-risk players ASAP with behavioural monitoring. You’ll be able to provide support earlier on, and when it comes to anti-money laundering measures, it’ll allow you to hone in on suspicious behavioural patterns on a granular level. Next, look at ways to effectively leverage technology to drive change and meet ever-changing industry demands. You might need to overhaul your legacy systems first, but there are a whole host of modern solutions available to keep you ahead of the game.

Work smarter with automated transaction monitoring

ComplyRadar utilises a full risk-based approach to eliminate disruption to genuine customers, detect potential criminal or problematic behaviour, and demonstrate full ongoing compliance. It sends you notifications on the transactions that matter and enables you to automatically apply a full-pattern analysis to instantly see suspicious transactions in real time. You can then manage flagged transactions through a comprehensive, fully audited review process leading to the closing of a case. For more information on how ComplyRadar can help you maintain the right balance between stringent regulation and customer experience, contact us today.