Protect your business against financial losses associated with claims
As we continue to adjust to life after restrictions, gambling firms need to be vigilant when it comes to protecting both customers and business assets alike.
As things currently stand, many people still feel vulnerable as a result of the length of the pandemic period; they may encounter further uncertainty about their personal or financial circumstances, or be readjusting budgets as life returns to normal.
It’s therefore integral that gambling operators take an active approach to do right by their customers if they want to protect their business from potential financial losses associated with claims. At a time when consumers feel particularly vulnerable, operators have a real opportunity to demonstrate their credentials as a reputable, reliable firm. If operators are then failing to protect their customers from harm, they also fail to protect their business for the long term. Operators can run the risk of penalties and sanctions from industry regulators, which can seriously impact ROI.
We know that the industry is making progress to safeguard customers, but many gambling operators need to do far more. It’s about putting customers at the heart of business, and complying with the expected industry standards.
Complying with industry standards
As part of their customer requirements, the Gambling Commission expects all gambling operators to adhere to high standards of customer service to ensure players are protected from harm, and that the industry is fair, safe, and free from crime. This means that gambling companies should be doing everything they can to keep illegal activities out of the industry, while preventing customers from falling into financial difficulties.
This sounds relatively straightforward in theory. When gambling operators adhere to the policies expected of them, they protect customers and business assets simultaneously. Safe, fair play means that firms can uphold their reputations as trustworthy providers, and face less financial loss from claims in the long run.
We know that many operators will therefore use a wide variety of techniques to profile consumers which can indicate whether a customer is gambling with money they do not have. But in the fast-paced world of online gambling, vulnerable customers can slip under the radar, which can lead to severe consequences for both the customer and the operator.
In the Gambling Commission’s latest report, BV Gaming Limited (trading as BetVictor) will pay a total of £2m after an ongoing investigation revealed fairness, social responsibility, and money laundering failures. This is something that could have been entirely prevented by the operator if there were diligent customer protection systems in place.
Stories of financial losses associated with claims continue to dominate the headlines, and do damage to the industry at large. Collectively, operators have a legal and social responsibility to offer safe and fair play to customers. Non-compliance simply isn’t a viable business option.
It’s therefore clear that operators need to step up to protect customers- and themselves. In our increasingly digital world, we have huge opportunities to harness the power of technology to streamline in-house processes, and identify problem gamblers with increased accuracy. And there’s one particular tool that can lower operational risk, and demonstrate to regulators that you take the protection of your customers seriously.
Rdentify’s industry-leading software has the capacity to identify and protect high volumes of players, and prevent them from gambling on your site. In turn, this increases your compliance with Safer Gambling legislation, and reduces the potential for financial and reputational damage.
We use detailed machine learning and linguistics research to identify behavioural and conversational patterns associated with vulnerable consumers, helping customer service agents spot risks quickly and effectively. Agents can then produce actionable customer problem gambling risk flags based on all previous correspondence, while customer service managers can audit team live chats and emails to ensure that they are properly interactive with high-risk players. This prevents vulnerable players from slipping through the net, and helps gambling firms avoid financial penalties and claims.
Our innovative platform also allows gambling operators to identify players looking for quick cash to prevent them from making illegitimate claims online. For at-risk clients, we offer automated customer journeys that ensure vulnerable consumers are quickly referred to the appropriate support channels. This means that customers spending or taking on debt that they can’t afford can then be identified, monitored, and prevented in real time.
Now that we have so much innovative technology at our fingertips, it’s never been so easy for gambling firms to protect themselves against financial losses. By investing in our sophisticated NLP software, the better your business becomes at achieving longevity.
Rdentify has the power to protect your players and business assets simultaneously. If you’re ready to future proof your gambling firm, you can book a free demo for your business, or reach out to our dedicated expert team.