We now live in a world where we take technology for granted. Automations and mobile apps have become second nature to us, and they have transformed and revolutionised the gambling industry as we know it.
The vast majority of gambling is now online; while gambling in betting shops and casinos has continued to decrease, online gambling has soared by 15%. According to the Gambling Commission, online gambling now accounts for 40% of the overall market. And this number is still set to increase over the next few years.
As technology evolves faster than ever, online casinos and betting firms are leveraging digital improvements to create an immersive experience for players. The better the technology, the better the outcomes for consumers.
This also holds true when it comes to protecting vulnerable players from harm. As it’s now become easier than ever for customers to part with their cash, there needs to be robust technology and legislation in place to prevent at-risk customers from slipping through the net.
Protecting your players
During the course of the pandemic, more and more customers are finding themselves in challenging circumstances.
According to a recent Financial Conduct Authority survey, there are now over 27.7 million customers that can be classed as vulnerable in the UK. The number of customers displaying characteristics of vulnerability- from those who have physical and mental health issues, to others showing signs of being affected by life events such as bereavement, or with low financial resilience – rose by 3.7m after the pandemic began in 2020.
While life slowly returns to normal, the pandemic’s lasting impact is clear to see. Customers are struggling to bounce back after widespread job losses, social isolation, housing insecurity and limited access to mental health services.
As such, the FCA is asking businesses to offer “practical and emotional support” to frontline staff dealing with vulnerable customers, and ensure the fair treatment of these clients is “embedded across the workforce”.
It’s therefore clear that more needs to be done to protect vulnerable customers in the gambling industry and beyond. Now technology is smarter than ever, businesses need to utilise software to protect consumers from harm, and provide solid experiences and outcomes during interactions.
Gambling firms now have a serious opportunity to become more in tune with their players’ behaviours and circumstances to eliminate risks and uphold the industry standards expected by the Gambling Commission. Operators will need to shift their focus to the management of increasingly complex technological ecosystems to keep up with social and cultural change, and ensure safe play for all. Investment in the right kind of AI platforms and systems will not only provide ease of use to customers, but will also demonstrate to regulators and stakeholders that you take player welfare seriously.
And this is something we can help with here at Rdentify.
Driving better outcomes
By harnessing the power of sophisticated NLP technology, our platform can detect and monitor at-risk gamblers with speed and accuracy.
Using our many years of experience in E-gaming and machine learning, Rdentify delivers specialist customer risk analysis software so your team can visualise your risk data. Our software performs in-depth trend analysis of your entire customer base on the Rdentify User Interface, which allows gambling operators to enhance their accountability by reviewing customer bases. Intelligence will then ensure appropriate actions are completed. This lowers the risk of fines and penalties through actionable customer problem gambling risk flags, based on all previous interactions with the individual player.
Through state-of-the-art machine learning and linguistics research, we also have the power to identify behavioural and conversational patterns associated with vulnerable consumers, helping your agents spot risks in real time. Customer service managers can then audit team live chats and emails to ensure that they are properly interactive with high-risk customers.
And when it comes to installation, we make sure that your experience is seamless. Rdentify can be integrated with our easy-to-use API tool on the vast majority of CRM systems. If you do not happen to have a CRM system that allows for integrations, or you decide not to integrate, our expert team is on hand to provide daily, convenient reports for your business.
All of this helps your team deliver successful customer interactions which, in turn, makes your gambling firm more proactive, mitigates risk, and protects vulnerable consumers from harm. It’s not about replacing your current systems with unnecessarily elaborate technology- it’s about enhancing them to drive better outcomes.
As technology gets more efficient, we’re better equipped to detect and monitor vulnerable customers. Software is accessible and accurate, and it can prevent consumers who find themselves in vulnerable circumstances from harmful gameplay.
If your firm is ready to invest in innovative technology solutions, book a free demo with us today, or contact our team of dedicated experts.