KYC online gaming implementation isn't just about legal protection for your enterprise; it's about enhancing the gaming experience for all parties involved.
Online Gaming in the Wild West of KYC
As the frontier of online gaming expands, advances in KYC (Know Your Customer) technologies and regulations present just as many exciting opportunities as challenges. Let's be real; no one wants the perennial Fintech regulation headaches baked directly into your business model. But also, nobody said inventing the future would be easy.
The legitimacy, reputation, and sustainability of any enterprise without KYC will always be questionable. If you're running a no KYC casino, you're setting yourself up for exorbitant legal fees, regulatory fines, and other headaches. The decision-makers who see the extended play want to ensure their casino KYC requirements are met (Tribune Online England).
No KYC Casinos: the Writing's on the Wall
The trend of lawmakers outright banning so-called "pay-to-play" casinos has already begun (Retail Tech Innovation Hub), with governments leaning toward the total criminalization of any casino without KYC protocols. Unfortunately, this leaves many such gaming and casino ventures with a vulnerable future, if not the impetus to leave the marketplace preemptively.
On the other hand, enterprises operating compliant KYC verification casinos naturally attract a more reliable, profitable, and sustained user base. The kind of customers willing to invest in lasting relationships with your brand.
Better Brands, Better Customers
The reasons to implement KYC online gaming protocols go beyond legal prudence and asset management and are twofold: you want to protect your brand just as much as your customers.
Navigating KYC Online Gaming in International Waters
The global nature of the internet presents one of the trickiest obstacles to KYC compliance. Many of your customers sign up and log on from multiple international jurisdictions. Things get complicated quickly.
For example, imagine running a casino registered in the U.S., adhering to all of the American best practices for anti-money laundering compliance (American Gaming), and reporting any suspicious financial activity you see. But of course, many, if not most of your customers, could be playing in nations with far-stricter KYC prerequisites--bringing with them hefty fines for noncompliance.
Gamer's Blues: Beyond Annoyed at KYC
Put yourself in the mind of one of your potential players. Perhaps you're WFH and looking for a quick game to break up the pace of the day. Instead, you find some excellent online casinos, the games look fun, and a few even let you play with crypto. Awesome, the perfect way to spice up your lunch break.
But when you're all warmed up to roll the digital, proverbial dice, the MAN suddenly taps your shoulder, yelling, "Where are your papers?" Buzzkill.
While most of us would consider this a minor hassle, there are two things to consider. The validation prerequisite disrupts the user experience and is a significant risk for a bounceback. Two, many online gamers strongly resist the notion of KYC protocols for privacy reasons. The requirement represents a common consumer pain point and an alarming concern over civil liberties. This perceived "violation of privacy," having to submit personal data to private parties, can be a susceptible subject. (Stake Community)
This presents a significant challenge for user compliance and an opportunity for user growth. Plenty of gamers will verify for you if you're able to speak to them on their level (emphasizing the importance of "freedom" and "personal liberty," for example).
Messaging matters. Vibes matter more. The KYC process should feel more like dealing with the postman, not the policeman.
Verifying KYC online gaming accounts is becoming easier every day, presenting opportunities for major user expansion while ensuring your legal department is one step ahead of the regulatory committees.
KYC Casinos Improve the Online Gaming Experience
Let's also consider how KYC can improve the online gaming experience. In the fiber optic age, we expect everything to move at a click's pace. And when a new user's signed up and ready to game, the last thing they want to deal with is a bureaucratic puzzle set.
Making the process as smooth as possible while ensuring the highest level of trust in privacy is key to providing the best possible beginning-to-end customer experience. This also increases acquisitions by easing pain points, offering convenience, confidence, and an understanding that, yes, KYC can be a pain in the butt. We happen to make it as little as annoying as biometrically possible.
The Future of KYC Verification and the Online Gaming Experience
With the rapid evolution of verification technology in the COVID age, decision-makers need to be prepared to adjust to KYC regulations in real-time. In addition, financial crime in gaming, especially in crypto-based sectors, is a serious problem that any enterprise needs to nip in the bud like a hawk.
By improving the online gaming experience and KYC verification process, implementing KYC online casino protocols becomes smoother, scales better, and streamlines a process that would otherwise be a significant pain point for your user base.
Biometric ID verification–as opposed to the manual labor of scanning or photographing documents and uploading them online–is already being utilized by Fintech's most prominent players (Biometric Update). This emergent technology can complete a standard KYC verification in as little as 30 seconds--take a selfie.
It's clear that expedited verification, backed with protection from threats like synthetic identity fraud, is the future of KYC online gaming technology. But, equally important, it's the future of regulatory policy and protecting your firm's rear end.
Beyond the Games: Employee Verification and Medical Document Management
Besides innovating the KYC online gaming industry, we're focused on finding solutions for enterprises that require age and I.D. verification. Since the COVID-19 pandemic struck full force in 2020, service-based economies like the U.S. comprise nearly 1 in 4 workers (Forbes).
Knowing your employees is extremely important in an era when it's commonplace to hire through ZOOM calls. So we've created a solution for Human Resource departments, from verification reports to vaccination records to test data collection, designed to tie into your existing H.R. system seamlessly.
ID Verification with BlueCheck
BlueCheck's industry-leading identity verification infrastructure enables merchants to grow their business faster. Serving a wide variety of industries, our solutions are custom-tailored to the unique needs of our customers.
Schedule a call today with a BlueCheck specialist to learn more about our Age & ID Verification solutions.
Sources, in order of appearance:
https://tribuneonlineng.com/why-kyc-verification-is-important-in-igaming/
https://www.americangaming.org/wp-content/uploads/2019/12/AGA-AML-Best-Practices_12-9.pdf
https://stakecommunity.com/topic/27968-why-do-majority-gamblers-dislike-kyc/
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