How can AI identity verification benefit businesses?
Online Gaming is a growing industry that requires constant innovation and customer engagement strategies to adapt to the influx of new Gamers and Technology. However, many legal and Regulatory elements of Gaming require strict adherence to European, National, and Regional laws. Which is why identity verification is so important.
Thankfully, new identification technology and other artificial intelligence platforms enable providers to engage directly with their customers in an approachable and convenient manner. By marrying technology with best gaming practices, operators can rest assured they will stay in compliance with regulators and provide a seamless experience for their customers.
Engage directly with gaming customers
Online gaming companies that want to get ahead need to find innovative ways to engage with their customers and their prospects. Many companies are adopting Identity Verification Solutions for Online Gaming in an effort to streamline the customer onboarding process and manage their client relationships effectively. Many online businesses are working to future-proof their practices, and many find that one of the most essential pieces of the customer journey is to ensure a smooth experience from their initial interest through their onboarding.
Boost conversion rates
Consumers do not want to jump through hoops when they are building their platform. Long Waits, archaic identity verification practices, and bureaucratic Policies can be a deterrent to new and current players, which can dramatically reduce business growth. However, companies that implement modern identity verification systems and AI-backed software see a much higher conversion rate for prospects because the entire process can be completed at any time in a streamlined manner.
Players enjoy the simple onboarding process provided by digital platforms because they can begin playing quickly and understand what the facilitator requires immediately.
Protect your business and your clients
Many online gaming platforms are working with the elephant in the room. Age verification can be tricky for regulators and service providers because they want to deliver a positive experience without inconveniencing applicants enough that they walk away from the platform altogether. Companies that adopt digital identity verification and implement high-level data management systems can quickly verify player ages, store their information securely, and complete the player onboarding process more quickly than a traditional platform is able to.
Reduce fraud and stay in compliance
Many companies are adapting to new anti-money laundering regulations, including AMLD 5 and ALMD6. These regulations focus on KYC documentation and maintaining accurate records of customer transactions – even touching on cryptocurrencies. Fraudsters and money launders search for easy targets, and companies who have not adopted modern identity verification practices may unknowingly be exposed to risks that can be easily mitigated.
Online businesses that rely on a steady stream of new customers and players can all benefit from modern data validation software implementation. Companies who adopt new technologies like digital identity verification, AI-backed customer onboarding workflows, and other KYC applications can effectively future proof their business model and enhance the customer journey.
Businesses cannot grow without a steady stream of new customers, so defining a clear path for prospects is paramount. By adopting modern software, companies can help guarantee a positive UX while satisfying the regulators.