WORLD REGULATORY BRIEFING
Moving the Dial with Financial Security ONE OF THE DISCUSSIONS AT THIS YEAR’S WORLD REGULATORY BRIEFING CONCERNED PAYMENT SYSTEMS AND FINANCIAL SECURITY, THE CURRENT FRUSTRATIONS FOR CUSTOMERS, OPERATORS AND REGULATORS, AND THE OPPORTUNITIES TO IMPROVE THE SITUATION. PHIL SAVAGE WAS LISTENING IN
Change is coming Picture a customer walking into a store for the first time. From the storekeeper’s perspective 75 percent of his job is done. The customer has stepped across the threshold: he just has to hope he has stock in the right size. The last thing he is going to do is erect barriers that might get in the way of a successful sale. Now picture the same customer going online to a new website. Moments after choosing her item she is checking out using an established online wallet which prepopulates her contact details and her order is fired off to the warehouse for immediate dispatch. The biggest inconvenience may be the two-factor code from Apple Pay or similar. This is the world our customer inhabits. It is a world of instant (or near instant) gratification, where any bit of grit in the machine will see her go elsewhere.
Introduction Payments and the transfer of funds are at the heart of the gaming industry, but despite being a core activity, it can be a frustrating experience for customers. In other consumer environments the process of setting up and executing digital payments is frictionless and pain free for the customer. And yet in parts of gaming the experience is clunky, intrusive and ultimately a barrier to completing the onboarding process. With regulatory drag affecting gambling and gaming, this situation is likely to get worse and lead to an ever-widening gap between the industry and consumer expectations based on their experiences in other retail situations. Not only does this mean a poorer customer experience, it also represents a missed opportunity to enhance safer gambling and identify and prevent crime.
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IMGL MAGAZINE | APRIL 2023
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