Open Banking Challenges

The UK Operators need an Open Banking Strategy

Following on from the earlier article on Open Banking (What does Open Banking mean for Gaming Operators?), here is the second of the three pieces; some further considerations on the operational impacts should a Gaming operator embrace the benefits of an Open Banking led change within their business.

I strongly believe that Open Banking can help operators to build stronger and more sustainable customer relationships – let alone helping to satisfy their general compliance requirements more simply than before.

By choosing to share their own transactional banking data with their operator of choice and in the pursuit of a leadership position in ‘Safer Gambling’, the customers will also benefit from a much higher degree of service & support personalisation.

The real-time sharing of banking data will enable the operator to see if a customer’s income has fallen, or if their outgoings are increasing dramatically.

Regarding the frequency, regularity, longevity and even income variances, an Operator – using one of the more advanced categorisation engines in market today – can validate the employment / employer specifics including if pay ‘comes with or without bonuses or overtime’ for example.

Regardless of the fact that some may continue to see the use of banking data as overly intrusive or, hard to justify in terms of seeking informed consent to get access to the information in the first instance, Open Banking makes the process of ‘risk assessment’ faster, more convenient and more satisfying for you and them.

In the case of a ‘go / no go’ decision post an updated risk-assessment – if the usage or behaviour of a gamer changes ‘adversely’ – the operator can complete the review process much faster and in a much more satisfying way for both parties than ever before.

The days of Zoopla (as a reference point on house price), Linkedin (as a reference point for employment status and therefore ‘benchmarked’ income) and any other open source data set as a means of guess-timating income and therefore affordability may be coming to an end.

By giving consent to share banking data under the umbrella of Open Banking, those who have previously not had access to credit can better demonstrate their ability to pay, helping them get better and /or fairer ‘terms’ with their operator or platform of choice.

Along with many others well entrenched in the gaming markets, I expect Open Banking to have a significant impact on how both operators and end-customers interact in the latter part of 2019 and into 2020.

Using Open Banking, Gaming Operators can foster new relationships and new data partnerships facilitated by the exchange of information, in real time.

The W2 team are exhibiting at the Betting on Sport event in London both today and tomorrow (stand P7).

Please pop by the stand and say Hi.

We welcome a face to face discussion on what opportunities that you think Open Banking presents to the UKs operator community. As our clients well know, we take what we hear from such events as the steer on what’s needed next on the Product Roadmap.

You have the opportunity to feed into what we build.

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