1account, a leading specialist in Know Your Customer (KYC) player onboarding, has identified that implementing a more efficient online registration process for online casinos could significantly increase customer acquisition and boost revenues by over £1 billion. By addressing common issues such as incorrect date of birth inputs and the User Not Found State, online gambling operators can enhance their KYC process and tap into a substantial untapped market.
The Challenge of Incorrect Date of Birth Inputs:
One of the primary obstacles in the online registration process for online casinos is the incorrect input of the customer’s date of birth. This can lead to delays or rejections during the sign-up process, resulting in lost potential customers. To overcome this challenge, the industry can adopt various strategies:
a. Implementing Drop-Down Menus: By replacing manual date of birth entries with user-friendly drop-down menus, online casinos can minimize input errors and streamline the registration process. This approach simplifies data entry and improves accuracy, ensuring a smoother onboarding experience for customers.
Addressing the User Not Found State:
The User Not Found State refers to situations where the applicant’s attributable data is not available on reputable data sources. This state poses significant difficulties during the sign-up process. To mitigate this issue, online gambling operators can employ the following measures:
a. Expanding Data Sources: By accessing a broader range of reputable data sources, casinos can enhance their KYC process and reduce instances of the User Not Found State. Leveraging multiple data providers helps ensure that accurate information is available for verification, enabling a seamless onboarding experience.
b. Real-Time Data Validation: Implementing real-time data validation techniques can instantly verify the applicant’s information during the registration process. This approach eliminates delays caused by manual verification and minimizes the occurrence of the User Not Found State.
The Potential Impact on Revenue:
According to 1account’s CEO, Ben Keirle, enhancing the KYC process for onboarding new players can result in a 10% increase in successful applications. This improvement translates to an acquisition of more than 3 million additional players annually, based on current sign-up rates. By capitalizing on this opportunity without increasing financial investments, online gambling operators can unlock a revenue potential exceeding £1 billion.
To maximize revenue and attract a larger customer base, online gambling operators must reassess their current KYC provisions. By addressing challenges such as incorrect date of birth inputs and the User Not Found State, the industry can optimize the online registration process and minimize customer drop-offs. Implementing solutions like drop-down menus and expanding data sources will not only enhance the efficiency of KYC procedures but also provide a superior onboarding experience for potential players. By taking proactive measures, online casinos can tap into the substantial revenue potential and secure their position in the highly competitive online gambling market.