Armalytix, a fintech company specializing in financial crime and risk assessments in the gambling industry, has announced a strategic partnership with Betsmart Consulting. Betsmart Consulting offers operators access to comprehensive and up-to-date gambling compliance laws and regulations. Together, through the utilization of Open Banking technology, the two companies aim to improve the process of conducting affordability and Source of Funds checks for customers when they sign up for gambling sites. This collaboration will ensure regulatory compliance while providing a more seamless and customer-friendly experience.
Enhancing Customer Onboarding and Compliance:
Traditionally, the gambling industry has faced challenges in effectively verifying customer affordability and the source of their funds. Customers who trigger low-level checks are often required to provide PDF bank statements or payslips to validate their financial capabilities. However, this process can be seen as unnecessary and intrusive from a customer’s perspective. This has led to a drop-off in engagement, with customers opting to switch to other operators that offer a more streamlined onboarding experience.
Addressing these issues, Armalytix and Betsmart Consulting have collaborated to develop a range of customer journeys that cover different levels of Source of Funds and affordability checks. The objective is to integrate these checks seamlessly into the gambling journey, without causing inconvenience or hindrance to the customer. By leveraging Betsmart’s expertise in regulatory compliance and Armalytix’s advanced technology solutions, operators can establish a robust verification process that aligns with regulatory requirements while prioritizing customer welfare.
The Role of Open Banking Technology:
Open Banking technology plays a crucial role in streamlining the affordability and Source of Funds checks. It allows secure and authorized access to customers’ financial data, providing real-time insights into their financial standing. By leveraging this technology, operators can obtain accurate and up-to-date information about a customer’s financial situation, enabling them to assess affordability and identify any potential risks related to excessive gambling behavior. This approach not only enhances regulatory compliance but also improves the overall customer experience by eliminating the need for manual document submissions.
Benefits of the Armalytix and Betsmart Partnership:
The partnership between Armalytix and Betsmart Consulting brings together their respective strengths to create a more efficient and customer-centric verification process. Betsmart’s deep understanding of regulatory compliance combined with Armalytix’s technological solutions allows for a seamless integration of checks at different stages of the gambling journey. This collaborative approach aims to strike a balance between meeting regulatory obligations and providing a positive user experience.
As the gambling industry continues to evolve, ensuring robust compliance measures and safeguarding customers’ well-being remain top priorities. The partnership between Armalytix and Betsmart Consulting represents a significant step forward in enhancing the affordability and Source of Funds checks for gambling operators. By leveraging Open Banking technology and prioritizing customer welfare, operators can foster trust, streamline onboarding processes, and adhere to regulatory requirements. This collaboration sets a positive precedent for the industry, demonstrating the potential for innovative solutions that improve both compliance and customer satisfaction in the gambling sector.