As the US sports betting market grows and matures exponentially, the challenge of KYC remains prevalent as operators seek to maximise security and engagement.
In a market where data is available in abundance, ensuring it is maximised and KYC strategies are most impactful is often a challenge for operators.
Speaking at the Betting on Sports America – Digital conference, Bernhard Reiterer Founder & CEO SignD emphasised that the approach to KYC needs to be reimagined, with it potentially proving a pivotal tool in improving the user experience of players.
He stated: “It’s about thinking outside the box and embracing the new customer. Personally, I’m coming from the banking industry and banks have to deal with KYC and identities much earlier than we do in our industry and I’m sorry to say, the industry is at least 10 years behind when it comes to identifying people through KYC.
“Is that a big thing? No, I don’t think so. We haven’t missed anything yet – if you look at KYC and identification didn’t evolve too much before machine learning and AI was adopted to it before smart technologies and smart devices were there to support better business decisions. But, all of those things are in place now.”
Reiterer went on to underline that the time has arrived for a ‘new approach’ to take KYC to the ‘next level, one that’s more ‘holistic and less reliant on technology’.
“Let’s make sure we don’t repeat the mistakes of the financial industry, today we have an opportunity to leapfrog the status quo. This is going to help with security and compliance as well as exceeding player expectations.
“This is a unique opportunity which allows us to finally transform one of the biggest burdens into value. KYC is a must, but it doesn’t have to be dull and boring.”