The UK autumn budget raised significant talking points for the future of fintech, technology and payment innovation in the country and what it means for the gambling sector.
In a recent episode of iGaming Daily, Payment Expert Editor and Business Journalist, Ted Orme-Claye and Callum Williams, were joined by CasinoBeats Editor Joe Streeter to discuss the Chancellor’s plans in further detail.
Orme-Claye acknowledged that the UK government is focusing on providing more support for payment SMEs which would be key for gambling operators as it has shown that diverse payment methods have helped increase customer satisfaction.
Chancellor Jeremy Hunt also announced that the UK will invest up to £500m into AI research and development, which Williams believes will provide almost “limitless benefits” and equally, “limitless risks”.
AI has the potential to rapidly automate the transaction process for gambling operators and deal with customer queries and complaints in a more efficient way. But what the inaugural AI safety summit in London recently showed was that world leaders are increasingly cautious of the emerging tech’s accelerating growth.
Streeter also highlighted the player protection element AI can improve upon in terms of flagging problem gambling and tailoring gambling protection methods for players.
During the announcement of the autumn budget, Ben Ruffels mentioned the UK’s commitment and growth to digital and technological innovation, particularly within the digital asset and blockchain space.
Williams outlined some of the key movements the government has taken this year to provide regulatory safety for its introduction, whilst also mentioning the rising growth of Central Bank Digital Currencies (CBDCs) and their potential to provide instantaneous transactions for gambling operators.
Lastly, there would not be any type of talk on the UK’s digital financial growth without mentioning Open Banking, which has been the flagship service the country has proudly waved the flag for in the last several years.
Streeter and Orme-Claye opened up on the potential for Open Banking to provide insightful and accurate information pertaining to gamblers’ habits and spending limits, which could provide a goldmine for better player protection.
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