Tom Farrell: “We cut the churn rate associated with financial checks”

Tom Farrell: “We cut the churn rate associated with financial checks”

Tom Farrell: “We cut the churn rate associated with financial checks”
In this conversation with ClearStake Chief Marketing Officer Tom Farrell, we find out more about how important financial checks are in the gaming industry, and why traditional methods have alienated customer bases. In the face of rigorous industry standards and demanding player bases, ClearStake has emerged to offer a painless solution that allows quick onboarding and reliable verification of customer financial data. Find out how in our conversation with Farrell. Q: What is ClearStake and how does the technology work? ClearStake helps gambling operators protect players, while giving those who can afford to spend the freedom to stake as they wish. In short, the platform enables those players to share real financial data, in a secure environment, and just a couple of clicks and about 30 seconds. That data in turn enables operators to make affordability and source of funds decisions both quickly and accurately. Q: Financial risk checks have historically taken a long time to complete, with players choosing to take their business elsewhere or set up multiple accounts to avoid them. What benefits does ClearStake have for players? The most obvious benefit of ClearStake for players is the speed and efficiency of the technology, which allows them to continue playing within a few clicks, as long as they are safe to do so. In the past, players have been subjected to time-consuming financial risk checks, which often involved pausing their ability to place bets and asking them to download and print off bank statements, followed by a long wait while the operator reviewed the data by hand. Our Open Banking technology, the process is a lot quicker – right up to the decision. Financial risk checks are not going away – but this is the most pain-free way to complete them. ClearStake is entirely secure, and players are fully in control of the data they are sharing. While copies of bank statements can be left around or easily go missing, ClearStake data is controlled and only accessible by operators for the purposes of completing financial risk checks. We have trusted connections with all of the UK’s major banks and players are able to log into their account and delete their financial data at any time. Q: How is data processed and how much information will be revealed to the operator? Our software categorises every transaction, and we can calculate whatever the operator needs to see in order to make a decision. Unlike some credit agencies, we don’t give you a ‘score’ but provide unique insights sought by different operators. As a result, it means those operators don’t have to take a blanket approach and can enable more players than ever to stake freely. That’s good for players too. Recent results from one client, L&L Europe, found a 500% increase in spend limit increase approvals, for example, as they felt more confident in their ability to decide if a player was at risk or not. Q: How is it being received by players currently and why should they engage with the process? Our most recent client results show that players are engaging with this process more readily and with more ease, than with lengthy traditional enhanced due diligence (EDD) checks. Gambling operators had previously faced a churn rate, where players disappeared and chose to gamble elsewhere, of around 80% using older methods. With ClearStake, one of our customers recently reported a 160% increase in players completing the financial risk check process. This represents huge benefits on both sides, but for players it means they are free to enjoy gaming without unwanted interruptions and intrusive processes. ClearStake works similarly to online shopping verification and so the concept will already be familiar to the majority of players. Image credit: Casino Guru News

09 NOV 2023

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