More play, less wait. Improving compliance & customer onboarding experience
The gaming and wagering industry has seen exponential growth over the past few years, taking advantage of technology innovations and the prevalence of personal mobile devices. It is an industry that thrives on in-the-moment experiences and fast paced entertainment.
Pointsbet is one of the largest online bookmaker platforms in Australia, with global growth continuing to new markets. Pointsbet offers both traditional fixed odds betting and the world’s most exciting sports betting format, Spread Betting - where winnings or losses aren’t fixed, but depend on how correct a bet is.
Unsurprisingly, in the past year they have seen remarkable growth in active users on their platform, which boasts an outstanding user experience as a result of relentless focus and investment in the technology that underpins it.
While this pace brings exciting opportunities, all high-growth businesses face the obstacles of scaling operations locally and internationally to continually prepare for and support demand.
Online gambling and betting companies face similar challenges to other regulated industries, and for Pointsbet that meant an new obligation to bring the know your customer compliance for newly opened accounts down from 14 days to just three.
Pointsbet, like many regulated companies, had a single vendor supporting their customer onboarding with data services that enable compliance to regulations. However, they suffered the frustratingly common issue of a high proportion of customers whose details couldn’t be verified in a real-time, automated manner. This results in customer drop-offs, (potentially diverting them to a competitor to place their bet) or highly manual processes to review and verify details. For a company that places such a high value on customer experience, this was a poor outcome at the first interaction.
“Getting customers onboard to their chosen device is paramount to our business, especially at peak race or game events where volumes increase substantially. FrankieOne has enabled us to significantly improve straight through pass rates, with risk based decisioning that gives us confidence we know who our high risk customers are. The flexibility of knowing we can add new vendors with the ‘flick of a switch’ in new markets, or if regulation changes - as it recently did - is reassuring.”
The FrankieOne solution
FrankieOne was able to solve this challenge for Pointsbet by providing a single connection to the identity and AML ecosystem that led to a 14% increase in customers onboarded to their platform. Importantly, to meet the change in regulation FrankieOne was able to integrate quickly and on a global scale, supporting their international operations and expansion strategy and enabling the same frictionless experience that has led to their success in existing markets.
Pointsbet were able to select the data source vendors most appropriate to their business needs, primarily focused on data that performs checks on anti-money laundering factors, as well as sanctions for politically exposed persons (PEPs). FrankieOne provided orchestration of customers through industry standard, customised risk based rules and chosen vendors, in a manner that improved automated straight through onboarding and ensured they have a single view of their riskier customers. Furthermore, when one vendor experienced an outage, onboarding was kept online through a failover to the other vendors already integrated through FrankieOne.
This seamless flow feature is critical to an ‘always live’ entertainment and betting experience. FrankieOne was able to support Pointsbet in improving their already exceptional experience, on an international scale.