Innovations in financial technology are leaving a mark on various industries and companies must move quickly to seize opportunities as they present themselves. Firms in the high-risk gaming sector face a range of challenges and responsibilities which can be addressed with these latest fintech innovations.
Alerijs Sicovs, Chief Business Development Officer at Noda, believes that tech like Open Banking can revolutionise how bookmakers and casinos should approach money laundering, fraud and know your customer (KYC) duties.
Sicovs shared his views with SBC ahead of the SBC Summit in Lisbon, which will feature a dedicated Payment Expert Summit exploring these topics.
What elements of SBC Summit work so well for your organisation, and why is it important for you to be there this year?
Noda’s participation in the SBC Summit is pivotal for several reasons. Firstly, the event’s focus on fostering connections within potential clients aligns perfectly with our strategic goals, as these are key sectors where our Open Banking solutions can significantly enhance payment processes and user experience. Additionally, the summit provides an invaluable platform for sharing insights and discussing industry trends, which helps us stay ahead of evolving market demands.
Being at the SBC Summit allows us to demonstrate our latest innovations and connect directly with potential partners and clients. The interactive environment and the concentration of industry leaders make it an ideal venue for showcasing our capabilities and learning from the best in the business. The networking opportunities and expert panels are instrumental in understanding the challenges and opportunities facing the industry, ensuring that Noda remains at the forefront of providing cutting-edge financial technology solutions.
What would you highlight as the biggest opportunity in the betting and gaming industry over the next couple of years?
The biggest opportunity in the betting and gaming industry over the next couple of years lies in the advanced integration of Know Your Customer (KYC) technologies. As the industry faces increasing regulatory demands and heightened security expectations, implementing robust KYC solutions becomes pivotal. Enhanced KYC procedures not only ensure compliance with anti-money laundering (AML) directives but also significantly elevate customer trust and satisfaction.
By adopting more sophisticated KYC methods, such as those utilising Open Banking technology, gaming companies can offer faster, more secure onboarding and transaction processes. This technology facilitates the secure sharing of customer data under customer consent, thus streamlining identity verification and reducing friction in the customer journey. Additionally, the integration of real-time data checks and the ability to detect and prevent fraudulent activities can considerably reduce operational risks.
Overall, leveraging cutting-edge KYC solutions presents a substantial growth opportunity for the betting and gaming industry. It enables companies to meet compliance requirements more efficiently while enhancing the user experience and fostering a safer gaming environment. This strategic focus not only caters to the immediate needs of the industry but also sets the foundation for sustainable long-term growth.
What areas of the business should we be looking to for innovation in the next 12 months?
In the next 12 months, the focus for innovation should be keenly set on Open Banking and the integration of Added Value Services. Open Banking is revolutionising the financial ecosystem by enhancing transparency and giving consumers greater control over their financial data. This shift is not only reshaping traditional financial services but is also paving the way for advanced security measures, personalised financial advice, and seamless third-party integrations that significantly improve the user experience.
Companies like Noda are at the forefront, showcasing real-world applications and case studies where Open Banking frameworks are being utilised to streamline operations and elevate customer satisfaction. These innovations are proving essential for businesses looking to stay competitive in the rapidly evolving fintech landscape.
Moreover, the strategic integration of Added Value Services within Open Banking infrastructures offers businesses unique opportunities to enhance their offerings. Whether through improved risk management, tailored customer engagement strategies, or optimised payment solutions, these services enable businesses to not only meet the complex demands of today’s market but also to anticipate future trends and consumer needs. By harnessing these technologies, companies can unlock new growth potentials and drive significant advancements in financial technology.
What core challenges do you help solve for your customers/partners?
Noda helps solve several core challenges for our customers and partners, primarily within the financial technology and Open Banking sectors:
- Complex Payment Processes: We streamline and simplify payment processes, making transactions faster and more cost-effective. By leveraging our advanced Open Banking API, we enable direct bank payments that bypass traditional and costly card network fees.
- Regulatory Compliance: Our solutions assist customers in adhering to stringent regulatory requirements, including KYC and AML standards. We provide tools that automate and enhance the accuracy of compliance checks, reducing the risk of penalties and helping businesses maintain their reputation.
- Fraud Prevention: Through sophisticated security measures and continuous monitoring, we help detect and prevent fraudulent activities. Our systems are designed to identify unusual behaviour patterns and potential security threats, thereby protecting both our partners and their end-users.
- Customer Onboarding and Retention: We enhance customer onboarding processes, which facilitates smooth and quick identity verification without the need for traditional documentation. This not only improves the user experience but also boosts conversion rates and customer loyalty.
- Cross-Border Transactions: For businesses looking to expand globally, we facilitate seamless cross-border payments by supporting multiple currencies and complying with international banking standards. This capability is crucial for merchants aiming to grow their presence in new markets without facing the typical hurdles of international finance.
- Data Management and Utilisation: By harnessing the power of Open Banking, we provide businesses with detailed insights into customer behaviours and preferences. This data enables more informed decision-making and helps tailor services to better meet customer needs, thereby driving engagement and enhancing the overall user experience.
By addressing these challenges, Noda not only assists businesses in managing day-to-day operations more efficiently but also supports long-term strategic growth and innovation in the ever-evolving digital landscape.
The Payment Expert Summit and SBC Summit in Lisbon will take place from 24-26 September 2024. The event will see countless other fintech and payments, betting and gaming, and sporting stakeholders share their views and perspectives.
Secure your spot with a special offer granting access to all three core days of the event, including the exhibition floor, conference agenda, and evening networking parties, all for the discounted price of just €400.