My colleague Andreas and I attended the Disrupting Online Gambling – Technology, Security and Regulation 2018 Conference in London last week. It was a nice and well-organized event bringing together the main stakeholders from iGaming operators, Regulators and Vendors to talk about how new technology can disrupt or at least easy current regulation. My general findings from the event are as follow:
- It is a general lack of trust in the industry from both players and media. Positive news is that the operators are acknowledging this, and a lot have been done – in the background – to improve.
- Responsible gaming is a big deal and a very tough balance act between financial gain and compliance. Adding fierce competition on top of that does not make it easier.
- Strong interest in more collaboration in the industry to tackle attitudes from media, requirements from regulators and push for access to supporting tools.
I hosted a round table discussion with the topic: How will KYC and AML-activities be helped by new digital methods like Open banking and GOV.UK Verify. Most focus were put on the new open banking api’s and how they can be used in practise to comply with current and future regulation. It is great to see that UK will get its first semi-digital identity – now we can only hope that usage will pick up quickly so that merchants can benefit from reduced fraud and increased conversion.
These are my observations from that session:
- People in the audience are generally not experienced with open banking. None of the participants had even used in in practise. The questions were many balancing from curiosity to fear. Does it work for all banks? What am I sharing and who will be able to access my data?
- I believe habits will be the largest barrier for adoption of Open banking in the UK. Younger people will lead the way as the Snapchat generation are far quicker on adapting new online habits then older generations. In the end, and once trust is established in the eco-system convenience and speed will take precedence pushing general usage.
- Once understanding it people are quick on finding new ways of using it. Why not giving out bonus as a percentage of people’s annual earnings as one participant suggested to target the right audience. Maybe a future use-case.
I believe that open banking will make a huge contribution on safe-guarding identity and affordability in a quick and convenient way. The UK have high fraud rates and no good ways to proof someone’s identity. Open banking can change that. At the same time, it is good that GDPR is here to balance the usage of the rich data being provided and making sure that the consumers’ integrity is protected.
If you have questions related to digital identities in general of Open Banking feel free to reach out to me at [email protected].