5 ways to increase user opt-in for financial checks

It’s no secret that most operators struggle to get their customers to complete financial risk checks, whether for affordability or AML purposes. But too often that turns to defeatism: the idea that ‘nobody wants to do these checks’ and that customers are hard-wired to say “no”.

We know, on the other hand, that this isn’t true. We’ve worked with multiple operators on optimising how and when customers are asked to share financial data. And we’ve successfully got the numbers completing checks up to 50% in some cases.

Some of that is because the process itself is so quick and easy. But a lot is simply about the way in which you ask the question. 

Here’s what we’ve learned.

1. Put the customer in control

Nobody likes being bossed around, and certainly not by the government. When sending email or SMS, make sure the customer understands that this is a situation they control. Consider stepping in earlier in the customer lifecycle, when sharing data really IS a choice. And re-iterate that everything you are doing is in order to protect players and ensuring gambling remains fun.

2. Restrict choice (at first)

It is well understood that too much choice can cause people to freeze. That is not what you want to happen. So if you have a preferred way of conducting a financial check, that is going to work better for the customer and for your organisation, present that method as the only option.

Trust us, the worst thing you can do in an opening email is show the customer a long list of documents they might like to share in order to get the job done. It is intimidating, and it reduces the number of customers who manage to get the process started.

3. Make it clear what needs to happen, but stay friendly

Striking the right balance in communications is key. There can be a tendency within compliance departments to assume that language has to be dry, formal and technical. This isn’t the case, and as you can imagine, it puts people off. 

It is important to be absolutely clear about what you want the customer to do, but you don’t need to surround that message with paragraphs of legalese about your obligations under the law and to the Gambling Commission. Most customers understand the situation - they don’t need chapter and verse. Keep it simple, light and direct.

4. Use a multi-channel communications strategy

If you absolutely, definitely, certainly needed to get one person to do something in order to save the world, would you send an email? Probably not. It’s the same with asking customers to complete financial checks (or indeed anything else).

Think as broadly as possible about the ways in which you can get in front of customers and let them know they have the option to spend more. Email, SMS, in-app and on-ste messaging, live chat and even on the phone. And the process isn’t a case of ‘one and done’ - build a communications cadence that ensures you get the message across sooner or later.

5. Provide choice (later)

If your customers haven’t taken the option you first present them with, go right ahead and give them additional options down the line. There may be reasons they don’t want to complete the process via Open Banking, and that’s OK. Provide alternative options, although again it’s worth not presenting absolutely every choice they have in one go. And at each stage of the process provide the ability to speak direct to a member of the compliance team in order to be supported through the process.

That's it. It sounds simple - because it is. And by following these 5 tips, you can ensure more customers than ever at least start the process. Which is half the battle.