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Online gaming companies face a critical challenge: rapidly onboarding legitimate customers while maintaining stringent KYC (Know Your Customer) compliance. Swift verification processes are essential for revenue generation, but many firms struggle with inefficient KYC solutions that create significant hurdles.
One prominent online gaming company found itself facing these challenges head-on. Its existing KYC processes were struggling to keep up with verifying good users, resulting in poor auto-approval rates and an overwhelming number of applications requiring manual review. This led to operational bottlenecks and a subpar customer experience, ultimately driving away legitimate users and hindering the company’s ability to generate revenue.
Socure’s Impact: Better Identity Verification Drives a $12M Increase in Customer Lifetime Value and Decreases Manual Review Rate by 55%
Recognizing the need for a more comprehensive and accurate identity verification solution, the gaming company decided to evaluate Socure’s services against its incumbent providers across several of its key product offerings. The company opted to use Socure Verify and Global Watchlist for its digital sportsbook platform which onboarded hundreds of thousands of new users per year.
The results were undeniable. Socure was able to auto-approve 61% of player applications rejected by the incumbent provider. Overall, Socure raised auto-acceptance rates from 84.5% to 91.3%, leading to about 200,000 additional successful applications annually.
In addition to the significant boost in auto-approvals, Socure also delivered impressive efficiency gains. The gaming company saw manual review volumes drop by 55% from 6% to 2.7% due to improvements in identity verification, saving the company’s customer service team time and effort and improving the customer experience.
These improvements translated to adding $12M in potential customer lifetime value for the gaming company based on growing its customer base.
The Path Forward
By partnering with Socure, the online gaming company was able to strike the right balance between user experience and regulatory compliance. Socure’s advanced identity verification solution, powered by AI and a robust data consortium, allowed the company to onboard more legitimate users faster, while reducing friction and manual reviews.
With Socure as its primary identity verification provider, the gaming company was able to deliver a superior experience for its users, streamline its operations, and unlock new revenue opportunities. The partnership has proven to be a strategic and transformative investment in the company’s long-term success within the highly competitive online gaming landscape.
Matt Blankenship is an Account Executive Director at Socure, bringing over seven years of expertise in identity and fraud prevention. His experience spans multiple industries including gaming, financial services, eCommerce, social media, and on-demand delivery.
