ClearStake’s Open Banking Technology Enhances Player Retention and Approval Rates
ClearStake, a provider of real-time risk profiling tools, has unveiled promising results from operators utilizing their solution.
The company’s Open Banking technology, tailor-made for the iGaming industry, has led to a remarkable decrease in player churn and a substantial increase in approvals for limit increases. This article delves into the outcomes achieved by operators using ClearStake’s innovative solution.
Reducing Player Churn
One of the primary challenges in the iGaming sector is minimizing player churn, and ClearStake’s technology has proven effective in addressing this issue. By instantly identifying players who can safely increase their stakes and those who require protection, ClearStake’s solution strikes a balance between minimizing harm and maximizing revenue.
The conventional method of requesting physical bank statements has long been regarded as a laborious process, causing frustration for both operators and players. It’s estimated that this approach results in approximately 85% of customer churn. ClearStake’s breakthrough technology offers a more streamlined alternative.
ClearStake has shared data that showcases the tangible benefits experienced by its customers. For instance, a sportsbook operator witnessed an astounding 160% increase in players completing enhanced due diligence (EDD) checks through ClearStake compared to conventional methods.
Another success story involves an online casino platform that harnessed ClearStake to expedite and manage the process of players requesting adjustments to their spending limits. As a result, the operator reported a remarkable 500% increase in approvals for limit increases, soaring from 10% to an impressive 60%.
Efficiency and Confidence
Additionally, the online casino platform observed a 60% reduction in the time it takes for staff to assess a player’s financial health compared to manual reviews. This was attributed to the increased confidence in the comprehensive and accurate data supplied by ClearStake.
These outcomes underscore ClearStake’s leadership in the iGaming RegTech landscape. The company anticipates even stronger results in the final quarter of the year as it continues to refine integration and broaden the application of its Open Banking technology.
Martin Burt, Founder of ClearStake, commented on these results, stating, “These customer results highlight ClearStake’s Open Banking technology’s ability to expedite financial risk checks, save costs, and enhance decision-making confidence regarding affordability. We eagerly anticipate further improvements as our customers deepen their integration and expand the range of use cases.”