Big betting firms have been in the headlines in recent days, facing record fines for failing to protect customers.
It appears that gambling firms are failing to understand their customers’ intent, and failing to use the right tech tools – used by many other sectors – to avert problems before they occur.
Technology can provide a whole range of solutions to protect gamblers and reduce the likelihood of stiff enforcement action against betting companies.
In the last week alone, five companies have been fined a total of £25 million by the UK Gambling Commission, in part for failing to have sufficient controls in place to protect new customers and problem gamblers from heavy losses.
The gambling industry is now under pressure to address these issues and restore public trust.
Andrew Rhodes, Gambling Commission chief executive, says there are indications that the industry is doing more to make gambling safer, and that many firms are using algorithms to spot gambling harms or criminal risk more quickly.
But algorithms are not an adequate solution. AI-powered customer experience (CX) solutions coupled with FourNet’s unique CX diagnostic approach would provide much more effective safeguards for gamblers and betting companies alike.
Our expert diagnostic approach helps companies get to the root cause of the problems they need to overcome. We use data – both quantitative and qualitative – to find the right technology solution.
One tool that could help betting firms is speech analytics, which can enable contact centres to monitor customer interactions for signs of problem gambling and intervene before it becomes a serious issue.
Speech analytics works by analysing audio recordings of customer calls and using natural language processing (NLP) algorithms to identify key words and phrases that suggest a customer may be experiencing problem gambling.
This could include statements such as “I can’t stop gambling”; “I’ve spent all my money” or “I need to win back my losses.” By flagging these signals in real-time, contact centre agents can be alerted to intervene and offer support to the customer.
Real-time agent assistant technology can also be used alongside speech analytics to further enhance the contact centre’s ability to address problem gambling.
This technology uses machine learning algorithms to analyse the content of a conversation and provide agents with suggested responses to customer queries. In the case of problem gambling, the technology could offer agents scripts and talking points on how to address the customer’s concerns and offer support.
By using speech analytics and real-time agent assistant technology in tandem, contact centres can identify and respond to signs of problem gambling quickly and effectively. This not only helps to reduce the risk of customers developing serious gambling addictions, but also helps to improve the industry’s reputation and restore public trust.
Of course, technology alone cannot solve the problem of problem gambling, or all the issues faced by the gambling industry.
But it is crucial for companies to take a proactive approach to social responsibility and anti-money-laundering, including training employees to identify and respond to signs of problem betting.
By leveraging the power of speech analytics and real-time agent assistant technology, along with expert CX diagnostics conducted by business analysts, data scientists, service designers, and technologists, contact centres can play a key role in reducing the risk of problem gambling and promoting responsible gambling practices.
If you want to know how our CX team and our solutions can help your business, you can bet we’re here to help.