GMB – First of all, congratulations on your appointment as OKTO’s CEO for LatAm. What new
developments did you present during SBC Rio?
Leonardo Chaves – Thank you. It’s a new challenge to learn a little more about the dynamics of other markets in Latin America and to take the best practices we’ve implemented in Brazil to other countries. At SBC, we launched three new products in the payments world. Pay & Play, a product we already had and was a success in the pre-regulated market, was adapted to the post-regulated market, following the KYC issues of the regulation, with facial recognition, documentation and everything else. It makes the user journey easier, as we know that the biggest friction for bettors is the part of filling out the KYC form, as well as at the time of payment. This has led to low conversion rates for operators.
So, looking at this, we combined these two points of friction into one. Instead of eleven steps of filling out data for KYC, we optimized it in two steps. He will pay and, with the payment, we have the CPF information and bank details. He does not need to fill out forms, which usually have a high rate of filling errors. He performs facial recognition and, with this, we optimize the other information we have in the database so that it is not necessary to explore more and more user information.
Does this allow us to identify whether this user already has an account with a particular betting company?
I don't need to identify them, but I can optimize this process. Even if it's a known user, I segregate the operators' databases. It could even be a known user from a non-betting operation, such as a traditional e-commerce or a banking solution. The important thing is that I have their information to complement and speed up the registration process. I make it easy, in just a few steps, for them to start playing as quickly as possible, complying with regulatory rules.
You also launched a tool via WhatsApp that will speed up the processing of data and transactions. What are the benefits of this OKTO product for the operator and what facilities will the bettor have?
In fact, it is a payment solution, but it is not on the operator's website. We are bringing leads to the operator, generating value. The first major value is that it is a technology that runs 100% on WhatsApp. For us Brazilians, WhatsApp is an essential tool: 93% of adults use it, it does not consume internet, and most operators offer this as a benefit. In addition, many Brazilians have smartphones with little memory, so downloading and deleting apps is common. WhatsApp, on the other hand, is easy to use, trust, and is user-friendly. We are using a new technology from Meta that emulates an app within WhatsApp, allowing bettors to register and interact directly with partner operators, without having to create additional accounts.
By using this solution, the user receives cashback, eliminates friction during registration, and is already registered with a balance to bet. We are also implementing the intelligent Pix, which facilitates recurring transfers and eliminates additional steps, such as opening the bank app.
How are operators receiving these new features from OKTO?
It has been a pleasant surprise. Many operators are interested, scheduling meetings for integration and learning more about the solutions. We are working to offer simple and fast APIs to facilitate implementation.
The time when OKTO was ‘just’ a payments company is long gone, and today it has become a company offering complete KYC, financial transactions and Responsible Gaming solutions?
OKTO positions itself as a company that seeks to bring leadership in innovation. We identify the customer’s pain points and work to offer solutions for them.
OKTO is much more than a payments company. We are a complete financial management solution for the sports betting and online gaming market, focusing on the user. Our goal is to improve their experience, reducing friction and increasing conversions for operators. That is why we are positioning ourselves as OKTO Bank, offering innovative financial solutions.
What new features can we expect from OKTO?
We are closely monitoring the Central Bank's innovations, such as automatic Pix, Pix with biometrics and recurring payments, scheduled for June. These new features will make the user journey even easier and we will be ready to launch them as soon as they are available.
Source: Exclusive GMB
