The true cost of manual KYC verification
When it comes to KYC, manual verification carries hidden costs that are often not immediately apparent but significantly impact the operations of any iGaming platform.
While security is frequently cited as the main reason for choosing this approach, the truth is that manual verification is far from being efficient or secure.
We are talking about:
Operational Expenses
Maintaining a team for manual document verification requires a considerable amount of financial resources.
The costs associated with personnel, training, supervision, and infrastructure can quickly add up.
Additionally, each document must be reviewed individually, leading to a waste of time and energy.
Every minute spent on manual analysis is a minute lost in attracting new bettors and expanding the customer base.
Wasted time
Manual verification is a slow and time-consuming process, especially when compared to automation.
Teams must verify documents, compare them with records, and conduct additional checks to ensure compliance.
This delay frustrates customers, who may give up or choose faster platforms. In many cases, waiting time is a crucial factor that drives customers away.
Customer abandonment
User experience is directly linked to the speed and efficiency of the verification process. Bettors who face long waiting times or have to submit multiple documents to complete the KYC process may feel discouraged.
The illusion of security in manual verification
A common concern about automation is that it may be vulnerable to fraud. However, current technologies provide greater security and accuracy than manual verification.
While humans can make errors, automation uses advanced algorithms and artificial intelligence to detect fraud with far greater precision.
The perceived security of manual verification often stems from a fear of the unknown.
Thus, platforms that refuse to adopt automated solutions are actually increasing risks by not leveraging the most advanced technology available.
Ignoring automation is a risky choice, especially in the iGaming market, where fraud and identity theft are common.
Furthermore, in a highly regulated environment, iGaming platforms must comply with various data protection and anti-money laundering laws.
In this scenario, manual verification makes compliance even more complex and prone to errors. Automation, on the other hand, ensures that all documents are verified accurately, eliminating the risk of human error.
How 100% Automation Solves KYC Problems
It’s time to stop struggling! Automating the KYC process offers an efficient and secure solution to the problems caused by manual KYC.
Legitimuz, for example, uses a fully automated system that achieves a 99.2% approval rate without human intervention, which not only significantly reduces costs but also increases customer satisfaction by making the process faster and more efficient.
Conversion rate above 80%
Legitimuz delivers a KYC conversion rate of over 80%, meaning that 80% of new users complete verification seamlessly.
For those who complete the process, 99% are approved, eliminating the issue of rejected approvals, which are often common in manual systems.
Real-time verification
One of the main benefits of automation is real-time verification. Legitimuz performs instant verifications with a processing time of less than 30 seconds.
This eliminates the delays that are so common in manual approaches. Additionally, automated verification ensures that the process is always consistent and efficient, regardless of the volume of requests.
Full compliance
Legitimuz guarantees full compliance with current regulations, ensuring that all verifications meet data protection and security laws.
This means you don’t have to worry about fraud or compliance errors, which can be critical for an iGaming platform.
High performance on older mobile devices
Another major advantage of Legitimuz is its high performance on lower-end devices.
The system is optimized to run smoothly on older smartphones, ensuring that users across all technology levels can complete identity verification without friction.
Acceptance of various digital documents
To top it all off, the platform accepts all types of digital documents, ensuring fast and accessible verification for all users.
This support eliminates the need for multiple file uploads or unnecessary steps.
Additionally, Legitimuz ensures that all verifications are conducted in accordance with local laws, respecting data protection regulations.
It’s time to move forward!
Leave outdated methods behind and take the next step! Adopt automation now and revolutionize your platform’s KYC verification.
Click here to instantly upgrade your operation!
Source: Legitimuz
