One of the reasons fuelling the rapid expansion of the casino industry is its openness to tech advancements. Of course, as technology improves, it affects customer expectations. For instance, now that many people use their mobile devices to do almost everything, brands must ensure their websites are responsive to cater to this preference.
A brand that’s indifferent to such changes might not really survive the competition. And the casino industry, noticing these shifts, has been turning to technology to improve its relevance. For instance, you can now compare online casinos with Casingdom by simply tapping your smartphone from anywhere. In the same vein, the industry has been benefiting from other advancements, including fintech. To understand how this has been happening, continue reading.
Improved payments
With more than 940,000 attacks happening daily, the need to ensure safe interactions has never been as apparent. Surprisingly, in this sector, more than 70% of operators have recently reported encountering security instances. As such, online casinos have been turning to more secure payment methods in an effort to stay ahead of cybercriminals.
Remember, these instances can actually be hurtful. Given that a good number of online users often survey platforms’ security before transacting, data breaches can really injure your brand reputation.
In fact, studies show that a platform’s reputation for safety and security affects the purchase decision of up to 86%. Plus, according to Security Magazine, 66% may not trust a brand after data breaches.
So, to appeal to these security-conscious preferences, operators have been adopting more secure digital wallets. By integrating robust infrastructures like 2FA and biometric authentication, these wallets allow players to interact with peace of mind, knowing their funds are safe.
By the way, do you actually know that 2FA alone can prevent exposure to up to 99.9% of targeted attacks? Regarding phishing attacks, which have become common in the casino industry, it can reduce exposure to as much as 96%. With such benefits in mind, you definitely would prefer a payment method that uses 2FA.
Cryptocurrency and blockchain
In the beginning, we noted that tech improvements often alter customer expectations. And now that accessing instant fund transfers is possible, a good number of customers actually expect them. A recent study by PYMNTS.com that goes along these lines revealed that instant payments are a very important part of the customer experiences of about 78% of consumers.
For any operator seeking long-term success, this is a huge statistic to ignore. Also remember, as customers change their preferences, some brands are already working hard to align with them. As for instant payments, Projective Groups suggests that 78% of businesses intend to invest in them within the next few years. So, for you to remain competitive, you can’t ignore real-time payments.
Thankfully, crypto transactions can help with that. And even though their transaction speeds vary, some, like Solana, can take as little as 0.4 seconds to complete. Plus, Solana has a robust capacity, allowing up to 65,000 transactions per second, which can be convenient for casinos targeting the international audience. At least, you will be sure that payment systems will remain efficient, even during peak seasons.
Crypto is also more secure than traditional methods. Its immutability ensures that once transactions are recorded, they can’t be altered. These records can always be retrieved anytime, ensuring transparency and fairness.
Plus, decentralization eliminates the single-point failure issues associated with traditional infrastructures. Since privacy and security are some of the issues this industry is grappling with, we may see crypto penetrate it even more in the coming days.
Artificial intelligence
It is almost impossible to envision an industry where AI is not making waves. As a result, its market size has grown so much that it hit $279.22 billion, and it may continue expanding to reach $1,811.75 billion within the next few years.
As you may know, AI has an unusual ability to gather and assess large amounts of data within a matter of seconds. In an industry like the casino, where the number of active players is expected to increase rapidly, this must be good news.
Mark you: As players interact with online platforms, understanding them more becomes possible. For instance, you can tell their gaming preferences, habits, times, etc. With such data, you can tailor experiences that encourage them to stay hooked to your platform. In fact, some experts claim that such experiences can increase retention by up to 44%.
Besides that, if you intend to increase your market reach, this can really be a good strategy – personalization can improve conversions by as much as 20%. But AI does not just help with customization; it can help promote responsible gambling and even improve your security efforts. Since it enables real-time analysis, it can help detect suspicious behaviors like unusual withdrawals instantly. That’s why even digital wallets are integrating it into their operations.
What is our final word?
There’s no denying the fact that tech improvements have really helped the casino industry to advance. With digital wallets, for instance, players can now transact more securely and with speed. To provide even more engaging experiences like instant transfers, several operators have been taking advantage of cryptocurrencies.
Artificial intelligence has also been making inroads into the casino world. In fact, several operators are using it to improve their edge by providing personalized experiences. Plus, given that it allows real-time analysis, AI has become the next go-to solution for combating cyberattacks.
