The Future of Fintech in the Gaming Industry: Navigating the Intersection of Finance and Gaming
The dynamic convergence of finance and gaming takes center stage in a compelling panel discussion titled “The Future of Fintech in the Game Industry.” Led by Sarah Kocianski, Forbes Fintech Contributor, this insightful conversation features industry leaders who are shaping the future of this exciting intersection. Joining the discussion are notable figures such as Vadim Drozd, CEO at FinteqHub and Chief Payments Officer at SOFTSWISS, Gilad Naim, COO of Soft2Bet, and Ran Cohen, CEO and co-founder at BridgerPay.
Understanding Fintech in Gaming
Sarah Kocianski sets the stage by delving into the intricacies of fintech in gaming. Fintech, a broad term, encompasses various products and services that facilitate financial transactions within the gaming industry. The panelists shed light on their unique offerings without resorting to sales pitches. Ran Cohen emphasizes the significance of an agnostic layer of technology that unifies payment methods, allowing businesses to integrate seamlessly and connect with many payment providers worldwide. This approach provides flexibility and efficiency for gaming operators.
Vadim Drozd reinforces the critical role of payments in gaming, stating that it acts as the lifeblood of the industry. Ensuring stable and instant payment methods is paramount for creating a safe and trustworthy gaming environment. He highlights the complexity involved in managing payments, from the user’s perspective, where instant balance updates are expected, to the backend processes that may introduce delays and risks.
Gilad Naim provides a comprehensive overview of Soft2Bet’s offerings in the iGaming space. The company operates as a B2B platform, offering various products, including player account management, an impressive array of slots, extensive sports events coverage, and support for over 300 payment methods. Soft2Bet also stands out with its managed services, providing customer support, risk and fraud services, responsible gaming, and more.
Standing Out in the Crowded Payments Space
The conversation then turns to the crowded payments space and how companies differentiate themselves. Ran Cohen clarifies that BridgerPay is not a payment provider but an agnostic layer facilitating seamless integrations. This approach allows businesses to diversify their payment methods and improve approval ratios while dealing with the inherent variations among different payment providers.
Vadim Drozd emphasizes the importance of experience and expertise as a value proposition. In addition to being a reliable payment gateway, FinteqHub positions itself as a consultancy partner for its clients, offering insights into diverse markets, navigating regulatory nuances, and sharing expectations based on regional peculiarities.
Gilad Naim highlights Soft2Bet’s customization and personalization efforts, tailoring solutions for players based on their geographic locations. The company’s broad spectrum of offerings, including a game studio producing monthly releases and the development of an in-house payment gateway, further distinguishes it in the competitive landscape.
The future of fintech in the gaming industry appears promising, with companies like FinteqHub, Soft2Bet, and BridgerPay leading the way. As the intersection of finance and gaming evolves, the emphasis on seamless integrations, diversified payment methods, and a nuanced understanding of regional dynamics will continue to shape the landscape. The collaboration between fintech and gaming experts is set to drive innovation, providing players with enhanced experiences and gaming operators with robust, efficient solutions.
Diverse Payment Preferences: A Global Challenge
Kocianski raises a critical question: Is one of the biggest challenges for gaming customers the multitude of payment options available globally? The panel unanimously agreed, emphasizing the complexity of understanding customer expectations when scaling internationally.
Drozd shed light on the intricate nature of this challenge, stating that it’s not only about recognizing the popular payment methods in a specific country but also about selecting the right supplier for these methods. He emphasized the importance of transparency, support, and settlement frequency in fostering a positive customer experience.
Cohen added that businesses are becoming more educated about their needs, and the focus should be on empowering them to choose from various payment solutions rather than limiting their options. The panel emphasized the need for an agnostic layer that connects many solutions, offering flexibility to businesses in selecting what suits them best.
Innovation Drivers: Consumers, Fintech, and Gaming
Moving on to the topic of innovation, the discussion explored the driving forces behind it. The panel acknowledged the significant roles played by consumers, fintech companies, and the Gaming industry in pushing the boundaries of innovation.
Naim emphasized the innovative tools emerging from fintech collaboration and gaming, ranging from seamless KYC processes to responsible gaming features. Integrating motivational engineering in gaming platforms was highlighted as a unique way to enhance player engagement.
Drozd and Cohen agreed that competition is a significant driver of innovation. The need to be faster, cheaper, and more vital to capture more customers fuels a continuous improvement cycle in both industries.
Cohen pointed out that the gaming industry is exceptionally innovative compared to other sectors. The immersive experience created for users, incorporating elements like wallets, balances, and even travel options, showcases the industry’s advanced nature.
Consumer Protection and Regulatory Focus*
The discussion then delved into the critical topic of consumer protection, especially in an industry that deals with potentially vulnerable customers. Naim highlighted the value of transparency in player protection, emphasizing the absence of hidden commissions and the display of processing fees in a transparent manner.
Cohen outlined the importance of due diligence and strict criteria in onboarding gaming operators. The focus on PCI compliance and data security ensures that players’ data remains protected. The panel collectively expressed the necessity of creating a robust, bulletproof system through licenses, risk matrices, and professional teams to mitigate risks associated with gaming.
Drozd emphasized the role of customer support in ensuring a positive customer experience, especially when problems arise in payments. Quick identification and resolution of issues contribute significantly to building trust and safety for the end-user.
A Symbiotic Growth Story
As the discussion concluded, it became evident that the intersection of fintech and iGaming is marked by challenges met with innovative solutions. The collaboration between these two dynamic industries not only shapes the future of digital transactions but also ensures that consumer protection remains at the forefront of their endeavors. With a focus on transparency, flexibility, and robust security measures, the symbiotic growth story of fintech and gaming continues to evolve in the ever-changing landscape of the digital era.
