This article explores the importance of affordability in the context of tech innovation and the customer’s perspective. It emphasizes the need to balance convenience and privacy when assessing affordability at different stages of the customer journey. The focus is on putting the customer first and improving their experience in the tech industry.
Operators have been striving to enhance the customer experience by reducing friction throughout their journey. When it comes to affordability, a layered approach is necessary. Initial affordability assessments should be non-intrusive and conducted seamlessly in the background. These assessments require no additional information from the customer, making them highly convenient. However, enhanced assessments may require sensitive information from the customer, such as historical financial documents, which can be both intrusive and time-consuming.
The convenience and privacy of the customer should be considered when addressing affordability. Privacy measures need to be appropriate to the risk presented and the stage of the customer journey. Non-intrusive affordability checks that combine personal and open data can be conducted without disrupting the customer’s experience. Enhanced affordability checks, which require more intrusion on privacy, are necessary for individuals with higher levels of risk.
Data protection and consent are crucial under the General Data Protection Regulation (GDPR). Operators need to follow strict rules and obtain the customer’s consent for processing personal data. Third-party suppliers may be utilized for affordability assessments, requiring additional consent from the customer. The use of open banking can assist with enhanced affordability assessments, but repeated consent is needed due to the sensitive nature of financial data.
Affordability considerations may infringe on an individual’s freedom to gamble at their desired level, but it is done to protect them from financial harm. Affordability is a relative concept, necessitating a tailored approach for each individual. Operators must strike a balance between protecting customers and respecting their privacy and civil liberties throughout the customer journey.
