How Fintech Businesses are Supporting the Global iGaming Boom

18th February 2024

Financial technology (fintech) has already revolutionised numerous sectors worldwide, including payments, banking and investing.

However, its impact on regulated real money gaming holds even greater potential. Powered by advanced technologies such as quantum computing, decentralised identification and smart contracts, fintech holds the keys that could elevate the iGaming sector to unprecedented heights.

Industry leaders recognise this potential and are actively leveraging fintech solutions to enhance gaming experiences. Ireland – a nation already developing a reputation as a major iGaming hotspot – is a prime example.

Players at an online casino in Ireland have benefited massively from the replacement of fragmented payment systems with more streamlined digital banking options. This shift translates to a seamless, convenient and secure gaming journey for Irish casino players.

Dedicated financial services designed specifically for their needs further personalise the experience, offering peace of mind and ease of use to the Irish gambling community.

By embracing fintech, the regulated real money gaming industry in Ireland, and across the globe, is poised for an unprecedented transformation. Read on as we take a closer look.

Streamlining Financial Transactions

Gamers from the nascent ages of online gambling will remember the early frustrations of funding accounts and making withdrawals, some of which are often stuck in the slow grind of bank transfers.

Thanks to fintech solutions, gamers have been offered a reprieve from the frustrating financial dilemmas of the early days.

The introduction of digital wallets such as PayPal, Neteller and Skrill have become welcome game-changers, allowing gamers to pre-load funds and enjoy instant cashouts directly to their wallets, bypassing the agonising delay of traditional banking.

But the innovation didn’t stop there. Mobile payment fintech went a step further by offering tap-to-pay convenience.

These days, topping up online entertainment bankrolls is as easy as it gets, with instant on-demand funds accessible within seconds on smartphones at your favourite gaming sites.

Fintech Forges a Fort Knox for Gamers’ Finances

Financial data breaches have previously haunted gamers, forcing them to become increasingly cautious about sharing sensitive banking details online.

But fintech has stepped in as a weaponised modern-day shield of privacy innovations, addressing those concerns by introducing innovative measures to safeguard player data.

Digital e-Wallet technology allowed for the creation of intermediate accounts, shielding sensitive data from gaming platforms.

Blockchain technology has also taken the crown for advanced data protection. It enables anonymous gameplay by scrambling transaction data and building encrypted ledgers of provably fair games.

The move ensures that player details aren’t exposed on-chain and off-chain, bank-grade security reigns supreme, powered by biometric multi-factor authentication, which requires multiple identity verifications before accessing accounts or withdrawing funds.

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Think of it this way – millions of data points become soldiers guarded by watchtowers powered by artificial intelligence (AI).

These automated systems scan tirelessly, instantly detecting suspicious activity that hints at fraud or cybercrime. If they raise the alarm, human security teams spring into action, while the system also implements a protective freeze that stops threats in their tracks.

Fintech has transcended traditional finance security, layering on privacy protections and attack detection that leave outdated models in the dust.

Gamers can finally breathe easy, knowing their financial well-being is secured in a virtual Fort Knox.

Revolutionising Customer Support in Gaming with AI-Powered Fintech

Gaming sites are embracing AI-powered fintech companies, turning customer support into a more tolerable experience.

These AI systems have eliminated the need for endless phone calls, emails and unnecessarily long wait times that have often frustrated gamers.

AI now offers instant assistance through chatbots, empowering players to self-serve for urgent accounts, payment, technical, responsible gaming and even general questions.

Operators partner with these fintech companies to build self-service account dashboards and AI chat agents, offering round-the-clock support at your fingertips.

These AI bots are smart, readily handling 80% of player inquiries instantly, but seamlessly hand over to human agents when situations require a personal touch.

This cutting-edge technology puts player experience at the forefront, ensuring frictionless support that keeps gamers immersed in the action rather than wasting time navigating support hurdles.

Empowering Responsible Gaming with Fintech Innovations

Fintech is also promoting responsible gaming by giving players power and control, dumping the previous one-size-fits-all restrictions of online gambling in the rearview.

Cutting-edge AI solutions analyse individual gameplay patterns, offering personalised insights and empowering players to set binding limits on spending, time and even losses through intuitive digital dashboards.

Biometric authentication ensures only the account holder can adjust these safeguards, preventing workarounds. But like players, AI also empowers operators in equal measure.

Transaction monitoring systems detect early signs of potential problem gambling, allowing trained support teams to offer discreet assistance before those problems escalate.

By collaborating with regulators and incorporating ethical frameworks directly into the gameplay experience, fintech equips operators to become true partners in responsible gaming, integrating a safe, conducive and enjoyable environment for players.