As white paper titles go, the UK Government’s recent proposals for tightening gambling regulations was unusually expressive. Yet ‘High Stakes: Gambling Reform for the Digital Age’ not only does what it says on the tin, but also represents one of the greatest shake-ups the UK gambling industry has ever faced.
The long delay to its publication, and the lobbying that had been taking place in the background, did at least give gambling companies plenty of advance warning of what was to come – and with further consultation still to take place, some of the goalposts may yet shift. Yet the final arrival of the paper means gambling companies will be required to make significant operational changes, and absorb equally significant costs. For instance, one leading gambling firm, says it expects to lose up to £100m a year as a result of the reforms. And yet, as we’ll go on to explore, there are opportunities for the industry here too – particularly for those who seize the opportunity to analyse their customer complaints in greater depth.
Gaining a competitive edge
Having worked with clients in the financial services, transport, manufacturing and retail sectors, I would strongly encourage firms in the gambling and gaming sector to manage complaints more proactively. To gather better information, and then use that data to protect vulnerable customers, while developing business efficiencies that otherwise would probably never have been identified.
There is an opportunity here to gain a competitive edge by moving quickly to understand, embrace and potentially play a role in shaping the new regulatory landscape – and to adapt to the white paper’s recommendations before they become compulsory. Indeed, in an environment in which customer care is under unprecedented scrutiny, the reaction of companies to the white paper is likely to prove critical to future brand value and reputation.
Here at EQ, our expertise, complaints management technology and specialist resourcing services can help you reveal the hidden insights of your complaints data. We can enable you to better understand your customers and improve the performance of your customer service and complaints operations.
One of the EQ offerings available is our award-winning complaints and feedback management system. It assists firms with the identification of process/service failures, customer vulnerabilities, and compliance issues, and allows businesses to realise the following benefits:
- Improved customer experience
- Improved reputation of organisation
- Efficiencies around complaint handling
- Better customer outcomes from automated identification of customer complaints and QA
- A reduced redress burden and minimisation of imposed regulator fines
- Continual learning, that can be used to improve business operations
- Identification and understanding of customer vulnerabilities to improve services
As specialists in complex complaints handling and remediation projects, EQ brings together cutting-edge automation technology and specialist resource to provide market-leading, blended solutions. This proven approach has led to successful automation of up to 80% of the case load and a resource reduction of up to 75% for some clients.
With some of the wide-ranging changes identified by the white paper, now is the best time to assess how your firm can use complaint data to address the social responsibility challenges both the government and Gambling Commission are looking to address.