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Welcome to our latest blog post where we explore how Flows empowers businesses to navigate UK affordability checks with automated alerts and deposit limits. In light of recent regulatory changes announced by the UK Gambling Commission, businesses are facing new requirements to monitor customer spending habits and implement affordability checks. In response to evolving regulatory requirements, Flows provides a comprehensive solution for addressing UK affordability, enabling businesses to comply with affordability checks and adapt quickly to changes in regulations. Let’s dive into how Flows can help businesses meet these new challenges head-on.
The Challenge: The Struggle of oversight and control
In response to the UK Gambling Commission’s announcement regarding affordability checks triggered at £150 in gambling spend per month, businesses are tasked with implementing effective measures to monitor customer spending and ensure compliance. Introducing these checks presents a significant challenge for businesses, as they must navigate complex regulations while maintaining a seamless customer experience. Flows excels in this challenge by empowering users to swiftly automate workflows in real-time, allowing businesses to monitor customer spending proactively and swiftly address emerging risks.
The Solution: automated alerts and deposit limits with Flows
Flows’ advanced automation technology simplifies monitoring deposit thresholds and maintaining financial control. Businesses can proactively manage their finances by setting customisable alerts and limits and prevent overspending. Flows allows businesses to set alerts at specific thresholds, such as £150, and automatically resets the counter at the end of each month. Additionally, businesses can implement monthly deposit limits of £5,000 and annual deposit limits of £25,000. Once these limits are reached, deposits are automatically blocked, and alerts are sent to the team via Slack or any other message system, ensuring timely intervention and enhanced financial oversight.
Behind the scenes – How it works:
- Setting Alert Thresholds: Businesses can configure Flows to send alerts when deposit thresholds, such as £150, are reached.
- Monthly Reset: The system automatically resets the deposit counter at the end of each month, ensuring accurate monitoring of customer spending.
- Implementing Deposit Limits: Businesses can establish monthly deposit limits of £5,000 and annual deposit limits of £25,000 to prevent excessive gambling and ensure compliance with regulations.
- Automated Blocking: Once deposit limits are reached, Flows automatically blocks further deposits and sends alerts to the team for intervention.
Key advantages of using Flows:
- Real-time customisation: Flows offers real-time customization, allowing businesses to adapt rules and settings on the fly to address emerging challenges and changing regulatory requirements.
- Compliance: Flows enables businesses to comply with UK affordability checks and regulatory requirements while maintaining flexibility to adjust strategies as needed.
- Proactive monitoring: Automated alerts and deposit limits, combined with real-time customization, empower businesses to proactively monitor customer spending and identify potential risks as they arise.
- Efficiency: Flows streamlines the process of implementing affordability checks and managing customer spending, saving time and resources for businesses.
- Customer Protection: By preventing excessive gambling and addressing risks in real-time, Flows helps protect customers from potential harm associated with gambling addiction.
With its real-time automation capabilities, Flows emerges as a crucial tool for businesses in addressing UK affordability. It provides a proactive approach to compliance and risk management in the ever-changing regulatory landscape. Businesses can proactively monitor customer spending, protect customers from harm, and maintain a responsible gambling environment. Ready to enhance your compliance efforts? Get in touch with us today to learn more about how Flows can help your business succeed.