Researchers use banking data to understand how to reduce gambling harm
After analyzing behavioral data from both HSBC and Monzo customers, UK charity GambleAware has released a guide for financial services companies looking to help vulnerable customers.
Over the past two years, several UK banks – including Barclays, Lloyds Banking Group, NatWest, Monzo and Starling – have introduced “game blocks”, which allow customers to avoid spending with a bank card in points of sale. game, both online and in person.
However, with gambling remaining a major societal issue, GambleAware worked with the Personal Finance Research Center at the University of Bristol to explore how banks can help their vulnerable customers.
The researchers combed through transactional data on 1.5 million HSBC customers and 10,000 Monzo customers.
For those using Monzo’s game blocker, the week before players activated the block, their average daily game spend tripled. Players also have less money on average in their internal Monzo savings pots than non-players.
Players rated “Very Concern” by HSBC made an average of 35.6 gambling transactions per month, compared to 15.6 for those rated “Regarding” and just 1.2 in the “Control” group.
New How-To Guide for Banks offers real-life examples of what businesses can do to identify and support customers at risk of gambling-related financial harm. It highlights the value of financial companies proactively analyzing data customer transaction patterns for spending patterns and behavioral cues.
Professor Sharon Collard, Research Director at the Center for Personal Finance Research at the University of Bristol, said: “A conservative estimate is that at least five million people in Britain are victims of dangerous gambling, either because of their own game or that of someone else.
“Regulated financial services companies are well positioned to deal with the financial damage associated with gambling vulnerability and our how-to guide shows them how. Doing this can have beneficial effects on other dimensions of gambling-related damage, such as people’s mental health. “