The Money and Mental Health Policy Institute (MMHPI) has announced a new initiative designed to help banks in the United Kingdom to detect and help combat problem gambling or financial habits that could be pointing to addiction.
The charity has introduced its three-year program called the Gambling Harms Action Lab which will seek to better protect people who may be suffering from gambling addiction.
The initiative is funded through a regulatory settlement that was approved by the country’s regulator, the UK Gambling Commission, and will involve anything between five and seven banks.
There will be an 18-month period during which the initiative will seek to improve the support services at partner banks, and the charity will also support the selected account providers in developing the programs, tools, and preventative measures they will put forward to guarantee, what the charity argues, are "improved outcomes" for customers who may be suffering from gambling-related problems.
The MMHPI approaches this new initiative with much understanding, too, as the initiative itself is based on a recent report by the charity called Shining a Light: Exploring the role of financial services in tackling gambling harms, which seeks to better understand how personal finances, and financial custodians such as banks, can impact player behavior and what role these phenomena have to play in helping mitigate the risks of sliding into gambling addiction.
The report is quite expansive, and it calls for a proactive engagement on the part of banks who reach out to consumers and encourage them to find out more about blocking tools and voluntary spending limits. Banks will also have to make an honest effort when seeking to raise awareness for problem gambling in general, and responsible gambling in particular.
The MMHPI insists that account providers, i.e. banks, have a unique insight into people’s gambling spending thanks to the vast transaction data they use.
By using this data, banks can introduce additional guardrails to help mitigate harm and prevent people from sliding further into problem gambling. The MMPHI is also making a call to action to account providers, asking them to step forward and reach out to the organization if they are keen to help safeguard consumers.
Among the action plan points outlined by the MMPHI are such solutions as proactive communication and identification of at-risk or people who already experience gambling harm. Integrating gambling harm awareness into customer journeys, and more.
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