One of Britain’s leading charities on problem gambling has reiterated its advice to the country’s financial sector around gambling harm prevention.
Though some banks have distanced themselves from betting firms, no longer handling business accounts for them, Britain’s banking sector remains a key partner to the industry.
FIntech firms are also increasingly involved in the sector, supplying it with paytech solutions – many operators have been eyeing up how to utilise Open Banking, for example, partnering with the likes of TrueLayer and Trustly.
GamCare, the operator of the national gambling helpline and an extensive treatment network, recently concluded a workshop featuring various representatives from financial services, debt advice and gambling support services.
The charity concluded that banks should analyse transactional data to identify potential signs of problem gambling like high gambling spending compared to income, late night gambling transactions, or increased gambling activity around payday.
It has also encouraged banks to engage with services like the national gambling helpline, self-exclusion schemes like GAMSTOP and blocking software like Gamban. Banks should refer customers to these third parties in the event transactional data suggests problem gambling, the charity explains.
“Last year, 72% of people who contacted the National Gambling Helpline disclosed financial difficulties,” said Raminta Diliso, Financial Harm Manager at GamCare.
“Banks are particularly well placed to detect harmful and unaffordable gambling through bank statements and transactional data, and provide more targeted support to their customers.
“We hope that more financial services firms will take a proactive approach and put the right steps in place to support customers who are experiencing financial difficulties related to gambling.”
The links between the gambling and financial services sectors in the UK have been a common topic of discussion in recent years within the context of an overhaul of the country’s gambling regulations.
The UK Gambling Commission (UKGC) has often asserted that gambling could learn from financial services, particularly regarding data sharing. Building on this, the conclusion of the Gambling Act review saw the White Paper recommend Open Banking as part of the solution to customer affordability.
Some banks have already been initiating their own measures, however. For example, challenger bank Monzo, one of the fastest growing in the UK, has a gambling blocking tool which it states is used by a large number of its customers.
Meanwhile, Spanish multinational Santender showcased some of its own solutions at Gamcare’s recent workshop. The bank’s methods include solutions for reviewing levels of spend, push notifications on the tools available, and signposting to support services once a customer has spent a large sum of money gambling within 24 hours.
Graeme Cunning, Vulnerable Customers Strategy Manager at Santander, remarked: “At Santander, we believe that the bank, although not responsible, does have a part to play in gambling harm prevention.
“We have built a suite of interventions, including letters and text messages, to provide timely signposting to support for customers at risk of financial detriment due to their gambling.”
GamCare’s workshop comes a few months after the charity urged British banks to consider the implications of the potential use of business accounts for gambling-related payments. GamCare outlined that this practice can be damaging for both the individuals and businesses involved.
