GamCare’s Guide to Bank Support for Gambling Harm

Gambling-related harm is a significant and growing issue, affecting many individuals across the UK. As part of its ongoing efforts to address this pressing concern, GamCare, the UK’s leading gambling support charity, has been actively working with financial institutions to identify strategies that banks can adopt to help protect their customers. Following a recent workshop involving over 70 experts from various sectors of the financial services industry, the charity has highlighted several key measures that banks can implement to reduce the impact of gambling-related financial harm.

Understanding Gambling-Related Financial Harm

GamCare’s Gambling-Related Financial Harm project was established in 2019 with the goal of creating a cross-sector collaboration between the gambling support sector, the financial services industry, and other relevant organizations. The project aims to share knowledge, develop resources, and empower institutions to support customers who are impacted by the financial consequences of gambling.

The idea behind this initiative is to tackle gambling-related harm from multiple angles. By leveraging the vast amount of transactional data that banks have access to, financial institutions can proactively identify customers who may be struggling with gambling problems and offer them targeted support before the situation escalates.

Recent Workshop Brings Together Experts from Different Sectors

The recent GamCare workshop brought together over 70 representatives from financial services, debt advice services, and gambling support organizations. The session provided a platform for these experts to discuss how banks can be more proactive in identifying and addressing gambling-related financial harm. One of the key takeaways from the workshop was how some banks are already beginning to take significant steps to engage with customers who may be at risk.

One notable example came from a speaker from Santander, who discussed the steps the bank has taken to identify and engage with customers who may be at risk of gambling-related financial harm. Santander has implemented several initiatives, including tools to track and review customers’ gambling expenditure, frequent push notifications to inform customers about available support tools, and the introduction of signposting to support services when customers spend large sums of money gambling within a 24-hour period. These proactive measures are intended to provide customers with timely information and help them take necessary steps to reduce the risk of financial damage due to gambling.

Proactive Steps Banks Can Take to Protect Customers

Based on the discussions at the workshop, GamCare has outlined several key recommendations for how banks can better support their customers in the face of gambling-related harm. These recommendations aim to ensure that financial institutions use the resources and data at their disposal to identify potential gambling problems and offer timely, effective interventions.

Analyzing Transactional Data for Signs of Gambling Harm

One of the primary ways in which banks can help identify customers at risk of gambling-related harm is by analyzing transactional data. Bank statements and transaction histories can reveal patterns of behavior that suggest gambling may be having a negative impact on a customer’s financial situation. For example, a sudden increase in gambling expenditure compared to income, late-night gambling transactions, or a rise in gambling activity around payday can all be red flags for harmful gambling behavior.

By closely monitoring these patterns, banks can identify when a customer’s gambling activity may be becoming problematic. This proactive approach can help banks intervene before the customer’s financial difficulties worsen, allowing them to provide early support or refer the individual to specialized gambling support services.

Referring Customers to Expert Gambling Support Services

Once a potential gambling problem is identified, banks can play an important role in referring customers to specialized support services. GamCare encourages more banks to work closely with gambling support organizations, such as the National Gambling Helpline, and refer customers who may be at risk of gambling-related financial harm. This referral process could involve directly connecting customers with helplines or providing them with the necessary contact details to access support.

Moreover, referral to expert services should not be limited to emergency situations. Even when a customer’s gambling activity appears to be more of a long-term issue, early intervention can still make a significant difference. Connecting at-risk customers with support services as soon as gambling problems are identified can help prevent further financial damage and increase the chances of successful intervention.

Promoting Self-Exclusion Schemes and Blocking Software

In addition to referrals to support services, banks can encourage customers to take advantage of self-exclusion schemes and blocking software as further tools to protect themselves from gambling-related harm. One of the most well-known self-exclusion programs in the UK is GAMSTOP, which allows individuals to voluntarily exclude themselves from participating in online gambling for a specified period.

Banks can also promote the use of software like Gamban, which blocks access to gambling websites and apps on mobile devices and computers. By providing these options and encouraging customers to take action, banks can help mitigate the risk of customers continuing harmful gambling behaviors.

Offering Bank Gambling Blocks and Other Financial Tools

Many UK banks now offer gambling blocks on current accounts as part of their efforts to address gambling-related financial harm. These gambling blocks allow customers to prevent any gambling-related transactions from being processed through their accounts. By offering this tool, banks can provide customers with an additional layer of protection, enabling them to take control of their finances and reduce the temptation to gamble.

In addition to gambling blocks, banks can offer a range of other financial tools to help customers manage their spending. These tools can include setting up spending alerts, offering financial advice services, or even putting limits on certain types of spending. By providing these options, banks can empower customers to better control their finances and take steps to prevent further gambling-related harm.

The Role of Banks in Gambling Harm Prevention

GamCare’s Financial Harm Manager, Raminta Diliso, emphasized the important role banks play in identifying and preventing gambling-related financial harm. According to Diliso, “Last year, 72% of people who contacted the National Gambling Helpline disclosed financial difficulties.” Given that banks are well-positioned to detect harmful and unaffordable gambling through transaction data, they have a unique opportunity to provide targeted support to customers before their financial difficulties become more severe.

Diliso also highlighted that many individuals may not be aware of the support options available to them or may be reluctant to seek help. Banks, therefore, have a critical responsibility to proactively reach out to their customers and ensure they are aware of the support services at their disposal.

Moving Forward: A Collaborative Approach

In conclusion, the workshop hosted by GamCare has highlighted the importance of a collaborative approach to addressing gambling-related financial harm. Banks, gambling support services, and other relevant organizations must continue to work together to identify customers at risk and provide effective, targeted support. As more financial institutions adopt proactive measures to protect their customers, the chances of mitigating the harmful effects of gambling on individuals’ financial well-being will improve significantly.

Conclusion

In conclusion, the role of banks in addressing gambling-related harm is critical to supporting vulnerable individuals and preventing further financial difficulties. GamCare’s recent workshop highlighted the importance of a proactive, collaborative approach that involves not only banks but also gambling support services, debt advisors, and other key stakeholders. By analyzing transactional data, referring customers to expert services, and offering practical tools like gambling blocks and self-exclusion programs, banks can significantly reduce the risk of financial harm caused by gambling.

As more financial institutions adopt these measures, they can make a real difference in the lives of individuals who are struggling with gambling addiction and its financial consequences. By taking early action, offering timely interventions, and promoting awareness of available resources, banks can help protect their customers and ensure that those affected by gambling-related harm receive the support they need to regain control over their finances and well-being. Ultimately, a coordinated and proactive approach will foster a safer financial environment for all customers, particularly those at risk of harm due to gambling.

FAQs

How can banks help prevent gambling-related harm?
Banks can prevent gambling-related harm by analyzing transactional data, identifying risky gambling patterns, and offering support tools like gambling blocks.

What is GamCare?
GamCare is a UK-based charity providing support for individuals affected by gambling harm, including financial difficulties and addiction.

How do banks detect gambling-related financial harm?
Banks detect gambling-related financial harm by analyzing customers’ transaction data, including spending patterns, high levels of gambling expenditure, and late-night transactions.

What support services can banks refer customers to?
Banks can refer customers to expert services like the National Gambling Helpline, GamCare, and other gambling support organizations for help.

What is GAMSTOP?
GAMSTOP is a self-exclusion program that allows individuals to voluntarily exclude themselves from online gambling for a set period.

How can gambling blocks help prevent harm?
Gambling blocks prevent customers from making gambling-related transactions on their bank accounts, offering a financial safeguard.

Can banks provide financial tools for customers affected by gambling?
Yes, banks can offer financial tools like spending alerts, financial advice services, and account blocks to help manage gambling-related financial difficulties.

What should customers do if they notice gambling affecting their finances?
Customers should reach out to their bank or gambling support services to get advice and assistance in managing their gambling and finances.

How can banks promote awareness of gambling support services?
Banks can send notifications, provide information through their websites, and encourage customers to contact gambling support services if they detect harmful gambling behavior.

Why is it important for banks to engage in gambling harm prevention?
Banks have access to valuable transaction data, making them well-positioned to identify at-risk customers and offer timely interventions, helping to prevent financial harm.