HSBC UK is going to introduce a new feature that will allow customers to block gambling transactions, if they want. The tool is part of a wider aim for the bank to give its users full financial control.
Once this setting has been activated, all gambling-related transactions from the account holder will be blocked straight away. Although the featured can be turned on and off, there’s a 24-hour cooling period. Because of this, people trying to stay away from gambling have a reduced urge to place impulse bets.
According to a bank spokesperson, 504,000 of HSBC’s UK-based customers made a betting transaction in 2018. The average of these was £52.50.
HSBC has said that it’s committed to cooperating with charities like GamCare and GambleAware, to help customers trying to stop gambling from achieving that. It also talked about how it intends to similar more future initiatives with these partners. Moreover, the company has provided all employees with the necessary training to identify and assist gambling addicts.
GambleAware’s Director of Information expressed that while people should be allowed to keep betting if they wish to, it’s just as vital that problem gamblers are given the necessary support they need.
Meanwhile, Maxine Pritchard – Head of Financial Inclusion & Vulnerability at HSBC – mentioned that the bank believes that work like this is allowing account holders to make their own spending choices.
Responsible gambling: growing in awareness
Within iGaming, a number of recent initiatives have been launched to promote responsible gambling within the industry. One such example is Mindway AI, which was the idea of Aarhus University professor Kim Mouridsen. This tool aims to identify potential problem gamblers early on, through a combination of artificial intelligence and neuroscience. BetterCollective, a gambling affiliate, has invested into this software.
Elsewhere, a new tool called BetBlocker has been set up to allow online users to block gambling ads – should they want this.