GambleAware studies HSBC and Monzo accounts to understand gambling block behaviour

GambleAware has published a new report into the spending habits of gamblers as it takes steps to produce holistic literature around gambling-related harm for the financial services industry. The report, produced by the Behavioural Insights Team (BIT), analysed bank transactional data from customers at HSBC and Monzo to discover what insight can be gained regarding gambling behaviours. The report studied 1.5 million HSBC customers and 10,000 Monzo customers and explored the use of gambling blocks, frequency of transactions and transaction spend. For example, the report found those using Monzo’s gambling blocking feature tripled their average daily gambling spend in the week leading up to activating the block. Additionally, the research revealed Monzo users who gambled frequently had less money on average in their savings accounts when compared to non-gamblers. However, the BIT conceded that while the report was helpful in producing datasets, the sample was not comprehensive enough to fully understand the behaviour of gamblers or build a complete picture of their financial wellbeing. In light of this, GambleAware has commissioned the Personal Finance Research Centre at the University of Bristol to produce a practical guide for the financial services industry to help protect customers from gambling-related harm. The guide will offer examples of how firms can identify problematic behaviours and what steps can be taken to support their customers. Zoë Osmond, GambleAware CEO, said: “This research from the BIT is a good first step to explore how bank transactional data may be able to identify behaviours indicative of gambling harm. “While more research is needed into this area, we encourage all financial institutions, including those from non-bank settings, to make the most of the new guide to see what they can do to protect their customers from gambling harm,” she added.