Gambling and the financial sector still do not play well together. There have been multiple issues regarding these industries in the past, but it is evident things will change. Starling Bank, for example, is introducing a gambling blocker. For people with a gambling addiction, this will be a welcome addiction.
It is commendable to see Starling Bank take a big gamble. Introducing a gambling blocker is very risky, a sit cna have all kinds of consequences. For the bank, their main objective is to help customers and addiction problems. Through this tool, they can block betting payments from their bank accounts. An interesting concept that will certainly help a lot of people in the years to come.
A Smart Decision by Starling Bank
It is possible to achieve a similar goal through other measures as well. More specifically, blocking gambling payments requires the involvement of multiple service providers. As such, it becomes a major hassle to effectively prevent such transactions from taking place. Far from an ideal situation, especially in the world of digital banking and internet access.
Starling CEO Anne Boden comments as follows:
“Starling’s gambling blocker underlines how digital banking can quickly react to issues facing customers and use technology to develop solutions that help them to live a better financial life. This isn’t about telling customers not to gamble – it’s about providing problem gamblers with a simple and effective tool that can help them to regain control over their finances.”
At this time, it seems close to 1% of the UK population has a gambling problem. That is a worrisome evolution and a situation which needs to be nipped in the bud pretty quickly. Offering helpful tools, such as the one by Starling Bank, seems to make a lot of sense in this regard. Moreover, the Money and Mental Health Policy Institute has been asking for more convenient solutions to block gambling transactions. It will be interesting to see if other banks follow this example.
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