Halifax has become the first British financial firm to introduce new measures to help its customers manage their money efficiently and risk according to iGamingbusiness.com.
In the Halifax mobile app, users can now trigger a’ gambling card freeze’ which prevents all gambling-related debit or credit card transactions. If consumers decide to reverse this decision, they would have to wait for a period of 48 hours to “defrost” their ticket.
Halifax said it is the first UK bank to require betting freeze to be extended to customers. The bank also said the defrost cycle will provide citizens with time to think about ensuring that their decision is not taken in hurry or under pressure.
The freezing of the betting card was part of a wider initiative at Halifax, with the company now providing additional guidance for consumer-facing employees in its offices, as well as exchanging new digital customer support data.
However, Halifax partners with the University of Warwick to study and examine the effects of gambling damage. The bank is going to discuss its results with the Gambling Commission and other outside bodies.
“We know that people who gamble a higher proportion of their income are more likely to face financial pressure – so we’ve introduced the freeze tool to help them manage that,” Halifax managing director for consumer finance, Elyn Corfield, said.
“Importantly, by also introducing a defrost period we’re helping to protect those who might otherwise make an impulsive return to gambling.”
By providing betting monitoring services to clients, Halifax follows Lloyds Bank, Bank of Scotland and MBNA, all of which are members of the Lloyds Banking Group.
HSBC UK has launched a new self-restriction system earlier this week to allow its customers to block their banks ‘ gambling transactions. In collaboration with industry charities GamCare and GambleAware, HSBC has created the new feature.
It recently announced a new project to combat problem gambling, NatWest, another financial company, linking up with GamCare to help its British customers in the region.