Lloyds Bank, a prominent UK high street bank, has launched a pioneering trial that offers personalized gambling limits—a first-of-its-kind service among high street banks in the country. As part of this trial, customers using the Lloyds Bank mobile app can now set a monthly debit card gambling limit to the nearest whole pound, whether they are spending online, in person, or over the phone. This innovative feature aims to help customers better manage their finances and establish boundaries around their gambling habits.
Empowering Customers with Personalized Limits:
Philip Robinson, Director of Personal Current Accounts at Lloyds Bank, expressed the bank’s commitment to supporting customers in managing their spending habits. He highlighted how Lloyds Bank has assisted customers in turning off gambling spend for several years and explained that the latest feature allows customers to set personalized gambling spend limits. This empowers individuals to take control of their finances and create boundaries that align with their specific needs and preferences.
Addressing the Need for Preventative Measures:
Lloyds Bank conducted research revealing that 50% of respondents expressed a desire for banks to take further action in preventing gambling harm. Among the most supported features, monthly gambling limits ranked highly. This finding underscores the importance of providing customers with tools to proactively manage their gambling activities and minimize potential harm.
Positive Impact on Gambling Harm Prevention:
Anna Hemmings, CEO of GamCare, acknowledged the significance of Lloyds Bank’s new in-app gambling spend limit feature. In an era where households are increasingly mindful of their budgets, this feature offers vulnerable individuals an effective means of controlling their gambling and preventing harm from escalating. Hemmings emphasized that the tool complements the existing support features available to those seeking help, further enhancing the range of resources to promote responsible gambling.
Flexible and User-Friendly:
The monthly limit offered by Lloyds Bank can be adjusted or removed at any time, granting customers the flexibility to adapt their gambling spend based on their evolving circumstances. Furthermore, the feature automatically rolls over each month unless the limit is removed, ensuring continuous support for customers who opt for this financial safeguard. Lloyds Bank also introduced the option to freeze gambling spend completely back in November 2019, demonstrating its ongoing commitment to providing comprehensive tools for responsible gambling.
Lloyds Bank’s introduction of personalized gambling limits through their mobile app trial represents a groundbreaking step in the banking industry. By enabling customers to set monthly debit card gambling limits, Lloyds Bank empowers individuals to take control of their finances and establish boundaries around their gambling behavior. This proactive approach aligns with the growing demand for preventative measures to combat gambling harm, as evidenced by the bank’s research findings. With this innovative feature, Lloyds Bank not only assists customers in managing their spending habits but also contributes to the broader goal of promoting responsible gambling practices.