Lloyds begins trial of personalised budgeting tool for gambling

Lloyds begins trial of personalised budgeting tool for gambling

Lloyds Bank has begun trialling a ‘budgeting tool’ that allows debit card customers to set ‘personalised limits’ on their monthly gambling spend.

“The feature allows people using the Lloyds Bank mobile app to set a monthly debit card gambling limit of any amount to the nearest pound when spending online, in person or over the phone,” it stated.

The budgeting tool follows the bank adopting an ‘optional freeze’ on gambling transactions introduced in November 2019, via a safer gambling partnership with Gamban.

Launching its trial, Lloyds seeks to understand how helpful customers find the ability to set a monthly limit, alongside the existing ability to freeze gambling transactions completely.

The project was lauded by Anna Hemmings, GamCare CEO, who said: “As many households are having to think more carefully about their budgets, the launch by Lloyds Bank of its new in-app gambling spend limit feature will give those most vulnerable to gambling harms an important means of controlling their gambling – and preventing harms from escalating. 

“This tool complements the range of existing support features that we can recommend to people reaching out for help.”

Customer limits on the budgeting tool can be adjusted or removed at any time and will automatically roll on each month until the limit is removed.

Lloyds’ backed the project as part of a wider initiative to use new technologies to give customers better control over their spend, at a time when British consumers are seeking to prioritise monthly savings.  

Philip Robinson, director of current accounts at Lloyds Bank, said: “For several years, we’ve helped our customers ‘turn-off’ gambling spend.

“Our newest feature lets customers set a personalised gambling spend limit, helping them better manage their money and establish boundaries around certain spending behaviour.”

Source: SBC News