10. How can the financial sector be an effective ally in tackling gambling-related harm?

The challenge

The financial consequences are one of the sharp edges of problem gambling – so there’s a real opportunity for the financial sector to be an effective ally in helping to identify customers who might be at risk or gambling beyond their means. This table talked about how to learn from the financial sector and to use all the information and resources available to help people who are experiencing harm.

The discussion

The focus of conversation at the table was about sharing data. Everyone agreed that by connecting financial data with gambling behaviours we can really understand customers and the risks they may face.

Sharing data is what creates a clear picture of affordability, even when a customer’s circumstances change. But there was an important discussion on the challenge of sharing data between industries – particularly when it comes to low levels of trust from customers. The table raised the idea of incentives to encourage customers to share this data safely. When banks first started sharing customer data, it was incredibly challenging, but through the support of third-party organisations, agreements were put in place to enable better service for all customers.

People also wanted to learn from the innovation happening in the financial sector right now. The culture change that the financial sector has gone through is one that the gambling industry can learn from. There are many potential new tools for customers like financial health checks or exclusion tools.

But the most important driver behind innovation is collaboration. Everyone wanted to create space to test new ideas, share data and trial new concepts together. Because it’s key to finding new solutions to keep customers safe.

Top solutions

  • Provide proactive “health checks” for customers, linking their financial data and behavioural trends
  • Set up a third party to manage data sharing across operators – with the right independence to create trust
  • Explore an industry-wide regulatory sandbox approach to allow organisations to experiment and test new ideas for using data and reducing harm