In 2024, the UK digital bank Monzo announced its significant achievements in blocking gambling transactions. Data shows that since the introduction of new gambling restrictions, Monzo has successfully intercepted gambling transactions worth 9,000,000 GBP, an increase of 8% compared to 2023. This achievement highlights Monzo's efforts and effectiveness in helping customers manage their finances and cultivate healthy financial habits.
To enhance customers' control over gambling activities, Monzo introduced several innovative features in its app. When customers attempt to lift gambling restrictions, the system pops up a personalized "note to your future self" reminder, helping customers reflect and review their initial reasons for stopping gambling.
Additionally, customers can set different lengths of cooling-off periods, allowing themselves ample time to consider before allowing gambling transactions again. Data shows that over 70,000 customers have chosen these new self-service features, with 75% setting cooling-off periods longer than 48 hours and 41% opting for the longest period of 12 months.
Since the launch of these features, the amount of gambling transactions Monzo blocks each month has increased from 657,000 GBP in 2023 to over 800,000 GBP, a growth of 20%. Meanwhile, the average cooling-off period has extended from 3 months to 10 months, demonstrating customers' greater determination in controlling gambling behavior. Additionally, 8,500 customers have written messages to their future selves in the app as personal reminders to resist gambling temptations.
Kate Graham, Monzo's Vulnerability Manager, stated: "By closely communicating with our customers, we have developed and improved features such as gambling restrictions, helping them change their relationship with money. It's inspiring to hear customers share the positive impacts of these new tools, especially how they read their notes in the Monzo app and choose longer cooling-off periods to control gambling impulses."
Meanwhile, data from the UK Gambling Commission shows that in 2024, the UK's gambling transaction volume grew by 12%, reaching 1.46 billion GBP. In this context, Monzo's measures are particularly important, reflecting the active role of financial institutions in protecting customers from gambling-related financial losses.
Raminta Diliso, Financial Harm Manager at GamCare, commented: "Financial harm is a significant issue faced by many people we support, and Monzo's tools like gambling restrictions are an important part of addressing this challenge. It's great to see banks offering these features, and we support the range of options Monzo provides for customers. Longer cooling-off periods, such as the 12-month option, can play a key role in supporting recovery and helping individuals regain control of their finances."
Overall, Monzo, by introducing personalized self-reminders and flexible cooling-off period settings, helps customers make wiser decisions when facing gambling temptations, reflecting its innovation and sense of responsibility in promoting customers' financial health.
