Banks could use personal financial data to prevent people from falling into debt, according to a new report.
The Money and Mental Health Policy Institute study acknowledges the obvious privacy concerns that would come from enabling financial institutions to monitor their customers’ date. But their poll suggests that 50 per cent of UK adults believe their bank or building society should keep track while only 12 per cent disagree.
MMHPI have called for customers to be given controls and choice on how they are monitored by banks to bypass these privacy concerns.
PUBLISHED: Our new report shows that banks can play a crucial role in helping people avoid financial difficulty, by using their #data to spot problems & offer help.
This could particularly benefit people with #mentalhealth problems. Find out more: https://t.co/DN4CQiVOhgpic.twitter.com/FZyUI2NdPr
— Money and Mental Health (@mmhpi) October 21, 2019
But they say this preventative power would be particularly useful for people with mental health problems, who may struggle to manage money due to common symptoms like memory problems or reduced concentration.
MMHPI chief executive Helen Undy reckons that introducing monitoring could even “save lives”.