These could include sudden drops in income, dramatic increases in spending or persistent use of unauthorised overdrafts.
About six in 10 say it would be useful for banks to use their data to help them keep on top of day-to-day money management. Around half of UK adults say they are worried about how banks monitoring their data in these ways would affect their privacy. However, 51% say that the benefits of firms monitoring their data outweigh the risks, compared with one in 10 who disagree. MMHPI’s report makes recommendations on how banks could use personal financial data to support customers in a safe and ethical way.
There should be guidance for firms on how they can use customer data without contravening financial or data regulations. Something as simple as a bank checking in with a text message if someone’s data shows a sudden drop in income, or signposting them to extra support could make all the difference. «.
Click here to read the full article