Fintech adds friction to address mental health

The Money and Mental Health Policy Institute (MMHPI) released a report recently, challenging retail banks to be more proactive in offering basic account options to assist those struggling with mental health conditions.

Start-up bank Monzo have responded by revealing their ideas for accessible products with mental health issues in mind: starting by increasing friction in their app.

MMHPI’s report argues that many options available to other vulnerable individuals - such as those suffering with visual or hearing impairments - are not on offer to those with mental health issues.

The British Bankers’ Association is in agreement, saying that the financial industry should “raise its standards” with regards to mental health.

While the financial services industry is being called upon to adapt, Monzo is considering the ways it can harness technology in design stage to assist those whose mental health problems may be affecting their ability to stay on top of their finances, shop around or manage a budget.

Added optional functionality for customers to activate within their app settings - such as late night spending review to double check purchases with the user the following day, or designated third party spending review for purchases over a set threshold - are all concepts being considered.

We are strong advocates of starting conversations around mental health at Teamspirit, so are interested to see how financial services will respond to these findings and develop systems to safeguard vulnerable customers.