NAB Bank launch gambling restriction option in app
NAB is providing new ways for customers to take greater control over their finances, becoming the first Australian bank to offer the option to block gambling transactions via its app.
All retail banking customers with NAB Visa Credit or NAB Visa Debit cards can now restrict most gambling transactions with immediate effect – with just one touch.
The gambling block capability was first implemented via iOS devices in December 2019, and has now been expanded to Android devices. NAB also remains the only major Australian bank to offer a restriction option on debit cards.
NAB Chief Customer Experience Officer Rachel Slade said the new app feature would support Australians in controlling their financial future. In December, the latest annual Australian Gambling Statistics report revealed almost $25 billion of gambling expenditure in 2017-18, with this figure rising by around 5 per cent on the year prior.
“It’s very easy to place a bet, so there’s real value in giving people the option to plan ahead and control their spending. This tool is designed to put the choice in the hands of our customers,” Ms Slade said.
“Since commencing the roll-out in December we have seen more than 10,000 customers turn on the restriction, highlighting the importance of offering easy-to-use tools for customers to manage their finances.”
The new app capability comes as Australians continue to face significant budgeting challenges, with the NAB Australian Wellbeing Survey, released Wednesday, revealing rising financial anxiety and one in four Australians experiencing some form of financial stress or hardship over the past three months.
“We’re making it easier for customers to take greater control over their money,” Ms Slade said.
“We also recognise problem gambling remains a major challenge affecting the community, and one that requires organisations, governments, and the community to work together to effectively address.”