There’s a really good article on the BBC news website today about the improvements that banks should be making in order to assist users with mental health conditions -
I know this is something that Monzo is already thinking about but this looks like useful food for thought.
The good news is, Monzo has already addressed the first issue mentioned in the story
For example it found that people with depression or post-traumatic stress disorder were likely to struggle with short-term memory, making Pin numbers harder to remember.
with this feature (available for iOS users & on it’s way for Android)
- Those experiencing bipolar disorder or ADHD often struggled to resist impulses, potentially leading to dramatic spending sprees, it said.
- People with borderline personality disorder or psychosis could find it very difficult to compare financial options and found it more difficult to plan ahead.
- Extreme anxiety could also stop people opening letters or taking calls from banks.
And the story also suggests ways to help users:
- The ability to delegate limited permissions to someone else to manage an aspect of your finances, as is available to wealthy individuals
- Setting spending limits on cards or blocking access to some merchant codes, as is possible on many corporate cards
- The ability to set communication preferences on an account, which is generally offered to people with visual or hearing impairments.
The first two items on that list seem particularly solvable - limits & blocks could be applied using similar technology to the card freeze feature. While communication preferences may be more of a challenge, given Monzo’s ‘mobile first’ approach.
As always, I’m sure Monzo would appreciate thoughts on other features that could help users manage these challenges
Edit - In fact, giving the card to a user with mental health conditions & the app to their carer, would enable the user to spend normally for their carer keep track of their spending or even, to freeze the card, if they saw that the user was spending too much, through the instant transaction notifications.
I’d be interested to hear whether Monzo has managed to design any processes to help deal with these challenges already.