Betting Features on any Banking or Financial apps should be Removed

[Davidvictorson]

I noticed something lately. Although it has been there for a long while but the time I have spent on this board is making me see things. I do not know if this is how it is in other parts of the world but I noticed that in my banking app, there a betting feature where the user can place a bet on any match directly from the app.

Honestly, I hate it and I think that this feature should be removed so as to protect consumers from potential harm promote responsible financial practices and maintain the integrity of financial institutions. Bodies in charge of betting regulations should start here by establishing guidelines or restrictions prohibiting betting features within banking and financial apps. My submission is that betting features on any banking or financial apps should be removed to discourage compulsive gambling and irresponsible gambling. Do you agree with this perspective?

The above image is the UX for a mobile baking app in my country.

[Wiwo]

Well the banks are out for business so what do you expect in that situations,  and from what you displayed that bank app should be opay and that feature doesn't give you the chance to place a bet directly as you said,  but the feature is to fund your betting account.

That been said,  there is high security threat going around for a while now,  and some customers of those banks that allow for direct bet,  which means banks directly involved in the gambling where the customer can place bets,  buy lottery tickets and make every other gambling activities have recorded cases of customer security exposure that have led to customers find being transferred to an unknown gambling account,  this in most cases are untraceable.

@Davidvictorson it is paramount that,  at this point, you need to take every responsibility for the security of your money.

[jrrsparkles]

I never saw such features on the official bank apps I am using but I guess it varies depending on the regulations of your country. So if the country allows banking institutions to partner with sportsbooks then I don't see what is the problem here.

If someone is not interested in using the feature then they won't but we can't do anything to stop them which is allowed in the name of law.

But what is the point of this proposal, are you against the idea of betting via banking apps? or betting at all?

[348Judah]

I noticed something lately. Although it has been there for a long while but the time I have spent on this board is making me see things. I do not know if this is how it is in other parts of the world but I noticed that in my banking app, there a betting feature where the user can place a bet on any match directly from the app.

It all depends on the kind of app being used in making the features, you will agree with me that not all the banking apps allow any kind of adverts on the use of their apps, especially those of a reputable standard, the one i know that is very common is the use of banking apps in paying bills, but I don't think this is also possible in countries where there's ban on the use of cryptocurrency by their banks, i want to believe that a well reputable bank app cannot redirect you to the official gambling site right from the use of their app.

[Oshosondy]

I noticed that in my banking app, there a betting feature where the user can place a bet on any match directly from the app.

Is that not Opay? You can not use that feature to bet directly, but you can use it to easily fund your local betting site account through either your phone number that you registered on the betting site or by using your UID of your account on the gambling site.

[Huppercase]

Honestly, I hate it and I think that this feature should be removed so as to protect consumers from potential harm promote responsible financial practices and maintain the integrity of financial institutions. Bodies in charge of betting regulations should start here by establishing guidelines or restrictions prohibiting betting features within banking and financial apps. My submission is that betting features on any banking or financial apps should be removed to discourage compulsive gambling and irresponsible gambling. Do you agree with this perspective?
The above image is the UX for a mobile baking app in my country.

What has advantage also has a disadvantage and I bank apps are not different, this is Opay mobile bank app and what I love about them is the lightening transaction you get, there is currently no any app like Opay that is as fast as them and there customer support has improved a while now, unlike then when you have to run after them for a failed transaction.

The problem here is that betting companies are the ones that do partner with them, when you check the betting feature, you will found out that there are list of betting site they support which means they are like partnership to improve gaming and gambling. However, I think the company should know better that such UX could increase gambling addiction because they have lightening payment, very easy to deposit money into gambling platforms; there should be an option where it can be disabled or may be by default, it's shouldn't have appear there until the user wish to do so.

Another thing I found insecure about this feature is that any person close to you that knows your password can make use of the betting deposit without you the owner realizing they do it until you check your balance. People can even beg you to help them fund their betting site if they know that you use the app.

[ralle14]

It's the same for the bank app i'm using but it takes more clicks and it's not as obvious as having a betting button on the home page. I honestly don't mind the feature because there will be gamblers who'll find it convenient and people should get used to seeing these features because it's only a matter of time until the others start partnering up with casinos. I understand that this feature could trigger new people to start gambling but there's no way to stop these banks from doing the changes they want within their app.

[Cryptomultiplier]

My submission is that betting features on any banking or financial apps should be removed to discourage compulsive gambling and irresponsible gambling. Do you agree with this perspective?

The above image is the UX for a mobile baking app in my country.

I for one think that any betting or gambling features on our mobile banking apps also qualify as a financial service or business service offered by the banking app owners. Money is involved after all, some even allow using crypto to gamble or bet, so why should it really matter the presence of a gambling feature on the banking app?

Everyone has the reasons why they use the banking apps and if for some it's to transact, pay for services or goods, apply for easy short loans, for others, it might just be that the gambling feature suits their preference and is easier to use than a regular gambling or betting app. Gambling is a personal choice and such a feature if ignored, poses no threat or harm to the user of the app.

[ajiz138]

For the banking that I use, there is no this feature, obviously the country prohibits it, but there are several other countries that allow this feature or partner with other betting sites, I don't think I would be surprised to find this in a mobile banking application because the country allows gambling or so-called legal.

Even if you hate this feature, this is their condition because it's a partner, while you don't want to use this feature, just ignore it, maybe you'll think it will affect other people, but that's their responsibility, even though you have to be able to handle it yourself.

[Iroh]

My submission is that betting features on any banking or financial apps should be removed to discourage compulsive gambling and irresponsible gambling. Do you agree with this perspective?

I can understand your point. Financial apps today, has  made it real easy to fund your betting accounts as well as paying for other services. There are also gamblers who gamble responsibly who find it easy and quite useful too to fund their accounts from their banking apps.

Banks are getting smarter and of course for a small negligible fee, are  trying to provide services so account holders can easily pay different bills and fund various services without having to leave your comfort zone.
You won't take away a service cause some people have overtime become irresponsible with their habits.

[Coin_trader]

I noticed something lately. Although it has been there for a long while but the time I have spent on this board is making me see things. I do not know if this is how it is in other parts of the world but I noticed that in my banking app, there a betting feature where the user can place a bet on any match directly from the app.

This is same scenario in our country which finance app usually have the betting category thay less you to different casino that automatically create an account using your app account.

As a gambler, I find it more convenient since I don’t need to convert my fiat to crypto just to play but this is dangerous for normal user that doesn’t gamble frequently and only become curious after seeing the bet option within the app. I wonder why the regulators allow this while this clearly endangers their customers on losing their assets despite there’s a disclaimer on the casino. I agree that this feature should be remove for general welfare.

[bittraffic]

It's only the regulators who are trying to protect the people from financial destruction either from investing or gambling. They forget that banks or finance apps also have responsibilities. But it's not surprising anymore that even the biggest institutions like the SEC approved investors in engaging Futures trading but not the spot market.

Crypto wallets also can be connected to betting platforms. I think they figured they could also do it for bank apps. Ye so why not?

[Aikidoka]

In my country, I have never seen these kinds of regulations in a banking app. Here, gambling is considered sinful according to our religion, but some people still get involved in it. However, I find it strange to see a gambling feature in a banking app. It's possible that the bank is advertising gambling on their app and that they are cooperating with it that allows you to use your funds for gambling, but to be honest I have never seen something like this before and I don't really like it.

A bank app should be purely for banking purposes, and gambling should be kept separate.

[passwordnow]

AFAIK, most banks are mad with any connection to gambling and that's why if a depositor has been tracked that there's some money that comes into his account from a betting site, they're putting it as a red flag. I'm not sure if that's the majority of the banks but that's what I have seen. And with that banking app that @OP shared probably has partnership with the betting app that will redirect you upon clicking that icon of betting. Well, if so then it's all about the money that that bank is for.

[Wiwo]

AFAIK, most banks are mad with any connection to gambling and that's why if a depositor has been tracked that there's some money that comes into his account from a betting site, they're putting it as a red flag. I'm not sure if that's the majority of the banks but that's what I have seen. And with that banking app that @OP shared probably has a partnership with the betting app that will redirect you upon clicking that icon of betting. Well, if so then it's all about the money that that bank is for.

Yeah this law of placing accounts with gambling deposits on a red flag applies to countries where gambling is illegal and that is one of the major reasons why regulators always monitor the incoming transactions of their citizens to see who is violating the law,  and Another thing again to note is that,  banks as commercial entities will partner with whatever firm that could possibly generate steady patronage such as casinos and where the law allows it their get involve in it in full force.

[Cantsay]

J have also experienced it and it got me thinking, shouldn’t a banking app be encouraging it’s user to save their money?

Although I have never even clicked on the link despite the fact that they send the notification five times in a week and also offering some very good newbie benefits.

I think banking apps should be more selective when it comes to the type of service that they are advertising, just think of it like an app that teaches people how to become a vegan will start to advertise where to get good beef/pork meat.

[Nheer]

Well the banks are out for business so what do you expect in that situations,  and from what you displayed that bank app should be opay and that feature doesn't give you the chance to place a bet directly as you said,  but the feature is to fund your betting account.

That been said,  there is high security threat going around for a while now,  and some customers of those banks that allow for direct bet,  which means banks directly involved in the gambling where the customer can place bets,  buy lottery tickets and make every other gambling activities have recorded cases of customer security exposure that have led to customers find being transferred to an unknown gambling account,  this in most cases are untraceable.
@Davidvictorson it is paramount that,  at this point, you need to take every responsibility for the security of your money.

It is very clear that feature is meant for funding your accounts but i got a message about placing a bet on one of these banks, either opay or palmpay I can’t recall the exact one but i was shocked when i received the message and immediately i disregard it, why would a bank want it’s customers to gamble the money they saved with them? I am still clueless.

I do not know if this is how it is in other parts of the world but I noticed that in my banking app, there a betting feature where the user can place a bet on any match directly from the app.

I think we are from same country or maybe it’s the same for my country as well because I also noticed this some time ago after they sent me a notification message telling me how i can place a bet from the app. I was surprised how a bank app would have such feature, from funding your bet account from the bank app to bringing betting features to the app even when they know it's not appropriate and can have bad effect on their customers.

Honestly, I hate it and I think that this feature should be removed so as to protect consumers from potential harm promote responsible financial practices and maintain the integrity of financial institutions. Bodies in charge of betting regulations should start here by establishing guidelines or restrictions prohibiting betting features within banking and financial apps. My submission is that betting features on any banking or financial apps should be removed to discourage compulsive gambling and irresponsible gambling. Do you agree with this perspective?.

I agree to this OP because i know how tempting gambling can be and whenever you have money in your account even when you have plans for the money you maybe tempted to place a bet and in the end you risk losing the money you had plans for. This feature is very dangerous and will affect alot of customers so i also think it is inappropriate to make such features available on any banking and financial app. Financial institutions should rather encourage and motivate their customers on how they can save money rather than making such features available. I am really disappointed and i don't think i will ever make use of this feature, i rather make use of a real gambling casino.

[livingfree]

What's the name of the bank? There's also an advertisement below about gambling.

Gambling and banks shouldn't be altogether because it is contradicting each other. If you go to a bank and you ask for a loan and your main reason is for gambling banks, they'll decline your request.

But that bank app in your country looks to be optimistic with gambling. I guess if you're going to file for a loan and you'll say the same reason, they'll like it more and will deposit the money straight to your account on that app.

[coolcoinz]

What's the name of the bank? There's also an advertisement below about gambling.

Want to become a client?

I don't think banks in the EU have that. There are rules restricting gambling that limit the access to such services.

If there are banks that offer people easy access to gambling through their banking apps I'd say it's taking things a bit too far, but then there's a problem of local laws. It's possible in some Asian countries this is completely acceptable and in accordance with the law, in which case we can't do anything but maybe stop using the bank and boycott its services.

[sokani]

It all depends on the kind of app being used in making the features, you will agree with me that not all the banking apps allow any kind of adverts on the use of their apps, especially those of a reputable standard, the one i know that is very common is the use of banking apps in paying bills.

It is not an advert, this is a feature on the banking app through which you can deposit funds to your online betting account. I don't see anything wrong with the feature, I know banks are going to make money from every deposit made to the listed bookies on the app but the betting feature was only integrated to make life easier for their customers just like every other utility features, like data, airtime, internet etc. The snapshot he uploaded is an Opay mobile wallet, which is the mobile money platform in Nigeria and I have also used Accessbank mobile app, a reputable bank to fund my online betting account.

but I don't think this is also possible in countries where there's ban on the use of cryptocurrency by their banks

The bank betting feature doesn't accept cryptocurrency, only fiat.