HSBC UK has been awarded an “advanced” mental health accessible rating by a charity set up by Martin Lewis after the bank improved customer digital support and tested new approaches to debt collection.
The Money and Mental Health Policy Institute said its assessment took into account the design of HSBC UK’s products and services as well as the accessibility of digital platforms.
The advanced rating is the second of three levels that firms can achieve through the programme.
The accreditation reflects steps HSBC has taken in recent years, the charity said, including trying out different approaches to debt collection such as reducing the frequency of communications to some customers about debts. Money and Mental Health’s research suggests this could result in reduced stress for customers.
HSBC UK’s “chat with us” function in its app can also identify certain vulnerable situations through the words a customer uses.
This may lead to tailored help, such as referring customers to digital support from the bank’s specialist teams.
Helen Undy, chief executive of the Money and Mental Health Policy Institute, said: “In particular, we’re pleased to see the bank testing new approaches to debt communications which have the potential to decrease stress for customers and deliver financial returns for the bank – banks, building societies and utility firms should take note.”
Faye Byrne, head of supported banking at HSBC UK, said: “Our focus is on removing barriers that can add stress at difficult times.”
The programme was established after research by Money and Mental Health indicated that people with mental health problems face serious difficulties when engaging with essential services.
The Money and Mental Health Policy Institute was set up by Mr Lewis to help break the link between financial difficulty and mental health problems.
