HSBC joins 'Mental Health Accessible' banks with accreditation

In response to the growing challenge of mental health issues faced by over 13 million people in the UK, HSBC UK has joined Lloyds, Halifax and the Bank of Scotland and received a ’Mental Health Accessible’ accreditation by the Money and Mental Health Policy Institute. It follows a comprehensive evaluation of HSBC UK’s services aimed at customers dealing with mental health problems.

Research from the Money and Mental Health Policy Institute reveals that individuals with mental health issues encounter various difficulties when accessing and using banking services, including difficulties with phone interactions and anxiety related to financial administration. To address these challenges, the institute operates its Mental Health Accessible program, collaborating with banks and essential service providers.

HSBC UK’s achievement stems from a thorough assessment of its customer service, product design, communications, and staff training. Importantly, feedback from the institute’s Research Community, consisting of individuals with lived experiences of mental health problems, played a pivotal role in the evaluation. Included in HSBC UK’s efforts were their observance to allowing customers to add restrictions on gambling transactions and utilising data-driven insights to better understand customer vulnerabilities.

HSBC UK has been granted a ’Level 1’ accreditation, signifying a foundational level of support and accessibility for customers with mental health problems, marking the beginning of a progression toward more advanced levels.

The evaluation also led to several recommendations for improvement, including diversifying communication channels for specialist teams to engage with customers in vulnerable circumstances via webchat and training 25,000 staff members to better support customers with mental health issues.

Rosie Normanton, Head of Strategic Partnerships at Money and Mental Health, commended HSBC UK for recognising the unique challenges faced by customers with mental health issues and for taking steps to improve the accessibility and supportiveness of its services. She emphasised the importance of financial institutions focusing their resources on improving outcomes for customers in vulnerable circumstances.

Maxine Pritchard, Head of Financial Inclusion and Vulnerability at HSBC UK, emphasised the bank’s commitment to supporting the financial health of all its customers, including those facing vulnerability due to mental health issues. HSBC UK’s achievement reinforces its dedication to setting new industry standards for the benefit of all customers.

The Money and Mental Health Policy Institute is encouraging other banks and essential service providers to participate in the program, aiming to make their services more accessible and supportive for individuals struggling with mental health problems.