Podcast ep 08: Tackling mental health issues in financial services

  • Podcast ep 08: Tackling mental health issues in financial services 00:00
On World Mental Health Day 2019, Merlyn Holkar from Money and Mental Health talks to Shaun Weston about challenges in financial services. What are the common impediments to vulnerable people managing their finances, and how might technology help?
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Welcome to episode seven of The Shape of Money, a podcast by ieDigital. In today’s show, we discuss open banking with Ed Molyneux, CEO and co-founder of cloud-based accounting software FreeAgent. I invited Ed Molyneux onto the show in light of recent changes to how FreeAgent uses open banking. We discuss keeping up with legislation, bank feeds, challenger banks and small business banking.

Steph Barker joins us later in the episode to regale us with stories of great bakes and great cakes for our recent Stand Up to Cancer Bake Off.

The Shape of Money, episode 07 show notes

00:36 Our discussion with Ed Molyneux starts with the story of how FreeAgent got up and running.

02:10 How to keep up with legislation in a fast-moving industry.

04:06 How does open banking change accounting software and how people use it, depending on who their bank is and how the bank feeds work.

07:35 Ed Molyneux describes how the big banks are implementing open banking.

10:26 A discussion about the openness of open APIs.

11:49 I ask Ed what he thinks the challenges ahead look like for open banking.

14:18 Who’s using FreeAgent; mostly large businesses, or small businesses?

16:55 What’s ahead for FreeAgent now that it is owned by RBS?

18:55 Following my conversation with Ed Molyneux, I take us back to episode three, where I interviewed Jerry Mulle and asked him to comment on open banking.

20:45 A short interview with Steph Barker of ieDigital, about our recent Stand Up to Cancer Bake Off. We also talk about upcoming charitable ventures.

24:01 Thanks for listening. Please rate and subscribe!

The Shape of Money, episode 08 show notes

00:35 Our conversation begins.

01:16 An introduction to Money and Mental Health, a research charity backed by Martin Lewis. We discuss startling statistics about the link between mental health issues and managing your finances.

02:49 People on lower incomes are more often affected by mental health issues. The ways mental health problems can affect our finances and financial prospects are quite varied.

04:49 Merlyn Holkar says one way to tackle mental health problems from customer-centric point of view is to adopt a universal design approach.

05:50 The stigma associated with mental health often prevents people asking for help.

06:44 How do we help people better manage their finances when we recognise symptoms?

07:30 Are financial services companies doing enough to help?

09:31 We discuss Monzo and its ‘gambling block’ – a feature designed to add friction to the process of funding a gambling habit.

11:39 What role do we think technology will play in tackling the issue of mental health?

12:14 We discuss how much we think a self-serve approach will work, whereby vulnerable customers in debt to their energy company, for instance, are encouraged to engage with their debt and manage it themselves through an app or browser.

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About the podcast

The Shape of Money by ieDigital is a podcast showcasing the most popular topics in the world of financial services, hosted and produced by Shaun Weston. Please leave a review, and if you really enjoy the show, subscribe to stay up to date with new episodes as they become available.

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