Lloyds Banking Group has collaborated with Scottish fintech Inbest to address the issue of unclaimed government benefits amounting to £23 billion in the UK.
- Lloyds has introduced a new Benefit Calculator designed to help individuals identify available governmental support.
- The tool offers a simplified, user-friendly interface requiring only six initial questions.
- Inbest’s involvement ensured the tool’s design facilitates easy benefit access and management.
- This initiative is part of Lloyds’ broader strategy to enhance financial tools available on their platform.
In a significant move, Lloyds Banking Group has teamed up with Inbest, a fintech company based in Scotland, to tackle the pressing issue of unclaimed government benefits estimated to be worth £23 billion annually. This collaborative effort has resulted in the launch of an innovative tool called the Benefit Calculator, aimed at aiding UK households in discovering and claiming the benefits they may be eligible for.
The Benefit Calculator is designed with simplicity and accessibility in mind. Users only need to provide answers to six preliminary questions about their household, income, and living situation. Based on these responses, the tool offers an estimate of potential benefits, followed by a more comprehensive questionnaire to refine the results.
Upon completion of the detailed questions, the Benefit Calculator presents a summary of possible benefits and offers direct links to further assist users in navigating the claim process. This tool not only aims to inform users about their entitlements but also guides them through the often complex system of benefit claims.
Tamara van den Ban, Customer Propositions Director at Lloyds, remarked, “Billions of pounds of support is provided for those who need it through benefits, but many customers don’t know how to navigate the system or how to make a claim. That’s why we’ve launched Benefit Calculator, helping customers to identify the benefits they may be eligible for, and providing clear guidance on making a claim.”
The introduction of the Benefit Calculator is part of a series of enhancements Lloyds plans to integrate into their services, all focused on boosting customers’ financial well-being. This includes existing services such as subscription management, credit score checking, and card controls, underscoring their commitment to expanding the financial tools available to their customers.
Inbest, headquartered in Edinburgh, played a crucial role in developing this tool. The company highlighted its contribution, stating: “Over the past few months, we’ve worked closely with their team to co-design the end-to-end customer journey, with one clear goal: to make it as simple as possible for customers to access and manage the benefits they are eligible for.”
This collaboration marks a significant step in making financial assistance more accessible to those in need across the UK.
