Lloyds Banking Group has been working alongside Scottish fintech Inbest to help UK households who are missing out on £23bn in government benefits.
Lloyds’ new Benefit Calculator enables people to find support they may be eligible for, and how to make a claim.
Created by Inbest, people answer 6 questions about their household, income and living situation and the tool then provides an estimate of benefits they could be entitled to. This is followed up by a more in-depth questionnaire.
Once complete, it then provides a summary and direct links.
“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. Benefit Calculator checks whether customers qualify for a wide range of support, including grants for home improvements and energy efficiency schemes,” said Tamara van den Ban, Customer Propositions Director at Lloyds.
“Benefit Calculator is the first of a number of features we’re introducing in our app over the coming months, all designed to help put more money in our customers’ pockets. This is alongside all the existing ways we help people keep close to their financial lives – including our subscription management service, our credit score checker, card controls and more.”
Edinburgh-based Inbest stated:
“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.”
