An Edinburgh fintech firm has launched a benefits calculator in collaboration with NatWest as part of efforts to help customers through the cost-of-living crisis.
Inbest has worked with the bank on a tool that allows people to see what benefits they could be entitled to and offers personalised signposting to local support points and organisations.
The initiative will help address the issue of people missing out on benefits they may be entitled to.
Last year, the charity Turn2Us estimated that seven million people missed out on over £15bn in unclaimed financial aid.
Manu Peleteiro, founder and CEO of Inbest, said on average people using the tool have been able to access £5,000 in unclaimed benefits which would help people face rising costs.
The initiative forms part of a wider effort by NatWest to support its retail customers, including offering approximately 0.6m financial health checks, and proactively contacting eight million customers with support and information on the cost of living so far in 2022.
The collaboration was enabled by cluster management organisation, FinTech Scotland, which paves the way for innovation by connecting fintech firms with established financial institutions.
The three-month pilot of the calculator is being monitored closely before a wider roll-out to ensure customers are getting the best outcomes.
Peleteiro said: “Benefits have powerful features to help people increase their income, reduce their expenses, and save for their future. Making sure that people are getting all the benefits they are eligible for is a great first step in a money management plan for the cost-of-living crisis. We’re looking forward to working with NatWest and helping their customers find and manage their benefits directly from the NatWest ecosystem.”
Kristen Bennie, director of innovation & partnerships at NatWest Group, said: “Making Inbest’s innovative benefits calculator available to our customers provides a critical avenue of support against the backdrop of increased cost of living pressures. Collaborating with Inbest on this pilot allows us to provide relevant, tailored and personalised insights, so we can provide support where and when our customers need it most.”
Nicola Anderson, CEO at Fintech Scotland, said: “The partnership between Inbest and NatWest is a powerful example of the purposeful impact that can be achieved through intentional collaboration between large organisations and fintech innovators. We’re proud to see this in action. NatWest has been deliberate in its focus to find new options and solutions for customers at a time of increased cost of living pressures. I know the capabilities at Inbest will make a positive difference for NatWest customers and look forward to the outcomes.”
