Lloyds Bank has unveiled a new tool designed to assist customers in claiming welfare and other government-sponsored payments that they might be overlooking.
The bank reports that approximately eight million households in the UK are missing out on an estimated £23 billion in benefits each year, encompassing vital programs such as Child Benefit, Universal Credit, and Pension Credit.
In response to this issue, Lloyds has introduced the Benefit Calculator, a feature within their mobile app that simplifies the process of identifying eligible benefits and guides users through the claiming process.
Developed in collaboration with Scottish fintech firm inbest, this tool aims to assist a diverse array of individuals, from young professionals who might qualify for Council Tax discounts to homeowners seeking financial aid for home improvements and sustainability projects.
The Benefit Calculator begins by asking users six concise questions regarding their personal circumstances, including details about household income, number of children, and living arrangements. Based on the input provided, it generates an initial estimate of the benefits for which the customer may qualify.
Following this preliminary assessment, users can engage with a more comprehensive calculator that typically takes around five minutes to complete. This deep-dive tool culminates in a summary that lists various benefits along with estimated financial support, while also offering direct links for submitting claims.
Tamara van den Ban, Customer Propositions Director at Lloyds, emphasized the importance of this initiative: “Billions of pounds in support are allocated to those in need through various benefits, yet many customers struggle to navigate the claiming process. The Benefit Calculator is designed to help users pinpoint the assistance for which they may be eligible and to provide straightforward, step-by-step guidance on how to make a claim. It checks for a broad range of support options, including grants for home improvements and energy efficiency initiatives.”