Lloyds Bank has launched a new tool to help customer claim welfare and other government-sponsored payments they may be missing out on.
According to Lloyds, eight million households across the UK are missing out on an estimated £23bn worth of benefits each year, such as Child Benefit, Universal Credit and Pension Credit.
To rectify this, the bank has launched Benefit Calculator, a new mobile app feature that gives customers a simple way to identify the benefits they may be eligible for and find out how to make a claim.
Lloyds says the tool, developed by Scottish fintech inbest, could help a wide range of people to access support, such as young professionals who may be missing out on Council Tax discounts, homeowners who could claim for help with home improvements and sustainability initiatives, and others.
The app asks customers six short initial questions about themselves, including household income, number of children and their living situation. Based on the responses, the Calculator provides an initial estimate of the amount of benefits the customer may be eligible for.
Customers will then be able to use an in-depth calculator, which takes around five minutes to complete. A final summary is provided, listing the different benefits and the estimated amount of financial support the customer could potentially receive, while providing clear links for making a claim.
Tamara van den Ban, customer propositions director at Lloyds, says: “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."