In the UK in 2018/19, almost 8m low-income households were missing £16bn in means-tested benefits. The DWP estimates that 44% of those eligible for means-tested Job Seekers Allowance, 16% of those eligible for means-tested Employment and Support Allowance, and 23% of those eligible for Housing Benefit did not claim them.
Soar has integrated Inbest benefits calculator into its banking platform to compare the actual benefits that customers receive with the benefits they are entitled to due to their specific circumstances and financial situation. The service notifies customers about any unclaimed benefit and guides them on their benefits applications. This new feature will help loan applicants to top-up their salaries with their benefits entitlement, reduce their bills, repay their loans more comfortably, and build savings in the future.
Soar is offering this new feature on its Automated Lending solution to notify clients about their potential benefits entitlement when they make a loan application. Soar is also embedding the benefits calculator on its Banking Apps to help customers manage their benefits and ensure they are always claiming the right amount.
“Soar’s platform reaches a wide range of consumers and we see Inbest as providing a fantastic opportunity for our clients to offer additional support to those not making the most of their benefits entitlement. We are helping our clients, often credit unions, provide additional ways to improve their customers’ financial well-being and there’s no doubt that this is one of them.”
“We believe that partnering with companies that offer complimentary financial services is the most efficient way to reach people that are missing out on their benefits. We are delighted to partner with Soar to enable easier ways for people to learn about their benefits entitlements and access affordable loans”.
Soar makes credit unions and community banks accessible and convenient for consumers with our white-labelled mobile banking platform that automates the handling of loan applications and makes access to affordable credit easy for everyone.
It’s a modern cloud banking platform for the fair finance market which reduces the cost of operations and includes mobile, web and cloud apps. It is connected to an ecosystem of other fintechs giving users access to secure digital messaging, payments, credit checks and open banking.
Inbest is a software platform that helps unemployed individuals or those in low paid or insecure roles to access their benefits entitlement. Inbest offers the widest benefits coverage in the UK and partners with FS institutions and welfare advisers to embed benefits advice into personalised customer journeys.