Scottish fintech Inbest has announced a partnership with NatWest Group to launch a unique benefits calculator for customers.

The tool allows people to see what benefits they could be entitled to and offers personalised signposting to local support options and key organisations.

According to NatWest, the initiative forms part of a wider effort to support retail customers, including offering approximately 600,000 financial health checks and proactively contacting millions of customers to provide support and information on the cost of living so far in 2022.

The collaboration was enabled by cluster management organisation, FinTech Scotland, which thrives to connect innovating fintech firms with established financial institutions.

A three month pilot of the calculator has been launched ahead of a wider roll-out to customers.

Kristen Bennie, Director of Innovation & Partnerships at NatWest Group, commented: “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.”

Tackling the cost of living crisis

With the current cost-of-living crisis, ensuring that people access cash instead of debt is critical, Inbest said.

In 2021, it is estimated that more than seven million people missed out on around £15bn of unclaimed benefits.

Inbest CEO and founder Manu Peleteiro revealed that, on average, people using the tool have been able to access £5,000 unclaimed benefits, which could be crucial in helping people traverse the recent increase in inflation.

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.”

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Nicola Anderson, CEO at fintech Scotland added: “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.”

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