Glasgow based fintech Soar
has announced a new feature to alert loan applicants of potential
benefits and help them track their entitlements.
In the UK in 2018/19, almost 8m low-income households were
missing £16bn in means-tested benefits.
In a Scottish fintech collaboration, Soar has partnered with
Edinburgh based Inbest to
integrate Inbest's benefits calculator into its banking platform,
to compare the actual benefits that customers receive with the
benefits they are entitled to. The service notifies customers about
any unclaimed benefit and guides them on 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.
Andrew Duncan, CEO of Soar, (pictured) said: "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."
Soar makes credit unions and community banks accessible and
convenient for consumers with its 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, including
mobile, web and cloud apps.