Benefits application is an overly complex process where individuals with limited financial literacy need to search for financial information in their bank statements. Moreover, eligibility criteria depend on changing people’s circumstances and financial situation, but the system is not capable to pick-up these changes and is the responsibility of each individual to continuously monitor their eligibility.

As a result, benefits do not always get to the most vulnerable individuals and over £10bn in benefits are unclaimed every year – or £8,030 per household. This problem will only increase during the COVID-19 crisis as benefit applicants will increase to 6 million from 1.3 million and individuals with lower financial literacy are twice as likely to lose their jobs as high earners in the ongoing jobs wipe-out.

Inbest Benefits calculator is a white-label personal financial management application and partner API that helps individuals and advisers to:

• Understand the entitlement to the following benefits: Universal credits, Pension credits, Child benefits, Council tax reduction and Help to save.
• Generate the information required in benefits’ application process.
• Monitor individuals’ benefits entitlement and notify them of any change of circumstances they need to report.

Inbest Benefits calculator offers the following benefits over existing solutions:

• A fully documented API that financial firms can use to launch their branded applications or embed into their existing digital products and processes.
• Integration with Open Banking to automate benefits calculation, monitor benefits entitlement and make sure that individuals get the benefits they deserve.
• It includes specific Scottish benefits.