Standard Bank helps reunite clients with unclaimed pensions, dividends, and insurance benefits
Standard Bank has made it easier for clients to access previously unclaimed dividends, pension, and insurance benefits. In collaboration with the unclaimed benefits tracing company, Robin Hood, Standard Bank has made the process of claiming these benefits seamless through its Banking App.
“Some clients are owed a few thousand rands, while others have large amounts of unclaimed benefits. This is money that could change lives and boost the economy. By removing the requirement for clients to individually approach funds to submit claims, we are making it easier for clients to be reunited with their unclaimed benefits,” says Dr Belinda Rathogwa, Standard Bank’s Head of Digital and E-commerce.
According to the Financial Sector Conduct Authority (FSCA), there were approximately R89 billion in unclaimed benefits in 2022 that needed to be reunited with their rightful owners. By streamlining the claims process, Standard Bank aims to make a positive contribution to addressing this societal challenge.
“We are partnering with more retirement funds, share schemes, and insurers through our Corporate and Investment Banking division to expand the benefits that clients can claim through our Banking App. The more funds that join, the more value we can put back into the hands of clients,” adds Dr Rathogwa.
Standard Bank clients who have unclaimed benefits registered with Robin Hood will be notified when they log into the banking app. Customers who suspect they have unclaimed benefits do not need to contact the bank. Standard Bank will proactively notify clients of any potential unclaimed benefit, through the banking app, as more pension funds, insurers, and share schemes are integrated into to the system.