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.
In a groundbreaking decision in 2021, Standard Bank eliminated the Saswitch network fee, allowing customers to use ATMs from other banks without incurring penalty fees. This move alone saved customers R245 million in 2023, solidifying Standard Bank’s reputation as one of the leading banks in South Africa to offer such a benefit.
With over 20,000 Saswitch ATMs nationwide and more than 3,500 Standard Bank ATMs, customers are assured easy access to cash.
Additionally, the bank’s extensive retail partnerships with major outlets such as Pick n Pay, Checkers, Shoprite, and PEP have added another 55,000 transaction locations. These partnerships enable customers to perform various transactions, including withdrawing funds, depositing cash, purchasing airtime, data, electricity vouchers, and making payments, all while shopping for daily essentials.
The bank’s digital platforms have also experienced substantial growth. The number of digitally active clients increased by 12% in 2022 and continued to rise by 8% in 2023. The Banking App, in particular, saw a 35% increase in transaction volumes, contributing to a 33% rise in overall digital transaction volumes during 2023.
Kabelo Makeke, Head of Personal and Private Banking at Standard Bank South Africa, emphasises the bank’s dedication to meeting customers where they are.
