10 000 success stories: Standard Bank reunites clients with their unclaimed benefits
Standard Bank clients are now able to claim and access previously unclaimed dividends, pension, and insurance benefits through the Banking App.
Since the launch of the solution in December 2024 in partnership with Robinhood, the bank has successfully paid out over R10 million in unclaimed benefits to clients and they are just getting started.
Standard Bank built its new offering in partnership with Robin Hood, an unclaimed benefits tracing company.
For clients, all the work is handled behind the scenes.
They only need to enable the Unclaimed Benefits feature by navigating to the Add-On store icon on the Home Screen of the Standard Bank Banking App to obtain details and track their benefits.
Standard Bank will identify any unclaimed benefits, from retirement funds, share schemes, and insurers they have partnered with and alert clients through an in-app message, when one of these benefits is found in their name.
The add-on will explain the basic information about the unclaimed benefit, such as why they have it, where it should be paid, and how much it is worth.
Clients can then decide if they want to change where the benefit is paid, including into an existing or a new account.
Throughout the claim process, users can monitor its progress through the add-on, which provides information about the status of the claim process – allowing users to sit back and relax.
Billions in unclaimed benefits in South Africa
According to the Financial Sector Conduct Authority (FSCA), as of 2022, there were approximately R89 billion in unclaimed benefits across all financial service providers.
This figure has likely grown since 2022 – highlighting the scale of unclaimed benefits in South Africa.
Standard Bank recognised this issue and took steps to address it by making the process of receiving unclaimed benefits as seamless as possible.
This progressive move by Standard Bank is a significant step towards solving the major challenge of South Africans not being aware of or claiming their benefits.
Click here to download the Standard Bank app.
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