Bridging the Gap in Benefits Accessibility: Aperidata and Inbest’s Collaborative Effort
In the UK, a large number of households, totalling over 8 million, are missing out on an estimated £19 billion in benefits. This oversight is largely due to a lack of awareness or the misconception that they are not eligible for these benefits.
Aperidata's Innovative Approach
Aperidata is revolutionising this scenario with its real-time Credit Reference service. This service, which blends Open Banking data and financial assessments, is designed to facilitate more informed decisions and drive financial inclusion.
The Inbest Integration
An important development in Aperidata's offering is the integration of Scottish fintech Inbest's Benefits Calculator. The tool can identify customers who are not claiming benefits they are entitled to, allowing Aperidata to provide personalised support in navigating the often-complex benefits application process. This capability is a new feature in Aperidata's Credit Console product, which enhances services in loan origination, account management, collections, and debt advice.
Enhancing Financial Well-being
Aperidata's goal with this integration is to improve the financial well-being of its Affordable Lending and Debt Advice clients, while also ensuring compliance with the FCA Consumer Duty.
The Affordable Lending sector will benefit significantly from this integration. Often, loan applicants are unaware of the benefits they are eligible for, seeking emergency loans instead. By integrating a benefits check into the loan application process, Credit Unions and Community Development Financial Institutions (CDFIs) can use Aperidata's insights to guide applicants towards unclaimed benefits, providing a more sustainable financial solution.
Revolutionising Debt Advice
For Debt Advice firms, integrating income maximisation is essential, especially for clients with low budgets. The Aperidata Credit Console offers a comprehensive view of additional benefits and discounts, aiding advisers in designing optimal debt solutions. This integration allows advisers to conduct in-depth analyses of varying work hours, benefit entitlements, and their impacts on budgets, simplifying the income maximisation service.
Call to Action
Aperidata invites interested parties to experience the capabilities of the Aperidata Credit Console. This demo offers insights into how it can help customers and advisers uncover an average additional income of £5,000 per year. Interested parties can reach out via the Aperidata website.
Join Aperidata at the Arrears & Collections event on Tuesday, 12th December, to discuss the benefits of integrating income maximisation features across the credit lifecycle and more.
