Unclaimed Benefits Qorus-Infosys Finacle Banking Innovation Awards 2025

The Unclaimed Benefits solution aims to return funds to South Africans by connecting them with their unclaimed benefits efficiently. 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 amount has likely increased since 2022, underscoring the magnitude of unclaimed benefits in South Africa. The unclaimed benefits claims process is complex, slow, and costly, requiring individuals to contact individual funds and submit extensive paperwork before a claim can be processed. For funds attempting to pay unclaimed benefits to beneficiaries, this involves intricate manual procedures to locate beneficiaries. Funds also face challenges with missing data, limitations posed by data privacy regulations, fraud risks, and manual verification processes that can take up to a year to complete. These inefficiencies make it uneconomical for funds to locate and pay out benefits less than R2000 (which account for around 15% of the total unclaimed base), further exacerbating the issue. Additionally, the claims process is marred by distrust, as beneficiaries fear becoming victims of fraud when sharing sensitive information with third parties, which further discourages them from submitting claims. Addressing the issue of unclaimed benefits in South Africa can significantly contribute to overcoming socio-economic challenges by ensuring that funds are returned to their rightful owners. The video elaborates on the extent of the problem in South Africa. The video elaborates on the extent of the problem in South Africa ( video unclaimed benefits south africa - Google Search).

Guided by its purpose, 'Africa is our home and we drive her growth,' Standard Bank's Personal and Private Banking divisions have collaborated with the Corporate and Investment Banking division to facilitate the return of funds to their rightful owners. Working in partnership with the unclaimed benefits tracing company, Robin Hood, Standard Bank developed a unique solution which simplifies the process of claiming unclaimed benefits through its Banking App. The bank has partnered with retirement funds, share schemes, and insurers to locate the rightful owners of unclaimed benefits. Utilizing multiple data sources, the solution enriches beneficiary information, identifies the rightful owners, and notifies them of the unclaimed benefit via an In App message. The banking app provides detailed information about the unclaimed benefit, including explanations of what it is, why it exists, and additional relevant details. Clients can choose to have the benefit paid into an existing or new account before submitting a claim. Clients can submit claims to multiple funds and monitor the progress of their claims through a single trusted platform, enhancing trust and confidence in the process. Additionally, the administrative burden is reduced as the solution addresses tax settlement and reporting associated with the claim . By removing the need for clients to individually approach funds to submit claims, the solution significantly reduces the time and costs involved, thereby eliminating the distrust associated with the current process. The objective is clear: Standard Bank aims to reunite as many South Africans as possible with the funds that are rightfully theirs in the simplest way possible. "This initiative is a direct response to a critical need in South Africa, and it demonstrates our commitment to solving industry challenges with simple, accessible, and innovative solutions." Since the launch of the solution in December 2024, the bank has successfully paid out unclaimed benefits to more than 10,000 clients, with more expected to follow.