In a statement, the CBA claimed that Australians were missing out on more than $10 billion in this way.
Asked how this figure was arrived at, a CBA spokesperson told iTWire: "The $10 billion figure is a conservative estimate from a number of national and global academic reports. Our own CBA data and testing from the new feature roughly estimates $12 billion to $70 billion goes unclaimed annually.
"From our analysis, the most money is left on the table where the benefit is available nationally, with a wide range of eligibility criteria, and is of higher value. As a result income assistance usually ends up being the highest claimed (in dollar terms) but also the most being missed out.
"Examples of this include assistance like Parental Leave, Carers Allowances, Age Pension, Crisis payments and Disability payments."
The new feature in the app is titled Benefits finder and is claimed to be able to connect the user to more than 250 potential benefits.
"Collectively these can add up to a significant amount per household, leaving more money to help pay for everyday expenses and to save for the things that matter.
“Whether it’s claiming a car registration rebate or money off a utility bill, Benefits finder uses data capability and machine learning to put potential entitlements in front of customers at the right time, and then nudges them to start a claim.
“Our data shows there are some large amounts people are entitled to with many unaware of what they can claim. Making it easier for our customers to see what they may be entitled to is just one way we are working to improve our customers’ financial well-being.”
The bank said it had been working with the Harvard Sustainability Transparency Accountability and Research (STAR) Lab to understand how it could help customers manage their money.
It added that Professor Michael Hiscox and his team at Harvard’s STAR Lab had evaluated Benefits finder, examining ways to optimise it so that it had the largest positive impacts.
The top 20 benefits in the app are:
- ASIC Unclaimed Money
- Parental Leave Pay
- Dad and Partner Pay
- Carer Allowance
- Child Care Subsidy
- Education Entry Payment
- Sickness Allowance
- Family Tax Benefit
- Newstart Allowance
- Disability Support Pension
- Adult Migrant English Program
- Home Care Package
- Youth Allowance
- Australian Government Hearing Services Program
- Rent Assistance
- Continence Aids Payment Scheme (CAPS)
- Essential Medical Equipment Payment
- Mobility Allowance
- Low Income Health Care Card
The spokesperson said the rebates that were included in this were across various groups, along general cost of living. Some of the big themes were:
- Utilities – e.g. Power Saver Bonus, Family Energy Rebate
- Concession Cards – e.g. Low Income Household Rebate, Pensioner Water Rebate
- Family – e.g. Create/Active Kids Vouchers
- Transport – e.g. Toll relief, CTP Green Slip Refunds
- Unclaimed Monies – e.g. National, VIC, NSW
The bank plans to release a paper on this later in the year, in partnership with the Harvard Sustainability Transparency Accountability and Research Lab.