The launch of Estatetrace marks a significant step forward in addressing the pervasive issue of unclaimed assets within the financial sector. With an estimated £1.6 billion lying dormant in banks and building societies, £4.2 billion in National Savings and Investments, £26.6 billion in unclaimed pension funds, and £640 million in dormant share registrations in the UK alone, the need for a solution is clear. Andy Davies, Financial Institutions Relationship Manager at Estatetrace, highlights the challenge financial institutions face in re-establishing contact with customers who have moved, entered care, or passed away, with up to 20% of customer addresses known to be out-of-date.
Estatetrace's innovative approach combines human expertise with digital capabilities to tackle this issue on a case-by-case basis. This method has already demonstrated remarkable success, achieving a resolution rate of up to 70% even in cases with incomplete or historic customer information. Furthermore, when a customer is found to be deceased, Estatetrace provides the current contact details of the Executor or next of kin, boasting a find rate for executors as high as 90%. This service not only facilitates the repatriation of funds but also ensures that financial institutions can fulfill their roles as custodians of assets more effectively.
By leveraging the synergies with its parent company, Estatesearch, which collaborates with over 2,000 professional estate administration firms, Estatetrace is uniquely positioned to bridge the gap between financial services firms and professional executors. This collaboration offers a comprehensive solution to the problem of lost assets, addressing both the symptoms and the underlying causes. The initiative promises to reduce the administrative burden on financial institutions while ensuring positive outcomes for customers and their families. For more information, visit https://www.estatetrace.co.uk.
The implications of Estatetrace's launch are far-reaching, offering a model for how technology and human expertise can be combined to solve complex challenges in the financial sector. This service not only has the potential to unlock billions in dormant assets but also to restore trust and transparency between financial institutions and their customers. As the financial landscape continues to evolve, solutions like Estatetrace will be critical in ensuring that no customer is left behind.
