Stanbic Bank develops deceased estate chatbot

The chatbot was carefully designed to provide information on frequently asked questions regarding the handling of deceased estates.
LEADING financial services institution, Stanbic Bank has developed a deceased estate chatbot that can be accessed via WhatsApp and on the Stanbic Bank website in its quest to support the surviving family members of deceased clients.

The chatbot was carefully designed to provide information on frequently asked questions regarding the handling of deceased estates.

Stanbic Bank head for legal and governance and company secretary Neeta Joshi said the chatbot was established in line with how the institution placed value on the essence of being truly human in dealing with its clients and members of the public.

“The provision of information on this platform aims to provide support to the deceased client’s family members and illustrate a guided flow chart of how they can finalise their deceased loved one’s estate,” she said.

“Additionally, the chatbot will bring convenience to clients or deceased client’s relatives at the click of a button on any questions they may have on the bank’s processes in the handling of deceased estates.”

She said the move to assist clients to wind up the estates of their deceased loved ones came out of Stanbic’s realisation that surviving family members often faced challenges in collating all the information required by the bank and by the Master/Assistant Master of the High Court owing to the burden of bereavement and related pressures.

“As a financial services provider, the bank receives deceased estates enquiries and requests information from the respective executors in the branch network as part of the deceased estate winding up process,” Joshi said.

The chatbot allows Stanbic Bank to play a vital role in rendering support to the surviving family members of the deceased client by providing information on the bank’s requirements to facilitate access to funds from the deceased client’s account and its subsequent closure.

The chatbot is also part of the Standard Bank Group subsidiary’s quest to promote financial inclusion and improve customer experience.

Some of the common deceased estate challenges include claims that a dependant has not been properly provided for under the will; a dispute with respect to the care of children; beneficiaries feeling the executor’s or administrator’s fees are too high or not appropriate; a dispute over the sale of property or personal assets, a creditor alleging that a disputeddebt is owed to them or when someone refuses to turn over an asset belonging to the estate.-newsday