Pensions: the sector that digital forgot
Getting employees engaged with their pension, especially younger employees, is a challenge for most organisations. And, as the most expensive benefit for most companies, both employers and employees should be getting a lot more value than they are.
Digital has been disrupting the way in which people consume and experience brands and services in most industries over the last decade – but pensions have lagged. The pensions industry faces many challenges that affect member engagement levels, from jargon-filled paper communication, lack of education around what constitutes adequate retirement savings to archaic portals and administration processes. Basically, it’s about time pensions worked harder to meet the demands of today’s 24/7 always-on consumers, with an experience that is relevant and enjoyable, to encourage the engagement that such a great benefit deserves.
A valid question was recently raised by the Kalifa review on fintech in the UK. What role should technology and user experience play in making pensions more accessible and engaging?
Our answer? A principal one.
Most everyday tasks or activities now involve a mobile app for ease and accessibility and, as seen with our app-first approach, Cushon believes this should apply to pensions too. In fact, our research shows, technology is key to engaging employees, especially younger employees, with 66% of all employees and 82.6% of 16-24-year-olds saying they would engage more if they could manage their pension via an app. It’s an added benefit that an app-focused approach also reduces the impact on our environment by eliminating paper communication – a communication method that 57% of employees either don’t read, skim read and file, or throw away entirely.
It’s time there was more visibility, communication and innovative technology connecting members with their retirement savings. If we want to improve engagement levels, providers must give pension members what they want – a product that means something to them and is tech-based.
Our event will bring together leading experts from across the industry to discuss how user experience driven by consumer behaviour and innovative technology can solve some of the more pressing challenges in the pensions industry.
Alongside our CEO and founder Ben Pollard, we are delighted to present:
- Baroness Ros Altmann: UK Pensions Minister 2015-16, best known for championing pensions for ordinary people.
- Iona Bain: author, writer and broadcaster of Young Money, on a mission to help young people get to grips with personal finance.
- David Hayman: campaign director at Make My Money Matter, building a movement calling for the trillions of pounds invested in our UK pensions to build a better world.
- Michael Sherwood: head of customer experience at Atom Bank, taking on the establishment with the UK’s first mobile-only, customer first bank.
- Hannah Lewis: founder of Women in Pensions & Behave London, solving problems using behavioural science.
Watch our Pensions: the sector that digital forgot webinar that took place on 22 June at 9.30am.
Please submit any questions to firstname.lastname@example.org
This is a sponsored article by Cushon.
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