Robert Cochran of Scottish Widows on how FinTech will change financial wellbeing engagement
He discussed how pensions have already changed to more of a savings jar for later life, with research suggesting a large amount of people are taking money out of their pensions at aged 55 rather than waiting for retirement. He said that 'savings jars', which might once have been physical jars with money in, are now most likely to be digital with management of savings done through apps and online.
Cochran added that the digitisation of finances will inevitably bring up the issue of 'who do I trust with my data?'
In the workplace, where employees are engaging with financial benefits through the organisations' platform, the issue of trust will be a question that both the employee and employer will be considering. The employee will want to know that their data is safe and, in turn, the employer will have to engage with a provider which they believe can be trusted to deal with vast amounts of sensitive data. He added that ease of use will also be a big question for employees when using digital benefits.
Supplied by REBA Associate Member, Scottish Widows
Scottish Widows is a life, pensions and investment company.
