Innovations in pensions technology are playing an increasingly vital role across the pensions and savings industry and accelerated further due to the pandemic, with face-to-face advice currently constrained and individuals more apprehensive about their financial future. The uncertainty of potential future disruption and the fact that that pension providers and schemes will have to be ‘dashboard ready’ by 2022, has prompted many to fast-track their digital strategies and reinvent how they interact with members.
Digitisation and AI can potentially alleviate the short-term challenges and provide longer term benefits for pensions and savings. The right digital strategies can enhance member experience, boost engagement, empower decision making and, ultimately, improve retirement outcomes.