If you’re not convinced that your future clients want access to their finances brought together in one place, you should look at the research conducted by IFF Research summarised in an article by Chris O’Brien: Digital consumers shine a light on future pension needs.
Here’s some of the comments from research participants.
- “I have a friend who manages their pension via their banking app which is really useful and I would be interested in this platform, and visualise my pension and maybe have a date / fluctuating timeline when I could retire.” Age 21 – 29, robo-advice & digital bank customer
- “I’ve had a few (Pensions) from different employers so it’d be great if there was an easy way I could consolidate these schemes. I have no idea what’s going on with my pension to be honest so an app would be amazingly beneficial” Age 21 -29, digital bank customer
- “I also have some dormant accounts from previous employers and one my parents set up. I’d like to combine these all but it seems like a challenge. I’d really like a better way of doing this online, as to be honest I am much more comfortable with the online interface, rather than paper forms and post etc.” Age 21 – 29, digital bank customer
- “For me and my own pension fund I think access and a way of managing the money through an app would be very useful. I think people find pensions very confusing and a little off-putting, and an app or website that explained pensions and made accessing and managing them a bit easier would be great.” Age 21-29, roboadvice customer
Chris concludes his article as follows –
“There is a clear opportunity for pension providers and new fintech companies to develop apps that meet the current consumer needs of consolidation, speed, education and ongoing guidance. In tandem with this there is great potential to leverage new open banking legislation to provide retirement savings nudges at key life stages, provide normative benchmarks on pension savings for people on similar incomes, and generally increase engagement with pensions to ensure consumers have set aside enough funds for their retirement.”
We couldn’t agree more.
The full article can be viewed at http://www.iffresearch.com/digital-consumers-shine-a-light-on-future-pension-needs/.
If you’d like to know more about how an app can help your customers better understand and manage their pensions together with all their other finances, then please call us on 03303 600 300 or email firstname.lastname@example.org