Expert: Anton Padmasiri, Founder CEO, WealthOS and Shri Krishnansen, CCO, WealthOS Facilitator: Rod Bryson, Tata Consultancy Services
Headlines:
- The changing customer expectations, influenced by tech giants like Amazon and Uber, push pension providers to adopt customer-centric, digital-first approaches
- Key obstacles in delivering effective retirement solutions, including pension consolidation, income drawdown, tax efficiency, and navigating complex regulations
- The need for digital solutions offering a comprehensive wealth view, embedded services, and actionable insights, especially for the mass affluent segment
- The potential of emerging technologies, such as AI and chatbots, to enhance customer experience and address the needs of both advised and non-advised customers
- The importance of blending personal relationships with innovative technology solutions to stay competitive, with a focus on generational shifts and younger customers’ expectations for tech-savvy services
Discussion points:
Competitive landscape and customer expectations
Delegates compared traditional pension providers to “Blockbuster” and tech-driven models to “Netflix,” emphasising a shift from product-centered to customer-centered approaches.
The discussion focused on adapting to direct-to-consumer models, influenced by seamless experiences from companies like Amazon and Uber, as the new standard in customer engagement.
Challenges and pain points
Delegates highlighted key industry challenges, including pension consolidation, income drawdown, tax optimisation, and regulatory compliance.
Limitations of existing technology were discussed, particularly the lack of integration, customisation, and scalability to meet complex retirement needs.
The future of retirement experiences
A need for digital retirement solutions was emphasised, including the ability to offer comprehensive wealth overviews, actionable insights, and embedded services for an enhanced customer experience.
The role of cloud technology, APIs, and automation in creating scalable solutions for the mass affluent segment.
The role of technology and innovation
The discussion turned to emerging technologies, such as AI and chatbots, and their potential to improve customer experience and personalise retirement guidance.
Barriers to technology adoption, such as cost, complexity, and lack of internal expertise, were also discussed as challenges for the industry.
Competitive advantages and differentiation
Delegates discussed key differentiators in the pension industry, with some emphasising the value of personal relationships and customer service, and others focusing on embracing technology.
Generational shifts and the growing expectations of younger, tech-savvy customers were seen as driving forces pushing providers toward digital transformation.
Key takeaways:
- There is a significant opportunity for pension providers to modernise through digital solutions that improve customer experiences and address industry inefficiencies
- Providers should transition from product-focused approaches to customer-centric, direct-to-consumer strategies to meet evolving expectations
- Developing technology that integrates pension consolidation, income drawdown, tax efficiency, and regulatory compliance is essential for efficient retirement planning
- Leveraging cloud technology, APIs, and automation will enable scalable solutions that cater to a broad customer base, especially the mass affluent segment
- AI and chatbots can provide personalised, efficient service to non-advised customers, although overcoming cost and complexity barriers is critical
- A combination of personal service and tech-driven solutions will help providers stay competitive and cater to a diverse, generationally shifting customer base
- As younger customers seek digital-first experiences, adapting solutions to meet these tech-savvy demands will be key to long-term success
