Pension members of all ages have a mobile life—from young workers in their 20s to middle-aged professionals to elderly retirees. Ninety percent of American adults have a smart phone.1 In a typical week, 90 percent of 35-49 year olds browse the Internet on their smartphone (and 84 percent of those 70+).2 So why aren’t pension systems using mobile to enable new levels of service for their members?
Retirement agencies have explored digital platforms as a means to deliver public service for the future. Many have established a Web presence. Some offer self-service options or straight-through processing. A few even use social media channels to reach out to members. But in sum, retirement agencies haven’t adopted mobile.
This short point of view piece explores three ways in which pension systems can step out of sleep mode and take advantage of today’s mobile opportunities.
1. Pew Research Center, “Mobile Technology Fact Sheet;” January 2014; http://www.pewinternet.org/fact-sheets/mobile-technology-fact-sheet/
2. Experian Marketing Services