In a digital world where we live on our smartphones, we expect seamless services and experiences—how, when and where we want them.
People check their
Seek customer support on
Retirement system members
would use a mobile app
Public pensions agencies must keep pace with rising expectations. The pressure's on to give your members the same personalized services, multi-channel choices and ultra-convenience they expect when shopping, banking and managing everyday life online. At the same time, you need to balance fund sustainability with benefit adequacy. These are tough challenges. But while they're driving demand, they're also opening opportunities for a new type of retirement experience.
Four fundamental shifts are disrupting the pensions landscape, creating scope for new delivery models with efficiency gains for providers and service benefits for members.
Ambitious pensions agencies can evolve from simply processing transactions to proactively advising members as trusted retirement coaches.
As digital self-service reduces demand for in-person services, staff can focus on more complex issues, adding value and improving impact.
As record systems become truly interactive, analytics can anticipate needs, personalize marketing and deliver improved outcomes, not just answers.
The shift from on-premise delivery to cloud is enabling agencies to innovate while operating more securely, efficiently and responsively.
With powerful new platforms, technologies and service
models, we're entering a golden age of the digital
retirement agency. Embracing this New enables you to
differentiate, innovate and transform the retirement
experience for members, employers and staff.
The first step on your transformation journey is understanding
how each of the four big pension shifts outlined above will
impact your business and shape your future. From this, you'll
define your unique New and determine your vision for
Next, imagine how the New will look for your members,
employers and staff. They'll be central to how you rethink
service design and delivery, while exploring innovative ways to
educate and engage them. This is also when you'll prepare to
bring your new retirement experience to life.
Now you're ready to move from imagination to implementation.
To apply new digital technologies like mobile, social, data and
analytics to your business processes, talent and culture. To create
the engine that enables you to operate smarter and deliver new
services your members will love.
Finally, there's the work to make the transformation stick. From
networks and ecosystems to service models and cyber-
security, there are so many opportunities to evolve. The more
agile and adaptive your pensions agency, the better prepared
you'll be for a sustainable future in the New.
Accenture surveyed public and private employees to find out what they really think of their pension plans and retirement readiness. Four critical takeaways? Members value their pensions benefits as much as their healthcare benefits. People may not be as prepared for retirement as they think they are. The hunger for digital retirement services like coaching is intensifying. And opportunities abound for pensions agencies to engage members at all phases of the pensions life cycle, balancing member needs with fiduciary responsibilities.