As people live longer and as healthcare costs rise, many people's pension plans will fall short of providing them with a comfortable retirement. Pension funds have an infinite investment horizon, coupled with an unending commitment to pay benefits to citizens, but the ratio of people working and contributing to funds against those withdrawing money is shrinking.
Challenges at the macro level are fed by issues at the micro level: People are ignoring their retirement and are putting off planning for it.
The pensions industry must help to change people's behavior so that they are planning for retirement from an earlier stage in their lives. Embracing digital technology will be central to this effort: The introduction of digital retirement coaches via mobile apps and virtual reality, for example, will help ensure that people are more aware and better educated about their future financial needs.
In a digital world where we live on our smartphones, we expect seamless services and experiences—how, when and where we want them. 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.
6
People check their smartphones every 6 minutes.
74%
Seek customer support on a mobile device.
87%
Retirement system members would use a mobile app.
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.
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.
Meet our subject matter experts and get their latest take on the most pressing issues facing pensions organizations.
How blockchain can play a vital role in enabling the collaboration and data-sharing that are now so vital to pensions organizations.
Pension agencies are positioned to rethink how they engage with their members through personalized retirement coaching.
Better insights are helping leaders attract, develop and retain talent while supporting higher employee productivity and satisfaction. Ultimately, the HR analytics are empowering state workers to deliver better and more enduring outcomes to the people they serve.
The HR Division used HR data to address the challenges—while positioning HR as a high-value talent and decision-support role for all state agencies.
The five tech trends in this year’s report reflect the parallel digital transformations of companies and people. Welcome to the New.
A look at what's ahead for the future of business, technology and design.
Living Businesses continuously adapt to evolving customer needs to achieve hyper-relevance.
By leveraging deep industry expertise and applying it to the specific challenges that public organizations face, we can deliver proven solutions, end-to-end. We’re infusing government with the fresh thinking it needs to give citizens what they want.
Evolving core operations, processes and systems whilst embedding innovation, leaders can deliver the services that citizens demand.
Driving technology use to tackle opportunities and challenges, prepare for change and create value.
Truly human governments break down silos, build up capabilities and empower workforces to move from transactions to relationships with citizens.
We bring the insight, experience and delivery capabilities needed to help leaders bring Living Governments to life.
Across the public sector, we’re helping transform organizations to continuously adapt and improve outcomes through innovation.
