How technology is driving a
revolution in how we interact
with our pensions
Chris Pitt – Head of Market Analysis
Drivers Tech game
Public spending and debt
Deficit 450b 1.53t
Growing and aging population
1990 2015 2040
75.9 81.3 85.6
Population 57.2m 64.6m 74.3m
Digital revolution - as profound as
the ‘industrial revolution’.
Access the Internet
several times a day
IRESS Data, Disruption and Digital
Barriers to be overcome?
Some (not all) of the key inhibitors:-
1. Understanding what they have already got
2. Providing data to others (to buy products, to get advice)
3. Analysing that data and deciding what to do
“We need to get more people saving more
money for their retirement”
1. Understanding what they
have already got
2. Providing data to others (to
buy products, to get advice)
3. Analysing that data and
deciding what to do
Tech game changers?
What FinTech innovation would people
most like to see in the future?
IRESS Data, Disruption and the Digital Consumer report (iress.com).
What do you really really want?
The ability to view their financial
world - bank accounts, mortgages,
investments, insurance - in one place
HMT sponsored working group:-
UK Open Banking
“Open APIs should be created to enable services
to be built using bank and customer data. These
would include open data about products and
services as well as shared data about bank
transactions that individuals or
businesses can choose to
share through secure and
47% not confident how much their pension is worth
“The concept is so compelling that
it’s already an established part of
the pensions industry in other
countries. Savers in Denmark,
Sweden and the Netherlands all
have access to a dashboard of
Darren Philp, The Peoples’ Pension
A third of people would save or invest more if it was easier
to transfer money and open saving or investment products
• Your online assured
• Already an option for
accessing UK Gov’t
• Post Office
• Royal Mail
eCommerce in retail sales
* Source: IMRG Capgemini eRetail Sales Index
24% of retail sales took
UK ecommerce sales
The tech revolution in the high street, 2015*
Life Co’s and asset managers making major investments
The Fintech revolution
Takes stake in
Takes stake in
In a recent webinar, IRESS asked advisers what they
thought about robo-advice:
The adviser view?
65% 9% 23%
Opportunity Threat Undecided
2016: A Robo Advice Odyssey available on YouTube
Stuff & Nonsense! Real challenges
Many will try - many will fail
Application technology to
Consistency across channels
It’s all about the PROPOSITION!
What’s in a name?
What is ‘Robo-Advice’?
Digital advice – some examples
• Consumer facing
• Extensive interactive education
• Tools & calculators
LV= Retirement Wizard
• Full regulated advice
• Specific product recommendations
from a range of leading providers
• Online (with telephone support)
• £199 - one-off payment for advice
In the work-place & linked to auto-enrolment
It’s not going away!
• Segment and design accordingly
• Expect an omni-channel world
• Aggregate data for your clients
• Encourage client online access
Create a technology roadmap
Attract new clients
Build new propositions
to engage new clients
• New client segments?
• New brands?
• Different UX?
• New ways of
Through self serve
and client facing tools
• Corporate website
• On-line fact-find
• Client portal
• Tools & calculators
• Social media
Use existing tech to cut
costs and time
• Cash-flow analysis
• Suitability Letters
• Automated payment
Underpin with an omni-channel platform
We always overestimate the change that will
occur in the next two years and underestimate
the change that will occur in the next ten.
Don't let yourself be lulled into inaction.
A final thought ……
Mobile: 07920 135708
Head of Market Analysis
LinkedIn: Christopher Pitt