DC DEBATE


Howcan we use technology to help drive better member outcomes?


Mark Rowlands: Technology can help us overcome one of the main challenges in engaging people with pensions, namely cutting through the huge volumes of information people already receive every day. Experience and research show that simply


creating more communication won’t necessarily help increase engagement and drive better outcomes. This is because with so much information competing for our time, more awareness by itself doesn’t lead to a change in behaviour. As the Nobel Prize-winning economist and


psychologist Herbert Simon said, “a wealth of information creates a poverty of attention”. Technology can help us with this challenge


by providing us with the ability to create more focused and targeted communications, specific to a member at a particular point in their life. It can also help us develop more engaging ways of communicating with people. At Nest, we’ve been trialling using


personalised video messages to encourage people to login to their accounts for the first time and we have been pleased to see people engaging with them. We think that investment in technology,


both now and in the future, is essential to enable deeper personalisation of pension communications to help drive better member outcomes.


Stuart Murphy: There are countless ways to drive better outcomes using technology: across reporting, scheme management, and improving data accuracy and presentation to help make predictions for the future. We have recently developed a web-based


platform to bring all scheme, member and contribution data into a single location, allowing us to hone in on the key value and performance indicators that can enable data- driven decision-making. The information can be filtered by gender,


location, age and contributions over time, which allows for better segmentation and targeting capabilities. Are men contributing more than women


in certain locations, or everywhere? Is there a north-south divide in the contribution rate? Schemes and their advisers can use these insights to better target their member communications and engage with members on issues that matter to them. We can then visualise member response


rates and gauge the effectiveness of each campaign. If we get this right as an industry, it will also


help us design solutions that members will better understand, value and engage with.


John Reeve: It seems to me inevitable that we will move beyond a world where technology monitors the progress of our savings, models the future and educates the individual, to one where technology makes most of the key decisions for us. In future, the use of artificial intelligence


and big data will enable us to ‘drive’ our savings (not just our pensions) in the same way as we drive our cars – with little or no knowledge of what happens under the bonnet. The wealth of data available, along with


targeted communications, specific to a member at a particular point in their life


Mark Rowlands, director of customer experience, Nest


create more focused and


Technology can provide us with the ability to


clever technology to turn data into action, should take away from us the decisions that we are clearly not qualified to make, and help us reach our retirement destination with the use of just a few ‘levers and pedals’. This will require a disruptive change in


delivery models and a sea change in the trust that individuals have in providers. The size of this change should not be


underestimated. In particular, it requires a move away from the current profit-driven model where data is used to maximise profits, to one where those who deliver solutions are driven by the needs of the individual.


35


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48