Press release: Industry needs to recognise true impact of increasing connectivity on pension ecosystem
PTL today encouraged the industry to take advantage of our increasingly connected society to drive enhancements in pensions, specifically in member engagement and fiduciary/provider decision making.
Richard Butcher, MD of PTL, commented: “Over the last thirty years UK internet access has increased from ½ % to over 93%. Data usage per phone per month is expected to increase from 4GB to 98GB over the next four years in the UK alone. A 2500% rise. That’s a huge increase in connectivity.
“Greater connectivity means more data. And with more data we should be able to make better decisions. Imagine the insight on member behaviours this could give us, both within and without pension schemes; Facebook, Amazon and supermarkets are already on to this, helping them sell us more of what we are likely to buy.
“Connectivity creates so much more opportunity to communicate with members, something we as an industry don’t do well! Personalisation is happening but there is so much more potential. The potential to make every interaction with a member timely, relevant, and engaging. Let’s stop delivering analogue communications digitally, lets, instead, start delivering truly digital comms; more push notifications, instant messaging, and dynamic data sets. Connectivity gives us the opportunity to do this.”
Butcher added: “I accept this doesn’t come without its challenges, such as increased cyber risk and indeed GDPR, but neither should be an unscalable wall in front of progress. They are challenges to be dealt with in the context of a drive to better member outcomes.”
Read more in Richard’s latest blog on the implications of a more connected society for pensions here.