We need to pay attention to FinTech. According to new findings from global research led by the World Bank and the International Organization of Securities Commissions, technological solutions for pension planning may be able to provide us with deeper data, better engagement and more successful plans for companies and pension investors alike. Technology can help us create retirement plans for young people so that they can protect their future. It can help companies drive down costs of pension management. And, it can tailor plans to the individual in both private and public pension schemes.
But what about the risks? FinTech companies are backed by significant venture financing, and are challenging traditional financial services business models in banking, insurance, wealth management and investment management. These real life risks have to be managed, if pensions will successfully integrate their process with this large scale data. We’re still not sure of how all of these dynamics are going to affect pension planning in the next few years.
In our new paper on FinTech for pension management in 2019, we’ll discuss what the barriers are to using technology as a foundation for pension strategies, and what we can do to work with the tide of FinTech advances, while still maintaining pension integrity. We are only just beginning to explore the ways in which FinTech can have an impact on our pension futures, according to field research and practical tests, but it’s something that we need too get ahead of in order to start planning.
At Marris Miller, we believe that pensions should take advantage of new ideas driving change in pension efficacy. Because technology has become part of our day to day understanding of banking transactions in the modern world, it’s not a great leap to imagine just how successful leaders in pension management might be, if we can move towards a tech-informed future. We’ll help you get there.