We have come to a stage in modern society where (fortunately or unfortunately) we spend a considerable amount of time immersed in digital technologies, whether that be for personal or professional use.
However, there is one area that is significantly behind – finance.
As a millennial, joining the pensions industry and taking a greater interest in my finances, I cannot help but ask – why has it taken so long for the financial sector to embrace digital technology?!
In a world of driverless cars, turbine-powered electricity and door-to-door personalised consumer services, it seems ridiculous that we still cannot view our own retirement savings online, let alone actively consult them.
Speaking to smart investment firm ALPIMA’s CEO Pierre Mendelsohn, the turtle-like pace of the industry to enter the digital space was attributed to “difficult markets, legacies and regulatory requirements”.
Nonetheless, “People increasingly want to know about their exposures - they want to know specific details, delivered through bespoke platforms” to enable them to make individual saving and investment decisions, Mendelsohn said.
In a society where we are able to track how many steps we have taken a day at the click of a button, why can’t we track the contents of our savings pots in the same way?
Mendelsohn continued to explain that “while the thought is simple, execution is difficult” when it comes to the implementation of new technologies into the sector. Once this is achieved he explains, companies can begin to consider how to deliver “true personalisation at scale” in order to “meet the exact needs of consumers”.
Nevertheless, with the pensions industry eagerly anticipating the launch of the pensions dashboard and the gradual introduction of internal platforms and online investment tools, it is encouraging to finally play catch up and embrace a more personalised view of our finances.
It’s definitely about time pensions and the rest of the financial industry came out of the dark ages!