PensionBee sees increase in online pensions management

Pension savers are increasingly managing their pensions online, according to PensionBee, after the provider saw a 96 per cent year-on-year increase in the usage of its mobile app.

Between Q3 2019 and Q3 2020, the number of PensionBee customers using the mobile app to check their balance almost doubled, from 21,198 to 41,609.

The provider recorded 685,566 interactions with the mobile app last quarter, which it said indicated that customers were logging in regularly to engage with their pensions.

“Since the onset of the pandemic consumers have become increasingly more demanding of digital financial services, and the renewed lockdown restrictions in force across the UK will only exacerbate the need for digital solutions that help savers easily manage their finances,” commented PensionBee chief executive, Romi Savova.

“Despite successfully transitioning to effective remote working earlier in the year, many of the legacy providers are still in the dark ages when it comes to the provision of online services to consumers.

“Affordable and accessible technology is imperative if the pensions industry is to continue supporting the ‘new normal’, and it’s clear that the legacy providers must accelerate their transition to digital or risk being left behind.”

PensionBee also revealed that the number of customers having pension assets in a PensionBee plan increased by 85 per cent year-on-year to 59,027.

Following the increases in Q3, the provider has promoted its VP operations, Tess Nicholson, to chief operating officer.

Nicholson joined the company in 2015 as its third employee and is responsible for all areas of PensionBee’s customer operations.

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