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5 reasons your stakeholders need a digital portal - today!

In the news recently, there has been a lot of change in how secure the public is feeling about their personal and workplace retirement funds, long term savings and other investments. A recent study by Aviva stated that 21 percent of non-retired people in the 45-60 age group were not doing anything to strengthen their retirement income. This represents an opportunity for companies to engage with their employees and for advisors to grow their business in helping everyone be comfortable financially in retirement.

However, Covid-19 has interrupted the old face to face and paper-based ways of working, and innovations are needed to increase productivity, collaboration between corporates and their providers and advisors and their clients.

The successful path forwards will come from digital transformation, and below summaries 5 key reasons why this should become a priority to ensure continued relevance and grow in the new world.

Let us know what you think, we are currently consulting with many organisations to share our experiences and explore ways we can help accelerate the digital transformation agenda.


5 key reasons why it is now time to adopt a digital portal for managing pensions and investments.


1. For Individual Customers – Customers are worried about the short-term impact of stock market volatility and their investment valuations. Covid-19 has accelerated the shift in the mindset of the general public to use mobile apps and digital portals as a primary route to manage their life insurance and pensions – echoing retail shopping, takeaway deliveries, omnichannel banking and NHS appointments on your phone - all ages moving to ‘digital first’.

2. For Customers Service Teams – Typically now a decentralized team working from home, managing increased number of low-level inquiries and minor changes. When individual customers are enabled to process simple tasks themselves, like see a valuation, it then allows customer service teams to focus on meeting KPI targets while still providing effective customer service levels.

3. For HR Teams – Stakeholders for workplace pensions, often sitting within human resources, are working remotely and require additional tools to assist with operational resilience. Paperless and automated digital journeys can be designed to enable secure and rapid access to view and submit or change key information on demand, removing delays from posting documents and waiting for them to be processed manually.

4. For Financial Advisors – For financial advisors, a portal can provide an overall view of their customer’s portfolio and previous activity. This is vital for effective retirement and investment planning when the advisor is sitting with their customer – now likely to be via a Zoom call. A portal also enables the advisor to provide better service to their customers, some of whom may not be confident in processing servicing tasks, uploading documents, etc. themselves.

5. For CTO / IT Managers – Buying an out of the box solution is now a proven way for the IT department to deliver new ways of working to their stakeholders, while managing cost incurred from building from scratch. The IT team then have the bandwidth to focus on executing strategic technological initiatives to leap ahead of the competition or catch up to the fintech based challengers. The VERMEG API manager and enterprise service bus messaging components decouple front end from the back office, enabling rapid and agile application building to be made possible in parallel with longer term projects, such as back office transformation.

Leading UK Life Insurers have partnered with VERMEG, winning industry awards such as Advisor Asset’s ‘Platinum Rating’ and 5 Star ratings for ‘Advisor platforms, Personal and workplace pension self-care portals’. We have solutions which are proven in the market and we are a partner you can trust to understand your business. VERMEG are committed to your success.

More details are available by downloading the brochure on the Digital Advisory Portal HERE.

21/10/2020

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