Insights/Case studies/Newsroom/CareersCareersCareersPartnersConsultantsTechnology innovationCorporateEarly careersSearch Jobs/About us/Contact us Global locations

Search paconsulting.com
  • Phone
  • Contact us
  • Locations
  • Search
  • Menu

share

  • Add this article to your LinkedIn page
  • Add this article to your Twitter feed
  • Email this article
View or print a PDF of this page
.
Close this video
 

Retirement reinvented

Adapting to the emerging retirement landscape

Download report

After several years of transformational regulatory change, the retirement market is experiencing a moment of relative calm.

For the time being at least, there is a more stable environment in which to develop the next generation of retirement propositions that address the needs of a more self-sufficient, digitally-orientated customer, facing a more complex set of retirement choices.

57% of retirement providers in our research predict that dramatically different propositions will emerge – what we're calling 'retirement reinvented'.

For 2017, we identify five priorities for retirement providers to remain competitive in this new environment.

Download report

Report cover

1. DATA-DRIVEN EXPERIENCES

43% of providers believe they have made significant progress in better using data to inform, segment and manage the experience of customers since our 2015 survey.

But it appears firms have further work to do. Only 7% of providers have fully optimised their use of data to support the customer experience.

Data driven experiences

2. INNOVATION

Only 36% of providers feel they have made progress in applying innovative thinking to entirely new propositions.

43% feel regulatory uncertainty is the biggest barrier to innovation, followed by a lack of funding or capacity to implement new ideas.

Innovation

3. AGILE CHANGE

93% of providers use a mixture of agile and waterfall delivery approaches, a significant increase on 2015 when only 69% of providers said they had embraced agile.

Alarmingly, only 14% said their change delivery is consistently good enough to meet their needs, but less than half of providers see extending agile as one of their top three priorities.

An Agile approach to change

4. CONDUCT RISK

Conduct risk remains a big concern and providers are aware they need to mature their conduct risk capabilities.

In our previous survey, not all providers were concerned by conduct risk, with only 46% ranking the risk they faced as 'high'. This year, conduct risk has become a much larger priority, with 86% of respondents reporting a need to make changes to the way they handle it.

Conduct Risk

5. FINANCIAL CRIME

30% of providers have seen a pick up in financial crime since our last survey. Of those reporting a rise, half believe this has been directly driven by Freedom and Choice changes.

86% of providers believe that they have robust controls in place. However, it remains to be seen how robust these controls are without being tested by real financial crime exposure.

Financial crime

Learn more

Our research surveyed senior executives from 14 major UK retirement providers. To learn more about the above five priorities for 2017, download a copy of our summary report.

A more detailed breakdown of results is available to those who participate in our research.

Download the report

Report cover

Contact us

Contact us to find out more how we can help you with the reinvention of the retirement market. 

Mike Teall

Mike Teall
PA financial services expert

Email | LinkedIn

 
Scott Paton

Scott Paton
PA financial services expert

Email | LinkedIn

 
Kevin O'Shaughnessy 120 x 120.jpg

Kevin O'Shaughnessy
PA financial services expert

Email | LinkedIn

 

By using this website, you accept the use of cookies. For more information on how to manage cookies, please read our privacy policy.

×