"More than half of Americans report that they will run out of money when they stop earning a paycheck and millions haven't saved enough to maintain their standard of living in retirement, There is an urgent need to re-imagine the role record keepers play in financial wellness, and it starts by leveraging technology to close the gap between capabilities and customer expectations."
"The sector is in transition, where traditional retirement record keeping is expanding into comprehensive financial wellness platforms. Scott Parker, Partner at Deloitte Consulting and leader of their wealth retirement practice, notes that the industry is "at the cusp of taking it to the next level and getting outside of what we've always done in the past, which is more and more communication.""
"The change is driven by both technological capabilities and changing expectations which center around integrated solutions: "Our clients are asking us to bring those solutions together, because they want a clear picture of not just their retirement, but what are they doing in the banking space?" said Sherry Baker, SVP and Head of Global Wealth Products and Services at FIS."
More than half of Americans face the risk of depleting savings after leaving the workforce, and millions lack sufficient retirement savings to maintain their living standards. Record keepers must be re-imagined to support financial wellness by leveraging technology to bridge gaps between capabilities and customer expectations. Solutions include automatic enrollment and automatic increase, improved participant communication, integrated financial wellness platforms that combine retirement and banking views, and personalized guidance powered by data and modernization. Cybersecurity and regulatory compliance must be maintained while enhancing daily engagement, especially to meet younger participants' expectations.
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