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Technology Comment
Eagle warns annuity providers to shape up or face change
The process for converting pensions into annuities could be overhauled if providers giving bad deals do not up their game says pension minister Angela Eagle.
Tuc in - the industry is out of touch
The FSA and ABI should be ashamed their new pension calculator is a shadow of the one offered by the TUC says Ian McKenna, director of the Financial Technology Research Centre
Reverse psychology
Providers and advisers are ignoring the basics of behavioural finance when it comes to investment choice and tools says Ian McKenna, director of the Financial Technology Research Centre
Communication breakthrough
Although most financial services businesses may not readily embrace technology, it has now become embedded in the everyday lives of their customers. Those firms who take a wait and see approach to delivering new service are likely to find increasing numbers of customers rapidly taking their business elsewhere. It is hard to think of a device that has had a more profound affect on the way people run their lives than the mobile phone.
Rise of the machines
To find a solution to this dilemma I believe it is important to take into account the significant changes in behaviour between different generations of consumers. The generation approaching retirement have accumulated considerable wealth from which they can pay for advice to meet their needs. This is not however a practical approach for consumers at the start of their financial life. To meet the needs of this market will require far greater innovation and creativity.
Portal combat
Off the shelf employee benefit portals allow corporate intermediaries to compete with slick tech players says Ian McKenna, director of the Financial Technology Research Centre
Hewitt’s head of flex joins Staffcare
Graham Jarvis has left his role as head of flex and benefits administration at Hewitt to become managing director of Staffcare. Jarvis is assuming full day-to-day management for the business, working alongside founder and chief executive, Phil Hollingdale, who will concentrate on business development.
A bit of straight talking is needed
Changing the lexicon alone could make the subject far more interesting. For example the Australians refer to their retirement provision as superannuation, invariably shortened to Supers, a far more positive noun.
Communication not confusion
Group pensions need to become as easy to use as an iPhone says Ian McKenna, director of the Financial Technology Research Centre
