Technology trends in the retirement market

Link Group believes the transition to retirement and journey from that point onwards, can be further enhanced with a new era of technology-driven innovation, offering a glimpse into a future where financial independence is more attainable than ever before.

For most people, accumulation vehicles serve as the bedrock of retirement planning. One of the most significant changes we have seen in the global pension industry, is the increased desire and commitment to evolve services and foster innovation throughout the accumulation and decumulation phases, and the adoption of emerging and disruptive technologies to deliver real benefits to funds, members, advisers and employers. These new technologies also make it possible for funds and trustees to service their legislative and compliance requirements in a more seamless manner.

In fact, some of these emerging technologies are already having an impact and it is our collective responsibility to make sure they deliver the best outcomes for members in such a crucial stage of their lives. This means ensuring improved financial security, data privacy, increased efficiencies and simplified digital experiences that give people what they need, when and where they need it.

What are disruptive technologies?

In the context of saving for and managing retirement, these are technologies that challenge conventional norms and provide innovative pathways to deliver products and services that matter most to our clients and their members.

There are many to explore, but one that is currently having the most influence on our industry is artificial intelligence (AI) including generative AI-such as ChatGPT.

AI is a game-changer, enabling machines to perform tasks that once needed human intelligence, such as processing data, making decisions and responding to enquiries. AI enables the creation of highly personalised financial plans, tailored customer service through enhanced first-call resolution, optimised retirement strategies based on unique data and identification of fraudulent activity and anomalies. The key is not to replace human interaction, but to augment and elevate it by solving a problem with a higher quality solution faster than ever before.

Generative AI adds an exciting dimension, allowing machines to create realistic content, including text, images, audio and video. This capability empowers us to generate tailored content for members, such as financial reports, communications and educational materials. It features strongly in the enablement of insights and intentdriven member interactions with contact centre and service staff by providing real time information and guidance that aligns outcomes with a member's request.