Interactive digital dashboards, cloud-based platforms, artificial intelligence and machine learning – all of these have a place in the exciting future of the pensions sector.
Yet these innovations don't have to come from inside the pensions industry, though.
Sam Barton, Chief Technology Officer at Smart, explains: "There are, strangely, a lot of synergies between the world of eBay and the world of auto enrolment. You've got a huge quantity of people following some very specific tasks. You've got to take money from them, you've got to complete a set of transactions, validate money received and allocate that to a product."
Barton cites the UK's experience with Open Banking as also holding lessons for the pension sector. New technology has allowed savers to access their savings, move money and monitor their spending far more quickly by sharing user data securely in real time. High Street banks have responded with their own apps and improvements to systems.
There is tangible evidence that a similar revolution might be about to happen in the retirement industry. What could be the driving forces behind such a revolution?
Professional Pensions has teamed up with Smart Pensions to analyse the pensions ‘technology trap' and how technological innovation could revolutionise the pensions industry. Click here to access your exclusive guide.
