The global retirement industry is undergoing a significant transformation, driven by evolving customer expectations, advancements in technology and shifting regulatory landscapes. This evolution reflects a growing need to address the financial preparedness of individuals navigating an increasingly complex retirement landscape. Recently, we collaborated with Deloitte to analyze retirement systems across the United States, the United Kingdom, Ireland and Australia.
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One factor shaping the industry in the US and UK is the transition from defined benefit plans to defined contribution schemes, with Australia already having completed this transition. The shift places greater responsibility on individuals to make critical financial decisions, often with limited guidance. Individuals increasingly seek more than just retirement savings plans; they want financial service providers to offer holistic solutions that integrate wealth management with retirement planning. This shift emphasizes the importance of financial wellness—an approach that considers the entirety of a client’s financial circumstances to provide security, flexibility and peace of mind. For providers, this means breaking down traditional organizational silos and adopting a more integrated, client-centric approach to their offerings. At the same time, customer expectations for seamless digital experiences are reshaping how providers interact with their clients.
To meet these demands, retirement providers are turning to modern technology. Firms are modernizing their core infrastructure to offer flexible, multi-channel solutions, whether through self-service platforms, remote advisors, or in-person consultations. These efforts not only enhance client engagement, but also drive operational efficiencies through automation and outsourcing. Advanced tools such as artificial intelligence, data analytics and digital platforms enable providers to deliver personalized retirement journeys while maintaining scalability and cost-effectiveness. Enhanced segmentation strategies, informed by comprehensive financial data, allow firms to tailor products and services to the diverse needs of different client demographics, ensuring that savers across all phases of retirement receive the support they need. However, maintaining the required technology in-house may be impractical for many firms. Outsourcing is an effective way to access technology and accelerate the transformation and modernization timeline. Being able to move quickly to achieve these objectives helps firms meet customer expectations and stay competitive.
With the growing dependence on data there is an increased need for robust cybersecurity measures and regulatory compliance. Providers face the dual challenge of leveraging data to innovate while safeguarding client privacy and adhering to evolving regulations. Investments in modernizing data infrastructure and creating reusable data products are becoming essential components of the industry’s technology roadmap. Meanwhile, regulatory changes continue to present a dynamic challenge, requiring providers to remain agile. Modern technology and flexible service models are essential for navigating these shifts efficiently and maintaining compliance without incurring excessive costs.
The convergence of wealth and retirement solutions represents a promising avenue for growth. By integrating these services, providers can offer comprehensive financial support, deepen client relationships and unlock new revenue streams. The future of the retirement industry depends on the ability to balance personalization with scalability, innovation with security and client needs with regulatory requirements. Providers that prioritize these foundational capabilities will not only meet the demands of today’s savers, but will also position themselves as leaders in an evolving marketplace.
Join us for an exclusive "The Global Retirement Industry: Key Trends, Insights and Strategies for Staying Ahead" webinar in which senior executives from SS&C and Deloitte dive into the critical challenges facing retirement providers today. We’ll explore key trends, including the shift from defined benefit to defined contribution plans, the increasing demand for holistic financial wellness, and the convergence of wealth and retirement solutions. Plus, we’ll share key takeaways from our "Global Retirement Outlook" whitepaper developed in collaboration with Deloitte.
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