A significant increase in usage of TPT Retirement Solutions’ online DB platform is an indicator of a “quiet” tech revolution in the sector, according to Heather Quelch, the organisation’s Director of Administration.
TPT’s recent enhancements to their DB Online tool have increased engagement among members, with new features allowing them to “self-serve” changes, produce real-time benefit statements, and request transfer values and retirement quotations.
Uptake of the platform has increased fivefold, from 4,500 to over 27,000 during 2018.
“Our own experience and trends across the rest of the industry show clearly that there’s a large appetite for convenient online solutions among DB members,” explains Quelch.
“In many ways, the DB sector has been behind the trend in the wider financial services industry that has seen tech solutions become ubiquitous in recent years. Online and mobile banking is of course now the way that most people manage their money day-to-day and our DB administration is falling in line with this expectation.”
TPT also reports that the wider adoption of their online platform has assisted driving member engagement more widely – with over 25% of contact already being generated online at a time convenient to the member. This engagement is paired with efficiencies created by self-service tech solutions which ultimately allows TPT to capitalise on greater economies of scale and manage costs.
However, the rise of tech should not come at the expense of members’ experience, explains Quelch.
An online portal like ours is a great first point of contact and puts the power firmly with members. But it’s not a substitute for the human touch. We want our members to be able to pick up the phone and have a conversation with a human if they have any issues, so we foresee there always being a place for more “traditional” communications channels.
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