Offering a pensions dashboard is not mandated. You can always merely direct your customers away from your app or website, to the Government’s MoneyHelper pensions dashboard.
But, we know that there will be multiple dashboards and that consumers expect pension providers, master trusts, banks and other organisations they already have relationships with to offer a pensions dashboard.
What will your customers do if you don’t offer a pensions dashboard?
Well, they can either:
Use the Government’s MoneyHelper dashboard
Or they can go to the apps and websites of your competitors who are offering dashboards..
What if you only show your customers the pension(s) they hold with you?
In the pensions dashboards age, platforms which only show users the details of one of their pensions, rather than their complete picture, will become increasingly irrelevant to them.
Risks of only offering a limited, or no pensions dashboard:
Lose customer primacy to your competitors.
See diminished usage of your app or website by your customers, with weaker relationships and reduced utility / support.
Leak assets under management to your competitors as your customers consolidate their pensions away from you.
How can you encourage your customers to see yours as the go-to pensions dashboard?
If you offer your own dashboard, you will own your customers’ journeys on your existing app or website. Your customers can find and view their total pension retirement income, across their State Pension and all of their different workplace and personal pensions.
If your dashboard is also within an Open Finance platform where users can see their other assets and finances too, such as savings, investments and mortgages, there’s no need for them to go elsewhere.
The benefits of offering a pensions dashboard
It’s hard not to see the benefits of offering your own pensions dashboard. .
Develop deeper long-term digital relationships with your customers.
Better support your customers’ ongoing retirement planning and financial wellness.
Seamlessly support those of your customers who wish to consolidate pensions thus accelerating the growth of your total assets under management.
The question isn’t if people will use pensions dashboards, it's where they will use them.
So, if you aren’t offering customers a dashboard, they’ll likely look elsewhere for one. This could mean your customers are pushed into building relationships with your competitors.
If you want to maintain those relationships you’ve worked hard to build, offering a pensions dashboard is not an option, it’s a must.
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