Technology continues to progress and change almost every aspect of our modern lives. The pensions industry has been subject to a great deal of change due to technological innovations. Interactive portals, modelling tools and blockchain technology mean that pension funds have an overwhelming variety of technology at their disposal. This has allowed individuals a greater level of control and overview of their pensions than ever before.

Since technological advancement is showing no signs of slowing down, understanding its impact on the global pensions industry is important. Here are some ways that pension funds are affected by innovative technology.

Artificial Intelligence

Artificial intelligence (AI) is slowly creeping into almost all industries in the modern world. Nowadays, the majority of firms have integrated AI into their day-to-day operations in one way or another. The versatility of the technology has allowed companies to automate various processes that once would have been performed by humans. For example, it is becoming increasingly common to see AI chatbots communicating with visitors to websites. This can guide consumers towards more information and answer their queries.

Generally, AI chatbots are common in marketing and e-commerce settings, but some players in the pensions industry have begun using them successfully. While your mind might not instantly connect AI and the pensions industry, the technology provides various benefits to organisations that use it.

Chatbots are an excellent example of how AI is changing how people manage their pensions. This technology helps people engage with their pensions and provide advice and investment strategies, allowing them a greater level of control over their funds.

Read more @The American Reporter