As consumer expectations around digital services increase, businesses across every sector are looking to meet a growing demand for better, and more user-friendly, applications of data. The Covid-19 pandemic has only accelerated this shift to digital as traditionally offline activities move online, and businesses are racing to stay ahead of both their customers and their competitors. The UK pensions industry might not seem an obvious place to look for inspiration about how to adapt to digital transformation, but that might be about to change.

With as much as £20 billion sat in lost pension pots, there is a real and pressing need to reconnect people with their savings, particularly during the current economic environment. The government hopes that a pensions dashboard — a simple interface for citizens to monitor and manage multiple pension pots from a single platform — will provide the answer.

Creating a single interface for people to monitor and manage their pension savings wherever they are and whoever they are managed by would be no small feat. The typical British worker can accumulate up to 11 separate pension pots by the time they retire, and there are no less than 40,000 pension schemes operated by some 300 providers in the UK. But the technological advances being made in data sharing and security mean this is no longer an unrealistic ambition.

Not only that, but if the pensions dashboard can be built and deployed successfully, it could become the new standard for the wider financial services industry – not just in the UK but around the world — and become a template for how the same principles could be applied to Open Finance more generally.

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