Read our latest case study to discover how Mercer transformed their retirement engagement and partnered with EV to build a solution to empower and improve engagement.
Summary
EV partnered with Mercer and Moneyhub to make financial guidance engaging and to empower individuals to take control of their retirement journey. Mercer wanted to improve the member experience when modelling what their retirement could look like financially, leading to the creation of the Mercer Money retirement planner modelling tool.
EV provided the core innovation: sophisticated APIs and calculation engine that power Mercer Money’s intuitive pension modeller.
Our collaboration focused on creating a forecasting tool that is intuitive and accessible. Designed around the expressed needs of Mercer’s members, the modeller has made the forecasting process simpler, shorter and more manageable.
The tool’s ability to deliver quick results has led to increased usage and repeat engagement, demonstrating that a user-centric design can significantly enhance the member experience and promote greater participation in pension forecasting.
The challenge
The UK faces a retirement crisis, a challenge defined by under-saving and rising living costs, but exacerbated by the fact that millions of adults across the UK have never accessed financial advice or guidance1.
This is further compounded by low engagement among pension scheme members, who often find traditional tools and information complex and intimidating. Mercer, keenly aware of these challenges and their members' needs, sought to create a solution that would break through this reluctance to engage. The goal was to move beyond simply forecasting pot values and create a tool that resonated with individuals, encouraging them to envision and actively build a picture of their financial future within their pension app.
The solution
Mercer, guided by its in-depth understanding of member behaviour, defined a clear set of requirements for a new digital tool, with guiding principles like ‘no more than 2 minutes from sight to insight’ and a focus on minimal data input on the part of the user.
EV then rose to the challenge, providing the technical engine to power Mercer's vision. EV supported the delivery of a new pension modeller grounded in simplicity.
This comprehensive yet intuitive tool, powered by EV’s advanced APIs, was built for the Mercer Money app. It allows members to see a holistic view of their retirement, incorporating multiple pension pots and assets, and explore “what-if” scenarios in “micro-journeys”. By translating complex financial concepts into clear language and allowing users to forecast the impact of different trade-offs and choices, we’ve helped users feel more in control of their financial future.
Success stats
The impact of this collaboration has been profound. Since its launch, the new pension modeller has achieved significantly increased member engagement, with key results including2:
-
A 320% increase in total calculations since the modeller's launch, demonstrating strong adoption and active use.
-
Over 1 million calculations performed by members, equalling an average of 69,500 each month.
-
An average of 3,426 unique users actively engage with the tool each month, proving a clear demand for accessible financial insights.
-
Since June 2024, 41% of users have returned to the planner 5 times or more.
-
An average visit time of more than 10 minutes. Within the context of the tool’s micro-journeys, this duration reflects deep ad meaningful engagement, as users move beyond a simple balance check to actively model their different life scenarios and trade-offs.
This success validates the approach of breaking down complexity into digestible, actionable steps. It shows that by anticipating customer needs we can not only drive engagement but also foster better financial outcomes for members. This partnership demonstrates that true innovation lies in simplifying the complex and creating solutions that are not just functional, but truly transformative.
Future plans
While the current partnership with Mercer is focused on a specific application, the underlying EV technology is built for a broader purpose. Our unique calculation engine and APIs, combined with deep data insights, hold immense potential for future applications in financial guidance. Mercer and EV are already exploring how AI can transform the way people understand and envision their financial futures.
This functionality showcases our commitment to thinking ahead and developing solutions that are flexible enough to meet future customer needs and regulatory demands for tailored, outcomes focused support.
Reference: 1 St. James’s Place, September 2024.
Reference: 2 Date range is June 2024 to August 2025.
For more information about discussing partnership opportunities or implementing this solution, complete our form to speak to a member of the team or leave a comment below.