David McDonald, Head of Channel (Guidance), joins me for a quick chat about what we expect to see from the EV Guidance channel over the next 12 months.
What's 2023 looking like for your channel?
We want to support consumers in making informed financial decisions by giving them the education and confidence to navigate the increasingly volatile markets.
2023 promises to be an exciting year, with lots of potentials to build on existing developments to our guidance capabilities over the last few years. We will continue to support our clients in delivering better financial outcomes for their customers, with a particular focus on educational content. In addition, we have planned a range of product enhancements with some new propositions to be explored.
What exciting new developments are you working on or have on the roadmap?
Having launched our EVDirect Quick Tools to the market in late 2022, the first use case has proved successful, and I'm excited to see how they are adopted and used to engage consumers. Our Quick Tools have already supported over 2,500 retirement calculations since launch.
Answering specific consumer questions with simple inputs and outputs can be powerful and easy to digest. We're also looking to enhance the functionality offered by our tools, with a particular focus on increasing engagement and developing an improved digital experience.
What future changes will customers likely want that our technology can provide?
The pension dashboard is a great way for individuals to understand the various pensions they may hold. However, although having access to the data is great, it needs to be shown and forecasted consistently, along with other investments and pensions individuals may hold. Therefore, providing access to modelling capabilities which allow consumers to factor all their wealth into one consistent planning projection is key.
Another change that will impact consumers is the news that the Normal Minimum Pension Age (NMPA) is changing to 57 from 2028; this will need to be communicated to members. We will be accounting for this within our tools from this year and educating on the change and possible impacts.
What new or existing challenges do our customers want to focus on?
Several pension schemes want to understand how ready their members are for retirement. Using our powerful calculation engine that models over 12,000 possible economic scenarios, we can confidently forecast future outcomes for all of the members of a scheme and assess their likely position against specific metrics. This sort of bulk forecasting can be performed for thousands of members in a short time frame.
This brings me to the end of my Q&A with David, and I would like to thank him for his time today. It's great to hear more about what is coming up during the year ahead.
A quick recap
There is a real sense of optimism about the future developments of the channel over the next 12 months. The focus will be on supporting consumers in making informed financial decisions by providing them with education and the confidence to navigate the markets. In addition, the team have planned a range of product enhancements and new propositions to be explored, including the recently launched EVDirect Quick Tools, which have successfully supported over 2,500 retirement calculations.
The channel is also looking to enhance the functionality of its tools, with a focus on increasing engagement and developing an improved digital experience. In addition, they are looking to provide access to modelling capabilities for consumers to factor all their wealth into one consistent planning projection and educate consumers on the changes to the Normal Minimum Pension Age. Customers want to focus on understanding how ready their members are for retirement and using powerful calculation engines to forecast future outcomes for thousands of members in a short time frame.
As our readers, what's next for you?
Start your journey to improve member engagement, increase member pension contributions, and give your business the digital solutions to stand out in the marketplace.
Click here to learn more about our range of digital retirement planning solutions.
If you would like to get in touch or speak to a team member, please email us at: contact@ev.uk
