We like to speak to our clients regularly, especially in times of trouble. But what is more important in times like these, is that we listen.
A noticeable trend has emerged of businesses wanting to be able to control the user experience of their tools, while providing much-needed reassurance, especially over the last few months. Clients now want to define their own processes and front end to achieve this, while ensuring they retain total flexibility in a fast-changing world.
Sometimes, an off-the-shelf solution doesn’t quite meet a client’s unique set of requirements, and we are finding an increase in firms turning to a more DIY approach to meet the growing needs of their customers.
DIY approach vs Off-the-shelf
We outline the pros and cons of each approach in the below table;
DIY approach through the use of APIs
To support a more DIY approach, we continuously improve our API offering, leveraging our powerful calculation engine and asset model. These APIs can be built into tools or applications or utilised as the firms or product providers see fit, enabling complete control of the user experience whilst still being able to access our cutting-edge calculations.
The key benefit of using APIs in this way is access to underlying calculations and functions, creating practical solutions to real-world scenarios. The power of the APIs is limitless when used in different combinations.
We outline an example of APIs being put to work below;
The COVID-19 pandemic introduced a number of financial concerns for many individuals, particularly for those thinking about retirement planning. Many individuals would have likely seen a sizable reduction in their pension funds during this time.
With this in mind, we established the need for a solution that would assist those close to, or in, retirement in understanding the impact on their pension pots and future lifestyle prospects in retirement. Additionally, the solution would need to offer comfort and reassurance, through the provision of likely outcomes, and practical suggestions to improve their outlook. More information on these issues can be found in our accompanying blog, Three Simple Ways to Improve Your Customer’s Retirement Prospects.
Using the APIs below, we were able to create the Retirement Lifestyle Forecaster, helping individuals affected by the current pandemic to understand what sort of lifestyle they could expect to have in retirement.
Retirement Lifestyle Forecaster
- drawdownForecast - allows you to model the consumers’ retirement drawdown journey; modelling their decumulation of pension pot and retirement incomes against their target. Providing the results for a retirement lump sum, pot value and age at which their money runs out.
- budgetPlannerRetirement - allows you to provide the consumer with example categories of expenditure they should consider in retirement provided by PLSA and ONS data. At a high level a minimum, moderate and comfortable overall target can be utilised.
Here are some highlights of the tool in action;
So what next?
If you would like to use the Retirement Lifestyle Forecaster to help your customers? We would love to hear from you, so please get in touch with your EValue contact, or send us a message on firstname.lastname@example.org.
If you would like to know more about how our range of APIs can give you complete control of the user experience, click the below link or get in touch.