Making Retirement Human- FinTech LIVE New York
On 17 June, FinTech LIVE hosted an exclusive virtual event to connect the world’s leading executives in the Finserv, Banking and Insurance industry- FinTech LIVE New York.
Across the day, attendees were able to hear unfiltered discussions from internationally acclaimed business leaders, participate in engaging sessions and interact with fascinating presentations, as well as network with an abundance of like- minded advocates for the industry.
The virtual event provided a unique insight into key topics in the industry, such as strategy, transformation and payments and digitalisation, catalysing inspiration amongst the audience.
FinTech LIVE New York allowed attendees to acquire the knowledge they need to make their own mark in the future of the industry.
During the engaging event, Aynsley Toole, Vice President of Product Management and Chief Product Owner at ADP delved into how we can make retirement more human through an engaging keynote discussion.
Through the keynote, Aynsley emphasises the importance of making retirement more human and explores how ADP improves retirement readiness for employees.
Retirement Trends
Aynsley explains that pressure is rising for individuals to look after their retirement savings due to trends such as longer life expectancies, a greater number of retirees and a move away from traditional pensions. But, she begins to explain that this can be overwhelming for many of us, due to the complexity of new financial instruments and evolving technology.
"Knowing that you work at a company for your entire life and have a pension and know exactly what you're going to get after you've retired is really not a reality for most people these days," said Aynsley.
In addition to this, Aynsley spotlights that the gig economy has recently felt a rise, resulting in heightened anxiety around finances, due to many workers feeling underprepared for their retirement.
"The majority of people surveyed say they feel overwhelmed, anxious, or fearful about their retirement," explained Aynsley.
ADP
Aynsley centers the main focus of the keynote on the retirement applications ADP offers to reduce financial anxiety around retirement and the planning process associated with this.
Throughout the keynote, Aynsley explores how ADP enhances retirement readiness for employees, emphasising the importance of a positive user experience. She explains that ADP has a new app that makes the process more accessible, makes naming beneficiaries simpler and improves user experiences, allowing loyalty, savings and engagement to be driven. As well as this, Aynsley highlights how ADP constantly ask for consumer feedback from their clients and uses personalised data to enhance confidence in their clients and constantly clarify their offerings.
Additionally, she mentions a tool that ADP uses to allow their clients to deceive their retirement preparedness. By using information on their desired lifestyle, cost of living and personal financial goals, the tool can show benchmarks that employees can use to decide how much they will need to save, that are relative to peers in similar situations.
“We help guide them by showing them what people are at similar ages in similar geographies with similar incomes are saving,” Aynsley explained.
Later on in the keynote, Aynsley delves into ADP’s philosophy to improving user experience- easy, smart and human. ADP aims to make their services ‘easy’ for their clients to use by making complex financial information effortless to understand, ‘smart’ by utilising AI to improve guidance and roll out reminders for users to enroll in retirement plans and ‘human’ by making recommendations and interactions personalised to solve individuals concerns.
“We want to make it easy, we want to make it smart, and we want to make it human,” Aynsley announced.
Aynsley continues to recognise that financial language can sometimes be difficult for their clients to understand, which is why ADP utilises copywriters to simplify language and communicate clearly.
Overall, Aynsley highlights that focusing on crafting an optimum customer experience is key in making retirement more human, allowing retirement readiness to be enhanced amongst their clients, improvements to be constantly made to the planning process and financial anxiety to be reduced.
