As part of Scottish Widows’ investment in digital development to support the evolving needs of advisers, employers and employees, a team of over 100 specialists in a newly-created Digital Innovation Lab are testing new ways to engage with customers.
Functional prototypes, such as calculators, top up tools, fund switching functionality and an interactive employer workplace portal are just a few of the features currently in development.
The first output from the lab is a new online portal which is currently being tested in a live environment with six pilot employers with a full roll-out once the testing is complete.
Among other functionality, the interactive Employer Hub allows clients to upload payroll files in a variety of formats, providing immediate feedback on any errors with their data so that any issues can be corrected instantly.
David Holton, director, corporate propositions at Scottish Widows, said: “We’re aiming to deliver a market-leading digitisation programme. The pensions industry has been slow to adopt the proliferation of technology other financial services sectors – particularly banks - are using to great effect to engage their customers.
“Building on the success story of mobile banking in particular, we want to make pension saving more accessible for all – leveraging the experience and resources of Lloyds Banking Group to transform the way we serve advisers, employers and customers. Our digital developments will allow people to tailor the way they access information, based on their personal preferences.”
Ian McKenna, director of the Finance & Technology Research Centre, said: "Scottish Widows have clearly recognised both the importance of becoming a truly digital business and that this is not a transformation that can be achieved overnight. Having looked at the way they are working I'm encouraged by the fresh, dynamic practices they are implementing.
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