Technology is playing a significant role in retirement planning and strategy development for financial institutions worldwide. Evolution in 401(k) record-keeping technology is disrupting how plan sponsors, record keepers and participants interact. Digital and cognitive tools are making plans accessible and thereby reflecting the best interests of the participating stakeholders within the Retirement value chain.
TCS BaNCS for Retirement is a functionally rich, web-based, API-driven, user-friendly solution delivered on the cloud to help financial institutions and record keepers:
- Visualize and create investment plans that help increase savings rates and overall retirement readiness
- Communicate investment risk and tolerance levels to their clients, backed by cognitive tools that contextualize the offering based on the need of each customer
- Cater to the key business capabilities required from a US record-keeping platform supporting various plan types (e.g. 401(k), 403(b), 457(b) etc.) and the core business processes surrounding them
The solution has been administering to 17+MN participants from retirement administration systems worldwide, demonstrating its scalability and successful, fail-proof track record.
It supports a broad range of functionalities, including plan set up and management, investment support, eligibility computation, payroll processing, loan management and distribution, and comes with the following benefits:
- Speed-to-market for new plan sponsor onboarding
- Multi-channel delivery
- Easy integration (supported by an API marketplace)
- Data lake and Analytics for insightful decision making
- Delivered in the SaaS model via TCS BaNCS Cloud
In short, it allows financial institutions or recordkeepers enhance customer services levels by helping them relive the experience of having a paycheck before retirement, delivering peace of mind.