Leveraging the power of platform-based ecosystems to compete & collaborate
Platform-based ecosystems in the pensions industry is the new way for players to innovate through a combination of different businesses to supplement their core offerings. The benefits are abundant -- faster speed-to-market for new products and services, lower friction and costs, superior market differentiation, and value-rich customer experience (CX). A few areas where platform-based ecosystems hold enormous potential are:
Payroll Integration: Pensions payroll integration implies automated movement of employee data to pension providers for contribution deductions.
Member Identification and Bank Account Verification: Enabling a ‘trust ecosystem’ creates a cross-industry, verified ‘Digital ID’ to eliminate repetitive authentication processes, accelerate time to value, and enhance CX.
Document Verification: In order to avoid pension scams, it is imperative for pension providers to authenticate member identity documents via an AI-enabled identity document verification tool.