Voices from Accenture Public Service

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In our recent series of blogs, we’ve looked at the five major trends highlighted in this year’s Accenture Technology Vision. We’ve drawn out the specific implications of each of the trends for pension organizations as they progress on their journeys to reinvent themselves for the digital age. Taken together, the five trends are generating a seismic shift in the pension landscape.

But what’s also clear is that the trends are playing out across every industry, reshaping how each organization needs to operate and redefining what success looks like in the digital era. From the rise of AI to the Internet of Thinking , technology change is forcing everyone in every business to rethink what they do and how they do it. And it’s not simply a matter of doing the things we do today differently. Digital also means that we all have to do different things.

The trends shaping this new world for everyone are gathering increasing attention and momentum. Looking at some of the research that was carried out for the Technology Vision shows just how profound those changes are.

Many of these findings will resonate with pension organizations:

  • Eighty-one percent of executives across industries expect that within the next two years we’ll see AI working next to humans as co-workers, collaborators and trusted advisors;
  • The same proportion expect extended reality to close the gap of physical distance between organizations and their customers and employees;
  • Seventy-nine percent of executives agree that their organizations are basing their most critical systems and strategies on data, yet many also say that they have not invested in the capabilities they need to ensure the veracity of that data;
  • Six out of ten executives say that blockchain and smart contracts will be critical to their organizations over the next three years; and
  • Eighty-three percent say that edge technology behind the Internet of Things will speed the maturity of many technologies.

While these findings are from across all industries, I’m certain that they will hit home for leaders of pension organizations. The extent and pace of change that technology is driving can appear overwhelming. Yet the future direction of travel to digital is non-negotiable. Many pension agencies have considerable ground to make up – with some big opportunities to take advantage of new technologies to reinvent the pension experience for members. The question is how to move forward?

By breaking the journey to reinvent retirement for the digital age into a set of clear stages, our aim is to help pension organizations navigate the road ahead in a manageable way. We start that journey by defining a new vision for the agency. Then we imagine how it will look to members, employers and staff. Next is enabling with new digital technologies and finally, it’s all about sustaining the changes to make them stick.

By taking this approach, retirement organizations can understand the transformation they need to pursue and develop a clear path forward. But one thing’s certain: the question is not whether to move forward, it’s how to move and how quickly. Continuing to stand still is not the best option.

I’d love to hear your thoughts, please get in touch or leave a comment below.

To learn more, visit www.accenture.com/pension and follow me on LinkedIn and Twitter.

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