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Dashboards: Technology is great but don’t forget the member!

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The UK pension dashboard scene has witnessed significant developments, albeit facing its fair share of challenges and delays.

Until now, the primary focus has been on the technology behind the Pension Dashboard Program and what is required from pension funds to connect to the Central Digital Architecture. However, it is crucial that the attention now shifts towards how consumers will engage with these dashboards. Understanding consumer needs and empowering them with actionable information should be at the forefront of this initiative.

Although the delay in the reset date may have caused frustration among stakeholders, it presents a valuable opportunity. This extra time can be utilized by the industry to ensure that the implementation process is smooth, robust, and effectively caters to consumer needs. It allows for thorough testing, refinement, and development of user-friendly interfaces, which will ultimately enhance the overall experience.

It is essential to provide user-friendly interfaces that are accessible, intuitive and visually appealing. Clear navigation, concise information, and personalized features can help consumers quickly and easily understand their pension information and lead them to make better informed decisions about their financial future.

Consumers need to be able to see all their pension pots in one place. They need to be able to understand how much they have saved, as well as how much they still need to save to reach their retirement goals.

But what other pain points do consumers experience? To create a truly consumer-centric experience, we must delve into understanding what consumers need from Pension Dashboards.

While the first Pension Dashboard front ends are being promoted, it is evident that more needs to be done in this area. The industry should adopt a consumer-led approach, involving user feedback throughout the design and implementation process. Continuous improvement and iterative development can help refine the user experience, making the Pension Dashboards more intuitive, efficient, and inclusive.

The pension industry is not known for taking a consumer first approach, but the Pensions Dashboard Program is a great opportunity to change this perception. By focusing on consumer engagement, identifying their needs, and implementing a consumer-led design approach, Pensions Dashboards can start a whole new era of engaged and empowered consumers.

Jaco Wasserfall, PensionSmith CEO and Founder