BLOGS
Elevating Retirement Service Customer Experience through Automation
The retirement industry landscape is mutating before our very eyes. Changing retirement decisions, customer touchpoint proliferation across digital channels and continually evolving regulations are creating a complex environment for participants as well as plan sponsors and record keepers. Solutions and business models that worked a few years ago are rapidly becoming obsolete, compelling industry participants to pivot to a technology-led business model. One of the main accelerators of this digital shift is automation.
Automation is extremely effective in streamlining workflows, creating leaner processes, improving accuracy, protecting assets, and enhancing the overall customer experience. In a traditional sector like retirement services that handles a huge volume of paper-based, sensitive customer data, the business and operational benefits of automation are immense.
Automation: The Big Picture
With process-heavy record keepers experiencing increasing fee compression from plan sponsors, automation is emerging as a viable solution for reducing overheads and the costs of non-compliance. Automating legacy, paper-based systems will help improve return on investments by reducing the cost per participant while eliminating the delays and inaccuracies inherent in manual processes.
More importantly, automation can deliver positive customer experiences by personalizing interactions, reducing wait times, and ensuring data accuracy. AI-based automation can simplify and expedite several painful processes such as onboarding, payroll processing, enrollment, investments, and customized solutions and withdrawals. Simultaneously, it can maximize efficiencies in functions like data management, cybersecurity, and customer engagement.
Automation: A Closer Look
Automation, combined with AI and analytics, can transform the way sponsors and record keepers do business.
Chatbots to optimize customer engagement: With algorithm-based technologies such as chatbots and robo-advisors, plan sponsors can offer participants personalized plan advice and query resolutions in the comfort of their homes, on the channel of their choice.
Intelligent insights to help customize plans: By enabling service providers to record and leverage data from numerous customer touchpoints, AI-powered automation helps sponsors predict when the participant will have to increase or reduce contributions. This can be a huge help in developing individualized plans for each participant.
AI/ML to streamline back-office tasks: AI/machine learning (ML) can create leaner, streamlined, compliant processes to help record keepers improve TAT and quality, as well as reduce enrollment time and blackout period.
- Citizen automation greatly reduces manual work to allow the service provider to engage resources in more strategic or customer-facing work. It can help set up alerts and reminders for compliance deadlines so record keepers or plan sponsors do not have to pay hefty non-compliance penalties.
- Data visualization can give record keepers an at-a-glance insight into asset performance across key metrics and departments to help them make rapid, analyzed decisions centering the participant.
The RRD Retirement Support Services Advantage
RRD Retirement Support Services, with its suite of end-to-end support and customized digital solutions, can be the perfect partner to retirement service providers looking to enhance process efficiencies and deliver outstanding customer experiences. RRD’s flexible, data-powered solutions address the needs of a demanding customer base by ensuring always-on support and timely, accurate output at scale.
RRD GO Creative™ leverages micro automation, process re-engineering, and human oversight to enable:
- Rapid, informed decision-making
- Elevated customer service delivered through superior digital interaction tools
- Shorter turnaround times
- Compliance with extant regulations