Digitalization of pension systems
Technology is rapidly transforming the way that the financial sector is operating, and the management and delivery of pensions is no exception. FinTechs and RegTechs have the potential to reshape private pension design and delivery. Innovative applications of technology are already being used to improve communication with consumers and their engagement with their pension plans. Overall, digital technologies will likely enhance the quality and effectiveness of interactions between pension providers and their members. Digital technologies also encourage greater transparency and allow people to manage their data more efficiently, ultimately increasing their bargaining power and lowering the cost of private pensions (especially personal pensions) (OECD).
Considering that emerging FinTech applications attract, in particular, the attention of younger generations and other digital natives, the use of new technologies contributes to greater adoption of digital solutions to plan and manage financial resources. Digitalization could lead to greater take-up of private pensions, in particular in voluntary pension systems. RegTechs also contribute to reducing cost, time, and efforts put into the interpretation and implementation of new or updated regulations (IOPS).
A year and a half ago, Identyum teamed up with Raiffeisen open-ended voluntary fund (RVPF) to provide its customers the possibility to easily and quickly fill out an online application to join the Fund through the digital channel (web portal). With the increased need of users for digitization to save their precious time, Raiffeisen’s mandatory and voluntary pension fund management company was looking for the most effective and frictionless way to simplify and speed up the new users’ onboarding process. They have partnered with Identyum to make this easier with just a few clicks. With the Identyum ID wallet, new users of RVPF could identify themselves remotely using a web portal in a fully automatic process.
Leveling up – Mobile app & ID wallet
Recently, RVPF launched its mobile application for new and existing users. The mobile app enables users to securely access their account in the mandatory and voluntary pension funds wherever they are located, find out about their savings, and calculate how much pension they could have in the future.
The RVPF mobile app integrates Identyum’s ID Wallet, which guarantees a high level of security of the personal data of the application’s users. Identyum’s technology makes it possible for users to scan personal documents with the help of a smartphone camera. It thus enables secure and simple user identification – all from the comfort of their homes. So now all the existing and new users of RVPF, with the use of Identyum’s ID Wallet, can start using their products within minutes.
Digitally identifying users of RVPF using Identyum will lead to minimizing the risk of fraud through the effective digital identification process; automating the onboarding process will save time and money and speed up communication with users. The most significant benefit of using Identyum is accessing accurate and reliable identity data at all hours of the day, so the users will never have to wait around for a company to open again.
Download the mobile app for free and forget about physical visits to RVPF offices.