Retirement Savings and the Role of Innovation and Technology
Director and Associate Chief Counsel, Global Funds Policy, ICI Global
26 June 2019
The individual’s role in saving for retirement is growing as the paradigm shifts from a predominately pension-based system to a defined contribution system, ICI Global’s Anna Driggs noted at the 2019 FundForum International. With workers facing important decisions about their savings—including when to start, how much to save, what to invest in, and when to make withdrawals in retirement—technology has the potential to help individuals to achieve better outcomes.
Individuals are increasingly managing their money by phone, both for informational tasks, such as checking account balances or finding an ATM, and for transactional tasks, such as paying bills or depositing checks. The trend of mobile and on-demand financial technology will continue, with far-reaching effects for savers, including greater financial inclusion in “cashless” or underbanked societies and greater use of professional financial advice through robo-advisers.