UK. More Consumers Than Ever Are Managing Their Pensions Online

UK. More Consumers Than Ever Are Managing Their Pensions Online

New figures from the UK’s leading online pension provider, PensionBee, show that consumers are increasingly managing their pensions online, following a 96% increase in PensionBee app users, as well as an 85% growth in the number of invested customers year on year.

PensionBee, the UK’s leading online pension provider, has experienced an 85% increase in the number of invested customers over the past year. Invested customers, defined as having pension assets in a PensionBee plan, currently number around 60,000.

Additionally, the number of PensionBee customers using the mobile app to check their balance almost doubled to 41,609 in 2020, when compared to 2019. PensionBee recorded almost 700,000 interactions with the mobile app in the last quarter, which indicates that customers were logging in regularly to engage with their pensions. Since it was founded in 2014 by Romi Savova, PensionBee has been a challenger in an industry ripe for disruption.

It has grown rapidly by helping consumers to solve the challenges they face when it comes to locating, combining and managing their pension savings. It now counts over 100,000 active customers aged 18-80 and over £1 billion in assets under administration.

Following a period of growth & success for the company, in which they received 3,000 Trustpilot reviews with an average rating of “Excellent”, PensionBee has promoted its VP Operations, Tess Nicholson, to Chief Operating Officer. Ms Nicholson joined the company in 2015 as its third employee and is responsible for all areas of PensionBee’s customer operations. Romi Savova commented: “Since the onset of the pandemic consumers have become increasingly more demanding of digital financial services, and the renewed lockdown restrictions in force across the UK will only exacerbate the need for digital solutions that help savers easily manage their finances.

Despite successfully transitioning to effective remote working earlier in the year, many legacy providers are still in the dark ages when it comes to the provision of online services to consumers. Affordable and accessible technology is imperative if the pensions industry is to continue supporting the “new normal”, and it’s clear that the legacy providers must accelerate their transition to digital or risk being left behind.

Source: The Fintech Times