Project Overview
Equiniti makes payments totalling over £13 billion per annum to 2.3 million pensioners in 180 countries. In the UK alone, Equiniti looks after 7.3 million of the UK’s pension scheme members. As part of its digital transformation, Equiniti worked with the Mubaloo Group to create a new responsive web platform and bespoke white label mobile app that has driven a 500% increase in the number of members using its services over the past year.
Project Commissioner
Project Creator
Team
Founded in 2009, Mubaloo is the UK’s leading mobile consultancy and enterprise app developer; enabling transformation and disrupting business processes through consultation, implementation and the deployment of enterprise-grade applications.
Mubaloo has a wealth of expertise working across sectors developing innovative mobile strategies and intelligent mobile apps. The team provides business transformation consultancy for businesses and the project management, design, integration, development and testing of mobile apps. Mubaloo helps to transform business processes, staff productivity and customer engagement, all through the use of mobile and location-based technologies.
Mubaloo helps clients embrace large-scale transformation through mobile. Its mobile strategy consultants are expert partners in identifying the opportunities for mobile across an organisation, to deliver robust mobile strategies and intelligent mobile apps.
Mubaloo is recognised for its in-house, bespoke end-to-end developers, UX experts and QA engineers. The team is distinguished in the market not only for delivering intuitive, intelligent apps, but also for their scalable and secure integration capabilities.
Mubaloo is credited as a thought leader in mobile innovation. From creating in-house innovation engines, to utilising location-based technologies, Mubaloo deliver mobile solutions for large enterprise clients to help transform business process and end-user engagement.
As part of The Mubaloo Group, TRW Digital creates responsive web platforms for both internal teams and end users, working with clients to define and roadmap how to meet their user's and business needs with online tools.
In 2014, Mubaloo was ranked third in the Deloitte Tech Fast 50 UK, and 25th in Europe. The firm was also recognised by NEF: The Innovation Institute as the Most Innovative Company in 2014.
Project Brief
With the market being shaped by an aging UK population, Equiniti noticed a shift in customer perceptions of pensions. This, combined with increasing complexities and options within pension products, saw an increase in customer queries to Equiniti. Equiniti recognised a need for better customer interaction, which would work to not only help improve the customer service experience and improve internal efficiencies for Equiniti, but also ensured their business remained progressive for the digitally demanding audience.
The strategic solution included a completely redesigned responsive web platform and bespoke mobile app that offered scheme members the ability to manage their pension and investment funds. This solution would also act as a communication channel between pension managers and their members.
A further requirement was to create efficiencies and reduce costs through self-service, as well as drive an increase in the number of members accessing their pension information regularly.
Project Need
Mubaloo Group partnered with Equiniti Pension Solutions to create a rich and engaging experience that could be tailored for Equiniti’s clients, to provide value and easy access to pension information.
As part of a digital transformation, Equiniti worked across the Mubaloo Group. Mubaloo, the award-winning mobile consultancy and app developer, helped Equiniti with integration to create a new immersive app, and TRW Digital created a responsive web platform. With a strong focus to drive end-user adoption and long-term use, immersive UI design was developed to create a consistent, rich and friendly user experience across all devices.
The Equiniti Pension Solution app and responsive website is an interactive and engaging addition to Equiniti’s self-service suite.
Through the app, the user is provided with full control of their pension plan, including the option to switch money between multiple funds. Through scenario mapping and graphic representation of data, to show transaction history, growth assumptions and projection, end-users are better equipped with the tools to make better-educated decisions on their investments.
The app was developed to provide an enhanced interactive feature set to keep members engaged and informed and empower them to make important decisions about their retirement planning. App usage is made easier through TouchID functionality, in addition to tackling the issue of data security.
User Experience
Compendia Self-Service is a new responsive self-service platform, with an enhanced interactive feature set that will keep scheme members engaged, informed and empowered. Equiniti’s self-service strategy is to provide a seamless and consistent user experience across all intelligent devices including smart phones, tablets and desktops, enabling members to make important decisions, about their retirement planning.
Equniti’s Self-Service app and web platform enables Active, Deferred and Pensioner members of DB, DC, Career Average Revalued Earning (CARE) and hybrid schemes to access and manage their pensions online via any connected device.
The Compendia App, for iPhone, offers the same self-service functionality, but with an enriched user experience that smartphone users would expect from a dedicated App. Using Push Notifications also allows delivery of timely information that is front and centre to clients’ registered App users. Google Android and Windows Phone Apps are planned for early next year.
Both tools allow users to view the current value of retirement benefits, model benefits at various retirement ages to see the impact of increasing (or decreasing where allowed) contributions, tracking of investments and switching funds.
Self-service means higher data quality and ultimately a lower cost to service each member. In addition, there are a number of features that work in the background, such as automated calculations and workflows, full reporting and integrated payroll.
Project Marketing
Equiniti's strategy to deliver an accessible and engaging self-service responsive website together with the mobile app has seen member numbers registering for self-service increase from 8,329 in January 2014 to over 28,000 by the end of 2014 - a 238 per cent increase. On average, around 3,000 members now access their pension each month (compared to 500 in 2013) - a 500 per cent increase.
Engagement with technology is just as popular. 93% of employees with access to the Compendia App strongly agree that it helps them manage their pensions more effectively. 86% believe that it helps them to understand their pension and that Compendia helps them to understand what their benefits will be at their chosen retirement age.
Equiniti’s platform drives member engagement:
- 87% of users check their fund performance
- 54% run different scenarios, for instance retiring early
- Two out of three users are extremely likely to recommend the app to their friends and colleagues, with 70% having already done so
All participants in recent follow up research by Equiniti access their pensions at least once a month, with 1 in 3 using it once a week on average. Equiniti’s research shows that people without access to their pension scheme via a mobile device are twice as likely not to understand, monitor and take control of their pensions.
Project Privacy
Both the responsive website and mobile app are designed with the highest levels of user privacy and security. Users must use strong passwords and usernames to access both the app or responsive website.
FinTech
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