Pensions Dashboard Prototype Project Tech Sprint (12th – 13th April 2017)
Tech Sprint – who’d have thought it? Pensions and Marathon feel like a more comfortable marriage. But Pensions and Sprint..? Well, a little bit of something different does you good.
The Pension Dashboard Prototype Project is well into its Demonstration Phase – with both Discovery and Development Phases complete. And as part of the Demonstration Phase, the broadening possibilities of how a consumer may wish to interact with and use a Pensions Dashboard and the information it holds are becoming more apparent.
Hosted by Aviva in their Digital Garage in hip Hoxton Square, the Pensions Dashboard Tech Sprint has to be a UK pensions first. I can only describe it as; “Bake Off for Coders”. Instead of individuals, there are about eight varying tech teams cooking up ideas and code that showcases the limitless potential of Pensions Dashboards – it is all very exciting, and not even a soggy bottom in sight.
By way of aiding the Coders, the data standards for the Pensions Dashboards Prototype have now been published (although caveated as DRAFT) in the public domain. Along with that, a new website and accompanying video have also been launched – all helping to bring the Pensions Dashboard Prototype Project to life.
But before we get ahead of ourselves, there is still a heap of work to be done to ensure such tasty techy treats can rest well and truly safe on a solid foundation. So, what more is needed to help ‘prove’ the technology foundations of Pensions Dashboards?
- The consumer. Continuing to keep the consumer front of mind. Greater engagement in planning for the future is a key objective for Pensions Dashboards. It will enable consumers to see what they have and that could mean options and decision-making. And with options… comes great responsibility and so more questions. Are we ready for these questions? And can they be answered automatically? Is Robo-advice able to support this?
- The security. User Consent Management and ID security is a practical technology consideration that has yet to be fully resolved. How do we enable consumers to change and so manage their data consent rights throughout their Pensions Dashboards lifetime?
- The scale. The Origo Contract Enquiry (aka Valuation) Standard revolutionised how advisers obtained values from providers. And over the years, we’ve come to understand that the volume of such requests are already high with some providers aiming to schedule such requests by way of managing server load. Pensions Dashboards will see such volumes increase to unprecedented levels - so what can we do to help manage the scale of such requests?
Where do we go from here? The Prototype is going out on the road to various UK cities as part of a series of ‘Challenge Sessions’. And then we have the wider, more complex considerations beyond the technology such as Commercials and Governance that we as the industry have to figure out.
But while there are still some questions surrounding Pensions Dashboards, this truly is an exciting time for the pensions industry and for Fintech organisations like Origo that support it. Watch this space.