Recent consolidation activities in the retirement plan servicing industry are forcing recordkeepers and plan administrators to provide a cost effective and superior experience to plan sponsors to win their business. Using low/no-code platforms, the leading U.S. recordkeepers can onboard 70 percent or more of retirement plan sponsors, faster than traditional solutions – while saving more than 40 percent in total cost of ownership.
Industry growth
In the past decade, the $34.9 trillion dollar U.S. retirement services market recorded a triple-digit contribution increase in employer-sponsored plans - with firms focused on increasing assets under management by onboarding new clients and offering innovative products. With the increase of clients and innovative products there’s also an increase in industry challenges – including a lack of standardized processes and disparate technology solutions. Ultimately, these result in operational inefficiencies and suboptimal user experiences. Currently, the manual and paper driven processes create limited transparency and an endless paper trail with high storage costs – and the limited self-servicing options create an increased reliance on agents and customer support staff.
Meeting the challenge
To lessen the impact due to growth challenges, KPMG is delivering modern, nimble and device-independent digital plan sponsor applications for leading recordkeepers and plan administrators in the U.S. These applications can be customized to individual client requirements, delivered in an agile and iterative framework – with an initial deployment in three to six months.
How it works
The sponsor onboarding application can be designed to integrate with a client’s existing CRM solution extracting previously available data, moving data dynamically through the automated workflow with predefined rules to eliminate data quality issues and generate agreement documents for e-signatures and storage.
