Scottish Widows is to launch a new employer hub as the first in a series of digital developments backed by its £50m ‘Driving Pensions Value’ programme.
The new online portal is currently being tested in a live environment with six pilot employers and will be fully rolled out once the testing is complete.
It will allow clients to upload payroll files in a variety of formats, providing immediate feedback on any errors with their data, so that any issues can be corrected instantly.
David Holton, director of corporate propositions at Scottish Widows, said he’s aiming to deliver a market-leading digitisation programme.
“The pensions industry has been slow to adopt the proliferation of technology other financial services sectors – particularly banks – are using to great effect to engage their customers.
“Building on the success story of mobile banking in particular, we want to make pension saving more accessible for all, leveraging the experience and resources of Lloyds Banking Group to transform the way we serve advisers, employers and customers.”
Earlier this month, Scottish Widows announced it would spend £50m on improving products and services, as well as upgrading its adviser support over the next 18 months.
Ian McKenna, director of the Finance and Technology Research Centre, said: “Scottish Widows have clearly recognised both the importance of becoming a truly digital business and that this is not a transformation that can be achieved overnight.
“Having looked at the way they are working I’m encouraged by the fresh, dynamic practices they are implementing.”
