Smart Pension, NatWest Cushon and Moneybox are the latest fintech companies to join the Dashboard Operators Coalition (DOC).
This means there are now 10 potential operators of commercial dashboards that have joined this industry group, which aims to work with government and regulators to support the launch of multiples dashboard for consumers in the UK.
Existing members include Aviva, Legal& General, Scottish Widows, Standard Life and Moneyhub.
Volunteer DOC chair, and independent dashboards consultant, Richard Smith says: “More firms are seeing clearly how commercial dashboards have the potential to revolutionise pensions offerings to consumers.
“A diverse universe of different dashboards, offered by pension providers, fintechs, banks & others, means more people will be able to see all their pensions together, on familiar apps they already use and trust.”
NatWest Cushon managing director new opportunities Janine Menasakanian adds: “The industry has a crucial challenge coming up as dashboards are launched — suddenly pensions will become a focal point for millions of people as they engage with all their long-term savings pots in a holistic way for the first time. This is exciting but it’s also essential all stakeholders are prepared to help people navigate this event and communicate with them effectively. We’re looking forward to working together with other industry players, regulators and government to make sure dashboards work the right way for people and providers alike.”
Moneybox co-founder and Co-CEO Charlie Mortimer says: “We know that the majority of people are not saving adequately for their retirement, in fact Moneybox research recently revealed that 47 per cent of UK adults are not confident they are on track for a comfortable retirement. We have long believed that one of the most powerful and cost-effective things the industry can do to improve the retirement prospects of the nation is to help reunite savers with the many billions in lost or forgotten pension pots, as well as make it far easier for people see and understand where their retirement savings are invested throughout their lives.”
Smart UK chief executive officer Jamie Fiveash adds: “Technology and innovation have always been at the heart of what we do at Smart Pension – we’ve proved they have the power to simplify pension saving for members and employers, and we’re excited to be part of a collaborative approach to the rollout of a commercial dashboards network for the benefit of all UK savers. We’re looking forward to working together to implement a revolutionary dashboards ecosystem, with a particular focus on simplicity and better financial outcomes for members.”