Empowering the future of retirement planning: VISEO's collaboration with a global bank to craft a next-gen retirement planning platform

Understanding the digital imperative in retirement planning

The digital transformation of financial services has set new benchmarks for customer expectations. However, the retirement planning sector has struggled to keep pace. According to the 2024 U.S. Retirement Plan Digital Experience Study by J.D. Power, only 21% of retirement websites and mobile apps meet customer expectations for delivering a valuable digital experience, significantly lagging behind other industries . This gap underscores the urgency for innovative solutions that cater to the modern retiree’s needs.

Moreover, a McKinsey report (McKinsey’s analysis on the retirement plan industry’s tipping point) highlights that the retirement plan industry is approaching a tipping point due to demographic shifts, industry developments, and increased competition, all of which are impacting profitability and reshaping business models . These insights emphasize the necessity for financial institutions to adapt and innovate.

Project overview: crafting a next-gen retirement planning platform

The development of the retirement planning platform commenced with the initiation of the Minimum Viable Product (MVP) in January 2020. Following this, the Alpha version of the application was launched in September 2020, providing early users with access to core functionalities. Subsequently, the Beta version was released in May 2020, incorporating feedback and enhancements to refine the user experience.

The project brought together a diverse team of approximately 25 professionals. VISEO contributed a dedicated team of 12 experts operating across three countries. This team comprised six mobile developers responsible for the React Native frontend, one .NET developer handling backend services, two QA engineers ensuring software quality, two DevSecOps engineers focusing on security and deployment, and one PowerBI analyst managing data visualization and analytics.

The technological stack included React Native and TypeScript for the frontend, providing a robust and scalable user interface. State management was handled using Redux, ensuring efficient data flow within the application. The backend was developed using .NET, offering reliable and secure server-side operations. Emphasizing security, the application incorporated advanced authentication and encryption mechanisms. The development process adhered to the Agile SCRUM methodology, facilitating iterative progress and continuous improvement.

Key achievements: delivering excellence in digital retirement planning

The collaboration between VISEO and the bank led to several notable accomplishments. The mobile development team was progressively scaled to align with the evolving project backlog, ensuring timely delivery of features. Utilization of TypeScript facilitated the development of a banking-grade application with thorough error-catching mechanisms, enhancing reliability and security.

Employing a Design Thinking approach, the platform emphasized conversational data capture, presenting one piece of information per screen to enhance user engagement and comprehension. Integration of dynamic graphs and charts provided users with clear insights into their retirement planning, aiding informed decision-making.

Strategic implications: addressing industry challenges

The retirement planning industry faces significant challenges, including a projected $240 trillion retirement savings gap and a $160 trillion protection gap by 2030 . Insurers and financial institutions are uniquely positioned to address these gaps through innovative products that offer legacy protection, tax-deferred savings growth, and guaranteed income for life.

By developing a comprehensive, user-friendly retirement planning platform, the bank positions itself at the forefront of industry innovation, addressing the evolving needs of modern retirees and setting a benchmark for digital excellence.

Conclusion: setting a new standard in retirement planning

The partnership between VISEO and the British multinational bank exemplifies how strategic collaboration and technological innovation can drive significant advancements in the financial sector. As the retirement planning industry continues to evolve, such initiatives are crucial in delivering value-driven, customer-centric solutions that meet the demands of today’s digital-savvy consumers.