The Gartner Glossary defines: “Digitalization as the use of digital technologies to change a business model and provide new revenue and value-producing opportunities. It is the process of moving to a digital business.” Therefore, by leveraging technology, digitalization allows organizations to entirely transform their business process and services or products, to provide new revenue and value producing opportunities. In today’s fast changing world, digitalization in any financial services sector is without doubt a crucial ingredient in driving adoption and participation of services developed for the benefit of consumers.
Enterprise Trustees Limited, the Pensions management subsidiary of Enterprise Group Plc has been driving digitalization in private pensions space since 2012. This has been the way to go in driving effective retirement planning culture among Ghanaians. While digitalization is a conversation that permeates the entire financial services industry, this article focuses on how Enterprise Trustees is driving digitalization through its processes to advocate effective retirement planning strategies and enhance the overall consumer experience of its current and future members.
- With the introduction of private sector to manage pension funds under Act 766 it was imperative that Corporate Trustees provide services that hinged on transparency and accountability to gain the trust of members. From inception in November 2012, Enterprise Trustees deployed via digitalization a member online portal ‘’ The Stable.’ Members accessed their portal via the website of Enterprise Trustees then viewed their statement, which confirmed contributions Employers had made on their behalf and value of their fund as investments were made by the Trustee. Member statements of Enterprise Trustees Schemes for both Tier 2 & Tier 3 have been available 24/7, with the aim of driving transparency and information accessibility for members along their retirement planning journey.
- Driving convenience and making private pensions easy to tap into, led to these solutions of the Enterprise Advantage App and the USSD (short code *714*333#). These enable customers to carry out many transactions from the comfort of their own devices anywhere they find themselves in Ghana or in the world. For example, customers can sign up for individual Tier 3 retirement plan all by themselves, without assistance, if they choose to. All these have been designed to enable customers to interact with Enterprise Trustees with convenience, ease and speed giving customers an enjoyable experience in their dealings with Enterprise Trustees.
- Using digitalization to improve positive behavioral tendencies towards long term savings in private pensions. Procrastination tends to deter individuals from taking responsible decisions towards retirement planning. Enterprise Trustees in recognizing the low uptake of voluntary Tier 3 private pensions, especially Personal Pensions, has therefore introduced simple and convenient bouquet of solutions aimed at making it easy for customers to easily sign up and own their voluntary retirement plan. Customers have the options of periodic (monthly, quarterly etc.) as well as ad-hoc contributions via self-initiated and auto deduct solutions through mobile money, debit order, standing order and card payments. Thus, making contributions payments to top up their retirement fund instantly easier and more convenient.
- To further drive the focus of changing human behavior towards long term savings with digitalization, Enterprise Trustees also introduced the retirement benefit projections tool. Making it instantly possible for members to map out their retirement plans and aim at accomplishing retirement goals commensurate to their retirement lifestyle objectives. The benefit calculator has therefore been developed to help members envisage their retirement benefits and take practical steps to boost their retirement contributions.
Driving digitalization has not been devoid of its own challenges owing to the slow pace of adoption and participation from members. However, in order to increase pension penetration, especially in voluntary contributions, it is important that Corporate Trustees continue to come up with solutions that will meet the needs of members and ultimately ensure their retirement income security.
About the Corporate Trustee
Enterprise Trustees is the Pensions Management subsidiary of Enterprise Group Plc. Trustee operations began in November 2012 following commencement of the Tier 2 & Tier 3 Pension Schemes by the Regulator. Enterprise Trustees is currently one of the leading Corporate Trustees in Ghana with over GH⊄6 billion Assets Under Management. The company provides pension services for Companies & Individuals in formal and informal sectors with membership of over 600,000.
