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FinTech & Financial Planning for Retirement

Anastasia TimoshenkoAnastasia Timoshenko
Anastasia Timoshenko
Senior IT consultant for FinTech and Banking Solutions
July 18, 2023
FinTech

Recent survey of retirees shows that 89% of the respondents feel positive about the use of technologies for retirement planning. Inter alia, this relates to retirement financial planning as Traditional Retirement Planning faces the disadvantages of limited accessibility, lack of personalization, high costs, limited transparency, time-consuming processes, reliance on expertise, and limited flexibility. Pensions FinTech understands the importance of overcoming this milestone by implementing automated features and approved online tools, along with banking software development services, to successfully streamline the retirement process.

Key Trends in FinTech Retirement Planning

With a projected market value of $1.5 trillion by 2030, FinTech is controlling the financial traffic with new opportunities for streamlined  retirement financial planning. This figure estimates a 7% growth and 25% of banking valuation worldwide.

FinTech’s transformation of the retirement processes is evident through its planning, management, and optimization approaches to individuals’ retirement goals.

Inclusive Access

Pensions FinTech offers users from diverse backgrounds flexible and accessible retirement planning through mobile app development services. A UK survey notes that 60% of 25 to 34-year-old individuals and 11% of those above 65 years prefer using a mobile banking app to view related pension information.

Personalized Advice

Retirement planning financial advisors leverage FinTech to analyze important individual financial factors like retirement goals, risk profiles, and other financial data. The accurate analyses of these data help generate tailored recommendations and strategies that align with targeted users’ retirement goals and preferences.

AI in Planning

Employers personalize pension communication by syncing employee data with AI software development solutions. The use of AI helps generate clients’ targeted insights (for example, 401(k) plans) and analytics (for example, employee income, pension sponsors, and sick leave usage).

Automated Savings

As a financial software development company, we invest our best efforts into ensuring efficiency in managing retirement funds, minimizing errors, and saving time for our customers. Financial planning for retirement is largely automatized via features like retirement income projections, portfolio rebalancing, automated savings, and account aggregation.

Real-Time Insights

FinTech Platforms provide users with an overview of their investments’ performance through real-time monitoring of retirement portfolios. Depending on the activated retirement plan or investment, the present intuitive interfaces and interactive dashboards on the financial apps helps users receive alerts or notifications, analyse investment trends, and track active retirement savings.

Crypto & Alternatives

Pensions Specialist FinTech is conquering new heights with mutual funds, renewable energy funds, and green bonds as investments. Due to the ongoing demographic shift, crypto is also gaining on as an option for retirement plans. This approach supports tailoring financial planning for retirement based on setting financial goals and manageable risk appetite.

Gamified Education

Productive instances of gamification have helped employees in pension enrolment challenges like deciding an ideal pension contribution. Each can take the place of a financial advisor for retirement and teach the basics of pension-based investments.

ESG Investing

ESG (environmental, social, and governance) criteria are examples of social factors with significant roles in some FinTech platforms. Notable integration of social factors includes Visa’s 2023 commitment to digitize 50 million micro businesses. Mastercard is also working on its 2025 promise of connecting 1 billion individuals to the digital economy space.

Data & Transparency

In FinTech platforms, users initiating or managing retirement planning have a clear overview and assessment of their portfolios’ performance based on associated retirement investment costs and can execute well-informed decisions. Also, increased transparency in FinTech creates a pyramid of trust with the platform users.

All-in-One Platforms

Pension aggregator platforms let users combine various pension accounts into one dashboard. They provide tools to track growth, estimate future income, and advise on transfers, helping users take control and enhance the value of their retirement savings.

Getting Involved in FinTech Retirement

Any financial advisor for retirement will recommend you start with your pension goals identification and analysis of your current financial position. To be a part of FinTech’s wave of change in retirement planning processes and reap the benefits of this monetary technological revolution, please also consider embracing the following factors.

Use Digital Tools

Try online investment platforms, mobile payment apps, and digital wallets that support seamless contributions and withdrawals. Siding with these technologies eases the user’s retirement savings journey by providing more investment control and benefiting the user with efficient digital financial transactions with cost-friendly price tags.

Follow Regulations

To engage in FinTech retirement solutions, it’s crucial to adhere to relevant regulations. In the above-mentioned survey, almost half of the retirees surveyed were worried about the safety and privacy of their personal and financial information. For employers, a robust pension scheme is also associated with better staff satisfaction and retention. 

Choose Smart Advisors

Retirees or people close to retirement generally appreciate the help of a financial advisor for retirement. Smart advisors are associated with such professional skills as trustworthiness and integrity along with financial expertise and clear communication.

Test Retirement App

Pensions specialist FinTech offers a range of retirement apps available online, each of which operates different planning and payment software development services as well as various digital pension schemes. It’s worth testing these retirement solutions until you find the one that aligns with your financial values.

Getting Involved in FinTech Retirement
Getting Involved in FinTech Retirement

The Future of Retirement Financial Planning

As people across all generations have increased comfort with and interest in new technologies, the future of retirement financial planning can be also linked to the integration of digital innovations. This will include further adoption of AI for life planning, Decentralized Finance for retirement, advanced financial advisors, Predictive Health & Wealth Integration, etc.

AI-Driven Life Planning

Financial planning for retirement ideally takes into consideration a comprehensive assessment of your personal circumstances. As all of us want a balanced plan that considers all dimensions of our life, AI-driven life planning will boost personalizing our retirement financial planning schemes and adapting them to the way life changes.

Decentralized Finance (DeFi) for Retirement

In the coming years, we will see greater use of DeFi for retirement as this enables delivery of financial services to unbanked or underbanked individuals all over the world. DeFi will also be leveraged to contribute to smoother cross-border retirement transactions, improving transparency and facilitating the development of new retirement financial planning solutions tailored to the needs of retirees.

Voice and Chat-Based Financial Advisors

With greater AI adoption, voice and chat-based financial advisors will ensure navigation of retirees and those close to retirement through complex financial contexts with precision and improved data. Besides, this will entail a round-the-clock service and boost customer satisfaction.

Predictive Health & Wealth Integration

Financial planning for retirement should integrate all aspects of one’s life – predictive health & wealth is exactly about integration of health issues into pension schemes. For example, the question whether you will be able to pay a loan if your medical condition requires more investments into medical aid becomes an important consideration and needs analysis.

Global Platforms and Cross-Border Retirement

As many people work in multiple countries, this leads to challenges in understanding of respective retirement benefits. FinTech will ease this burden in the future offering custom accounting software development services and enabling global platforms for effective cross-border retirement financial planning.

Conclusion

By revolutionizing how we plan, manage, and make future investments, FinTech continues to transform the retirement landscape. It makes retirement planning personalized, efficient, and accessible through user-centric approaches, innovative solutions, and democratic influences. By continuously embracing retirement financial planning tools and keeping an ear out for emerging trends, users will have greater control and insights into retirement planning processes, empower themselves, and be actively involved in planning and optimizing their financial futures and retirement outcomes.

FAQ

What are the benefits of using FinTech for retirement planning?

FinTech for retirement planning makes retirees’ financial decisions more personalized, evidence-based and accessible. Individuals may choose from various pension schemes, predict their retirement outcomes, make effective investments ensuring sustainability of their retirement benefits.

Can FinTech replace a financial advisor for retirement planning?

In-person counselling by a financial advisor for retirement planning probably will not disappear as trustworthiness and integrity remain important dimensions for communication over finance. However, FinTech is capable of elaborating on long-term sustainable what-if scenarios and, hence, is gaining on.

Will FinTech continue to shape the future of retirement?

FinTech will continue to shape the future of retirement taking into account demographic shifts when more and more people are increasingly loyal to technology. On the other hand, advancements like AI or Machine Learning also entice people as they enjoy pension benefits.

Can FinTech help with ESG investing in retirement?

Yes, FinTech can equip retirement financial planning tools with ESG investment options, which are increasingly popular with young people and lead to their better participation in the pension plan.

Is cryptocurrency a smart retirement investment?

Cryptocurrency has become an asset though the market is volatile. Crypto contributes into the diversification of retirement portfolios offering the potential for high returns and a hedge for inflation. Naturally, the decision to invest into crypto within your retirement plan should be verified against benefits vs. risks. 

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