Is Your Pension Mobile Yet?

As the costs for retirement administration are forced more into the open, providers will be looking for new ways stand out in the crowd.  Participants are demanding more services, faster access to information, and drastically reduced costs.  The old model of having just delivering statements or even updating a static website will no longer keep the younger generation’s attention.  The pension world has moved past paper, through voice response, on past the web, and onto mobile.

The mobile app will allow administrators for the first time: 

• Deeper penetration into participant base (in everyone’s hands)
• Secure connection (deliver confidential data)
• Intimate relationship (specific alerts)
• Focused message (just the facts)

 However, the administrator must carefully select their app provider as this is still the mobile wild wild west:

• There are many devices.  And the same app is not always compatible across different brands.
• The mobile providers are rapidly changing the OS which mandates frequent updates
• Unfortunately, there are few development tools
• On some platforms, the app is unable to lock devices
• Legacy back office systems do not necessary support mobile devices
• And most importantly, it is difficult to synchronize the data with the presentation on the existing website or voice response system.

The best approach is to get an app in the market quickly in order to keep some experience and feedback.  This is not a fire and forget model like the early voice response and websites.  The apps will need to continue to evolve so avoid the temptation to wait until the perfect app can be designed and validated.  In order to get something to market quickly, consider a platform which can do the following:

• No personal data stored on device (all transient data)
• Use existing multi-factor authentication with existing credentials
• Multi-factor compliance with device ID (UDID)
• Optional to require web device approval
• Uses SSL for data in transit

 Of course, transactions can easily be added later.  But the transaction rollout needs to be focused on what the participant would really want to manage quickly.   This is not just a duplication of the available web-based transactions.  The larger, more complex transactions are likely to still be left on the website.  However, quick changes as a result of person alert should be available on the mobile app with suitable mobile controls to make it easy for the participant in interact with their pension while they are on the go.

There are 2 approaches to the mobile market:  native mobile app and mobile website.  The mobile app takes full advantage of the local device for performance and navigation.  While the mobile website essentially uses adjusted html to simply present a smaller web.  The challenge is to avoid thinking of the mobile app as just a ‘smaller’ web.  The provider MUST rethink their presentation in terms of ONLY what the participant really needs to see as they are catching an airplane, picking up kids from school, or at lunch.  The mobile website is still heavily dependent upon bandwidth and html style navigation.  Whereas the mobile app can have much higher performance and present true mobile navigation features.  Some the better mobile apps contain the following:

• Each App has custom skin to match web look and feel
• Native apps maintained as simple as possible (high portability) – host based graphics
• Screen zones tailored by host based XML (easy host-side tailoring)
• Use real-time connectivity to back office system or alternative ODS

 The platform which drives the mobile app is the real secret.  It must deliver processed data, preferably XML, to the device.  And leave the presentation and graphics to the local app.  However, in some cases, pushing the graphics can be an advantage.  Such as bar or pie charts which are still very difficult to render in the mobile world – largely because of OS variations.  The best mobile apps will be built upon:

• Fast aggregate single interactions (client-server)
• No rule or data duplication
• Use existing script based rules
• Open system XML and XSLT (same rules and data as web)
• Include data from alternate sources

 Beware of the imposters!  There are some mobile apps which look a lot like mobile website.  The app is basically just a container.  This gives the provider the appearance of being able to migrate code from one device to another – but all they are really moving is the web service calls and the frames.  The advertised advantage is the ability to modify the application without re-issuing the application – sounds good.  However, the distribution process for the application is so easy, streamlined, and automated that the benefit is negligible.  But the performance cost for the additional communication is high and the loss of navigational functionality is painful.  The mobile devices are more powerful than the computers many of us took to college so why not use them.  Be sure you are getting the native mobile app you deserve.

The best place to start is with the Iphone™.  Regardless of your phone preference, the reality is that Apple has the easiest and most efficient rollout path.  For example, Testflight™ makes the iterative issuance of test versions quick and simple.  The recommended strategy is to get a solid application working on Iphone and then quickly cookie cutter it out to Andriod and Windows7.  This avoids having moving requirements on 3 platforms.  If designed right, the code can be ported between platforms, but to date there is no proven code generator for a full native app.  There are some instances of scripted conversion where the app is essentially a frame using host based html, but this makes the user suffer daily for a few hours of one-time programming effort.  The rollout needs to avoid the temptation to try to develop the ‘perfect app’.  Again, this is not the world of the fire and forget.  The application management strategy needs to include a plan for continuous review and tuning.  The usage patterns and needs will continue to evolve at an ever increase pace.  So if done right, the screens and functions rolled out today will not be the same ones your community will be using in 6 months.

Then, many shops will take a look at the Ipad2.  This will be the single most revolutionary device for the Pension space in the next few years.  It is the only channel which allows high navigation and the ability to quickly tune it to the user.  However, care must be taken to not just 2x (size up) the smartphone app.  This is a DIFFERENT platform with new characteristics, not the least of which is the screen size.  The IPAD will allow administrators to skip past the paper and get direct input participants even in remote meetings.

The smartphone and IPAD applications will take our pensions mobile.  They will allow administrators to reach wider into their population and develop a far more intimate relationship with their participants.  Never has there been a channel that is available to so many people across socioeconomic lines.  The progressive administrators will be doing things like:

• Integration with social media for ‘retirement badges’
• Shake for sample portfolios
• Market information for sticky use
• Quick balance check
• Secure alerts for key events
• Direct enrollment
• QR codes for quick reference information

 The smartphone allows users direct and quick access to their pension data.  And it forces providers to thin down the data to ONLY what the participant really needs to focus on.  The participant can see what matters with a click of a button.  No more remembering websites or complicated logon routines.  The mobile app is not just a scaled down version of a website.  It is a targeted and concise pension control that is at the participant’s finger tips almost 24×7.  Although participants are not yet making widespread demands for this access, it will be the single largest used channel by the end of 2012.