FUELING YOUR RETIREMENT BUSINESS FOR GROWTH

Reduce your total cost of operations and gain improved operational performanceAs the workforce becomes increasingly remote, evaluating the future state of your business to ensure continued growth is extremely crucial. Leveraging a business process outsourcing strategy can provide a flexible, scalable way to improve operational efficiency, reduce key talent risk, maintain agility and, most importantly, improve your bottom line. Partnering with a firm that can handle processes that are important, even vital, but not strategic, such as infrastructure, information security, application management and process automation, is the game changer. The right partner can help you implement best practices, including advanced automation, such as robotics, artificial intelligence and workflows, and data management across the retirement plan life cycle. By collaborating with a strong partner with in-depth knowledge of the retirement market and access to the right proprietary technology, you can reduce your total cost of operations, gain improved operational performance and leverage borrowed scale to focus on new growth opportunities. This enables you to run operations cost-effectively by freeing you from the day-to-day routines of managing operational processes.

Refocus your resources on improving the client experienceRecordkeepers are looking more closely at their overall value proposition – adopting a bigger-picture view of how they can help participants reach their retirement goals. Many are providing customized services, based on what participants want. Being able to differentiate themselves by offering this value can help them keep a competitive edge.1 Employing a new operating model can result in a refined organizational focus that allows you to redirect financial resources and human capital to improving your client experience while migrating non-strategic tasks to a partner that can provide automation and scale. Furthermore, based on findings of the 2020 PLANSPONSOR DC Survey, COVID-19 and the adoption of the CARES Act provisions have forced recordkeepers to realign their resources and, in many cases, augment their staff, to deal with the increase in call volume to support their plan sponsors and participants.2 Unless you are large enough to develop and deploy interchangeable resources that can be moved between functional areas, you will need to explore alternative opportunities to better support innovation efforts and growth strategies. In these cases, the right partner can provide flexible technology deployment options, a variable pricing model, and the staff needed to meet market demands, particularly during this volatile time.

Under pressure from all sides, from clients and competitors to regulatory bodies and world events, retirement plan providers have a pivotal task: to reinvent their business models to power growth and profits and focus on the user experience. Operating costs and back-office requirements continue to drain the very resources providers need to focus on strategic initiatives designed to fuel growth and profitability. The ability to deploy resources and capital against the client experience, retention and improved outcomes add far more value, allowing plan providers to invest in areas that create value and differentiation from the competition. Now retirement plan providers can face these challenges head-on.

Fueling your retirement business for growth

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1https://www.plansponsor.com/research/2019-plansponsor-best-class-providers/2/#State of the Industry2https://www.plansponsor.com/research/2020-recordkeeping-survey/#State%20of%20the%20Industry3https://www.plansponsor.com/in-depth/vendor-process-reviews-crucial-retirement-plan-cybersecurity/

Decrease your operational and regulatory riskOperating through this pandemic, most firms have enacted business contingency plans, and many are now analyzing how to ensure people, systems and processes remain operational and secure in this new environment. The first step in mitigating risk is partnering with a firm who can assist in meeting the continually evolving regulatory reporting requirements and cybersecurity threats. Even before COVID-19, cybersecurity has grown in the last several years to become a top daily concern, spurring increased focus on best practices and more commonality in the retirement plan industry when it comes to securing and protecting data.3 Partners who can successfully reduce your firm’s cybersecurity and regulatory risk also are able to strengthen the value you deliver to your clients by enabling you to redeploy resources who are knowledgeable about your core business and the clients you serve. Managing regulatory risk is becoming increasingly cumbersome and costly. As a result, third-party specialists must be able to offer the security, scalability, global expertise, technology and local presence to help firms reduce complexity, minimize operation and regulatory risk, and focus on increasing profitability.

Selecting the right partnerSelecting the right partner to help you position your business for growth is critical. By partnering with FIS, you gain access to market-leading recordkeeping technology and retirement solutions that reduce the costs and complexities of running your business. With the breadth and automation of FIS’ integrated solutions, coupled with a unified outsourcing model, you’ll be able to drive more growth, retain more customers, and deliver a flexible and intuitive user experience.

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About FIS FIS is a leading provider of technology solutions for merchants, banks and capital markets firms globally. Our more than 55,000 people are dedicated to advancing the way the world pays, banks and invests by applying our scale, deep expertise and data-driven insights. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS is a Fortune 500® company and is a member of Standard & Poor’s 500® Index. linkedin.com/company/fis

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