Shri Krishnansen, chief commercial officer at Wealthos, said the pensions industry had not even started crawling when it came to evolving its technical infrastructure.
“We are not falling down, we haven’t even tried to crawl.”
He said the solution was to end the “web of disparate systems” and the need for manual intervention. “The industry is still using faxes. The industry should be more digital and the connectivity is there through open banking.”
AI, scams and pensions
The panel also discussed scams and artificial intelligence (AI).
Hawkins said the adoption of a banking model which verified everything would prevent more scams.
He said: “We can go to that model, and we automate the hell out of it.”
Krishnansen said that although generative AI had captured the imagination, there was no point in even trying to use it within pensions.
“With data sitting in so many different forms, how are you going to train AI to be meaningful if data is not all in the same place.
“We need to get the core systems right first.”
Samantha Downes is a freelance financial journalist
