Independent dashboards expert Richard Smith spent a few weeks of his summer touring Europe to discover what lessons the UK should take into its own dashboards project. Here are his main findings
Independent dashboards expert Richard Smith spent a few weeks of his summer touring Europe to discover what lessons the UK should take into its own dashboards project. Here are his main findings:
1. You have to start somewhere
“All the dashboards I researched have been enhanced over time, such as the five iterations of the Belgian dashboard since 2010,” says Smith.
Once dashboards are launched, providers can improve them in response to users’ feedback. But to improve something, a first version has to exist.
2. Commercial dashboards are more popular than governments’ versions
In Norway, in 2022, data requests were made 30 times more often via commercial apps than via the government or direct access routes.
Get ready for mobile
People want to access dashboards via their mobiles. Nearly half (at least 42%) of visits to the Dutch pensions dashboard website were made via mobile devices in 2022.
3. Usage increases over time
UK pensions dashboards should prepare to be in for the long haul when it comes to getting people engaged. Usage was low in Denmark for years, before it grew steadily (see graph, above).
Smith says: “Today, a remarkably consistent c.37% of working age adults now use pensions dashboards in BE, DK, NL and SE (and it could be higher in NO as commercial apps can also show you all your pensions in Norway).”
4. Segment your audience
Segmenting your audience will boost usage, found experts in Sweden and Belgium. The Belgian dashboard uses different personas to make sure it resonates with the different people who use it (see image, above).
The dashboards brand is promoted by Belgian politicians and in the media. Plus, every year, a ‘push’ communication is sent out to Belgian citizens who are actively building up a Pillar Two pension pot, to tell them that their pension data has been updated. This results in a spike in web traffic every December.
5. What is the applicability of these learnings?
Richard Smith is often challenged on how readily the lessons from European countries can be applied to UK dashboards.
Yes, pensions systems and delivery – as well as nuances in popular culture – are different. However, one fundamental principle remains true, Smith told Pensions Expert. “I would assert that, whether you are a Dane or a Swede or a Brit, your core worry – will I be ok when I am older? – is the same.”
