Public Sector Pension Agencies See Digital Potential
August 20 2015 - 6:15AM
Business Wire
Decision-Makers agree that digital advances
will improve customer service and administrative efficiency
New research by Accenture (NYSE:ACN) sheds light on the use of
technology by public sector pension organizations in the United
States, United Kingdom and Australia, with strong agreement among
organization management that digital advances will improve services
to members and improve internal efficiency.
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The research assessed public pension organizations’ leadership
perceptions, attitudes and experiences regarding use of digital and
other technologies for processing routine requests or tasks, also
known as “straight-through processing.”
In the U.S., 63 percent of respondents agreed that
straight-through processing would help improve member services,
while 81 percent agreed in the U.K. and 94 percent agreed in
Australia. It is also seen as a pathway to improve internal
efficiency by 81 percent of U.S. respondents, 86 percent in the
U.K., and 96 percent in Australia.
The research indicated that adoption rates of straight-through
processing by public pension organizations vary widely across the
three countries studied. In the U.S. only 23 percent of managers
said their organization has adopted any straight-through
processing, compared to 42 percent in the U.K. and 94 percent in
Australia. Fifty-six percent of U.S. respondents said their
organization was lagging behind comparable organizations, compared
to 39 percent in the U.K. and 42 percent in Australia.
“The digital revolution is just beginning to reshape the way
public pension organizations operate and serve their members,” said
Owen Davies, managing director in Accenture’s pensions practice.
“Pressures for increased administrative efficiency and modern
customer services are waking pension organizations up to new and
emerging digital opportunities to transform how they operate.”
A variety of barriers to adoption of straight-through processing
are perceived across all three countries, including IT concerns
(especially security), complexity of required organizational
change, lack of budget and lack of leadership support. However,
most respondents in all three countries agreed the barriers can
feasibly be overcome in the next five years (58 percent agreed in
the U.S., 51 percent in the U.K., 90 percent in Australia).
Methodology
Accenture surveyed 199 executives in public sector retirement
organizations from October 2014 to March 2015. The survey was
fielded by Penn Schoen Berland (PSB) to capture views of relevant
organizations in the U.S., U.K. and Australia. Responses came from
78 interviews in the U.S., 76 in the U.K. and 45 in Australia.
Learn more about Accenture and Delivering Public Service for the
Future.
About Accenture
Accenture is a global management consulting, technology services
and outsourcing company, with more than 336,000 people serving
clients in more than 120 countries. Combining unparalleled
experience, comprehensive capabilities across all industries and
business functions, and extensive research on the world’s most
successful companies, Accenture collaborates with clients to help
them become high-performance businesses and governments. The
company generated net revenues of US$30.0 billion for the fiscal
year ended Aug. 31, 2014. Its home page is
www.accenture.com.
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AccentureJoe Dickie,
+1-512-694-6422joseph.r.dickie@accenture.com
Accenture (NYSE:ACN)
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