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Digital integration can help your employees achieve their retirement goals

It may seem that there is relatively little that differentiates one retirement fund from another. However, one of the most important keys to unlocking a successful retirement is how well a retirement fund knows its members, understands their needs and circumstances, and helps them make the most of their retirement fund membership.

One of the biggest challenges for umbrella funds today is that their growth in member numbers increases the risk that they lose touch with the people who they are supposed to be helping to secure their best possible retirement. Few of these funds have detailed insights into the financial circumstances, habits and needs of their members, which means that its largely left up to those members to ensure that they're getting the most out of their retirement fund membership.

Thanks to the direct banking relationship that FNB has with many of its umbrella fund members, FNB Employee Benefits has these member insights; which means it is able to fully harness the power of digital integration to know its members and make sure they're on the path to retirement success.

FNB is both a bank and an employee benefits provider which means that we're in the unique position to be able to transform your employees' fund membership from merely putting money into an investment, to being a comprehensive money management partner for them. Having holistic insights into each individual's financial wellbeing and a bigger picture view of their current financial reality can help them achieve the ideal pathway to a successful retirement.

While retirement savings are a large component of most people's financial plans, they are not separate from the rest of their finances and should not be considered in isolation. Unfortunately, however, because funds seldom have access to the full financial picture of each of their members, that's precisely how most retirement plans are developed. By harnessing the power of digitisation and leveraging the broader banking relationships it has with many of its retirement fund members, FNB Employee Benefits is able to overcome this restriction, go beyond advice based on industry rules of thumb, and offer FNB Umbrella Fund members a truly integrated, holistic and personalised retirement journey.

This broader, more detailed view of a member's financial situation, and expectations, is especially valuable when it comes to setting and assessing retirement savings goals. For example, it allows our members and their advisers to use their current spending patterns to calculate accurate and fully personalised salary replacement ratios rather than aiming for an industry standard that the individual could discover is way off when they retire - at which point it is too late to do anything about it.

Few fund members have significant understanding of their fund, how it fits into their long-term financial plans, or how to optimise the benefits they get from it. By bringing together all aspects of a fund member's financial life in one place and offering them a range of digital tools to manage their finances, FNB Employee Benefits is empowering its members to make their fund membership truly work for them and take control of their financial wellness.