26 May 2020 | 11.51 am
KBC Bank Launches Digital Pension Product
More insurance products to follow
26 May 2020 | 11.51 am
KBC Bank has introduced a digital pension product in Ireland after announcing last week that it transitioning from a purely banking model to becoming a bank and insurer.
The digital pension is the first in a number of planned products, which the bank says “has been developed to deliver an all in one solution to our customers”.
The bank adds that the pension is unique to the market in several respects. First of all, a customer can start a personalised pension fund through the KBC app; secondly, they have the option to increase, decrease or pause contributions; and they can review their fund performance in real-time.
The bank believes that this self-serve capability will allow customers to track their progress against their own retirement goals, and will empower more people to take control of their financial future.
KBC Bank Ireland chief executive Peter Roebben (pictured) said: “We begin the rollout of our new bank insurance model with the launch of our digital pension. This new proposition takes the complexity out of pensions by allowing customers to understand how their fund works in real-time so that they can take full control of their financial future based on their own personal circumstances.
“This is a very significant launch as we evolve our business model here in Ireland, leveraging the wealth of experience and expertise of KBC Group.”
Life and pensions manager John Gethin added: “Co-designed with customer involvement at every stage of development, our pension product incorporates deep sectoral expertise and academic research, as well as behavioural, economic, and psychological theories and insight.
“Through our research, we know that customers can find pensions confusing and this can negatively affect retirement planning, which is why we’ve simplified the decision-making process.”
He added that KBC had found that for customers the most important life decision is saving for retirement – not choosing an investment fund. Details of the digital pension product are available here.
According to KBC, the launch will be followed by “a progressive rollout of personalised, instant, and accessible products designed to provide more convenience and greater choice in the Irish market”.