Experiments to make pension matter to people
The biggest systemic change in finance also presents opportunity to re-design the most important - and often, dullest - journeys.
An interview with founder Niels about Faraday's vision on pensions, the importance of this subject and our experiments in Project Mañana.
Why does Faraday focus on pensions?
Pensions affects everyone, but most people experience it as something abstract, complicated, or simply boring. When people don't understand their pension or don't find it relevant, they disengage. They make decisions, or avoid them, without a clear understanding of the consequences. This is a problem that fits Faraday, and where we can make a difference.
Niels de Keizer
Faraday founderIn an ever-changing world, participants have more freedom of choice than ever before, which demands greater relevance. Static and generic experiences aren't enough.
And Faraday changes this. How?
By taking existing portals and redesigning them from the perspective of different participant types, step by step. Based on our experience with user-centered work in the consumer market, we've developed a process that enables funds and administrators to further evolve their existing software from the perspective of the participants, compliant with the new laws and regulations.
You've launched 'Project Pension Mañana'. What is that?
We believe in learning by doing, and each year we invest in a unique project that addresses a key problem. Pensioen Mañana is our own fake pension fund. With Pensioen Mañana, we conduct a series of small, rapid experiments exploring how we can make pensions more understandable, personalized, and appealing using data, design, and technology.
Why is innovation so important right now, for pension funds and administrators?
Because this transition isn't just technical, it's societal. Participants are given more freedom of choice than ever before, often without a financial advisor by their side. If funds and insurers continue to stick to static, generic experiences, they lose trust and engagement. But if they help participants understand and act with confidence, it creates a lasting relationship. And that's invaluable!
What have you already achieved with Project Mañana?
We recently held our first hackathon, where our designers and developers explored whether we could use AI to create virtual participants who could review and enrich existing content.
The biggest challenge? AI always delivers output, but it's often not of sufficient quality. So how do you take that output from a six to a nine?
What message do you want to share with pension funds and administrators?
Go beyond mere compliance with the (new) regulations. Embrace a participant-first approach within your communications team. The new pension law is a challenge, but also an opportunity to create pension journeys that both unburden and empower participants.
Let's get started!
Excited to experiment for your pension fund?
