Is the new standard also a big challenge?

The core of the challenge lies in implementing this new standard within the existing pension choice environment without disruption and while connecting with a diverse user base.

Financial choices with long-term consequences are difficult for many people, especially if the topic is far removed from their lives.

Every participant is different and requires a unique approach. A newcomer just starting work will talk and think very differently about pensions than someone in their sixties who is nearing retirement.

The Netherlands Authority for the Financial Markets (AFM) therefore emphasises the importance of thorough research into the target group, based not only on who they are but also on their digital skills.

By gaining better insight into the needs and behaviour of participants, pension providers can ensure that everyone clearly understands their choices and can make informed decisions about their financial future.

To comply with the new legislation, it's crucial that every participant is addressed and guided appropriately. This begins with the initial information they receive and continues until they make a decision.

We call this the customer journey: the path someone takes from their first encounter to their final decision. This includes various means, from a letter or a phone call to a digital environment.

Because a customer journey is dynamic and constantly evolving, optimisation is an ongoing process. At Faraday, we use data to continuously learn, adjust, and continually improve the customer journey.

A robust and accurate customer journey doesn't just happen. A successful customer journey is data-driven and starts with thorough research.

You gather reliable insights by talking to a diverse and representative group of users. What are their habits, needs, and challenges in managing their pension?

The first step is segmenting the target group based on archetypes. By gaining insight into different user groups, we can develop an approach that aligns with their specific needs and behaviours. The raw interview data with this group is compiled per archetype into an empathy map or persona.

An empathy map helps you understand what users say, think, feel, and do when they use your service or product.

Once you have a clear picture of their experiences, you can link these insights to the various touchpoints in the customer journey—the moments when users interact with your services. By visualizing these insights, both pain points and opportunities become apparent.

The next step? A concrete plan to remove obstacles and maximize the opportunities available. This way, you ensure that arranging a pension is not only easier but also more enjoyable for your users.