Making a Business Case for Modernizing Core Systems for the US Retirement Industry: Value Beyond Cost Savings from a Cloud-enabled Recordkeeping System
In this research, we take a deep dive into the recordkeeping function of the Defined Contribution (DC) plan administration business, analyzing the DC market and the recordkeeping function and exploring the challenges recordkeepers face as a result of their legacy technology estate. We provide the business case for recordkeeping system modernization, demonstrating the cost and operational efficiencies, along with improved customer experience and meaningful, data-driven insights that modernization enables. We also analyze the offerings of eight leading recordkeeping platform vendors and cover the approaches for core system modernization for recordkeepers.
Scope
In this report, we analyze the following eight recordkeeping platform vendors’ offerings: Avenu, Congruent, FIS, Infosys, Milliman, Oracle, Sapiens, and Tata Consultancy Services
Content
This report includes the following topics:
Background and scope of our analysis of the US DC recordkeeping market
Deep dive into the DC recordkeeping market
The business case for modernization
Recordkeeping platforms landscape and the approaches to modernization
The retirement plan industry in the US is evolving rapidly. With over US$37.5 trillion of assets under management as of Q1 2022, it is one of the largest retirement markets in the world. However, about 25% of the working-class population lacks adequa…
