DRAFT FOR DISCUSSION BY INTERESTED PARTIES
This page explains why consumer feedback, co-ordinated by PDOC, both pre- and post-launch of dashboards, is so critical to optimise dashboards for consumers.
Why are consumer insights so important?
We’ll only know if pensions dashboards meet consumers’ varied needs once they start being used and consumers feed back on how well they feel dashboards are meeting their different needs.
Strong evidence from all countries with highly developed dashboards is that, having launched “Version 1” dashboards, you then need to continually iterate them to better and better meet consumers’ varied needs, based on consumers’ feedback.
So iteration of dashboards is a certainty
The mature pensions dashboards in continental Europe bear very little resemblance to the originally launched “Version 1” dashboards in these countries.
For example, see below what the landing page of the Swedish dashboard (minPension.se) looked like when it was launched in 2004. Then below that, see how it looks today, entering its 20th anniversary year in 2024:
Iteration is informed by consumer feedback
The many, many micro improvements (and some major changes) made over the months and years of live operation have been informed by extensive feedback from many different consumers of different types.
Here is the Belgian dashboard iteration “story” since it was originally launched in 2010:
In those countries with just one dashboard it has been relatively easy to manage flows of consumer feedback.
However, in the UK (like Norway) we’re going to have multiple dashboards. This is because we know from consumer research (and Norwegian evidence) that users want to see their pensions on apps they already use and trust, like their banking or pension apps.
QPDS providers will get most consumer feedback
Various research has been undertaken to ask UK consumers which dashboards they think they will use. However, what consumers say they will do isn’t necessarily always what they actually do.
Luckily, from Norway, we have evidence of actual consumer behaviour, suggesting QPDSs will be by far the most used dashboards.
So in the UK, whilst the Government’s MoneyHelper dashboard team at MaPS will receive some consumer feedback, commercial QPDS providers will receive the lion’s share of feedback.
So there needs to be an efficient mechanism for capturing key consumer feedback across all QPDS providers.
Iteration begins with Rules, Standards and testing
In December 2022, the FCA and PDP consulted respectively on mandatory Conduct of Business (COB) Rules and Design Standards for pensions dashboard operators.
By 11 March 2024, HM Treasury will have changed legislation to make “Operating a pensions dashboard service” a new regulated activity, opening the door for FCA and PDP to publish post-consultation COB Rules and Design Standards respectively.
Compliant dashboards then need to be connected to PDP’s Central Digital Architecture (CDA) and tested with real users to understand how well the Rules and Standards work in practice for different types of consumers: see Topics for a list of areas where consumer feedback can be expected (such as the core Find and View journey steps).
How will PDOC help?
Once the Pensions Dashboard Operators Coalition (PDOC) is launched and up & running in early 2024, the group will be very well placed to provide valuable support to:
- Industry: by providing an efficient mechanism to feed in consumer feedback from numerous dashboard operators who have joined the PDOC group
- Government & Regulators: by sourcing a wide range of feedback on the QPDS Rules & Standards together with suggestions for how these should be iterated to better meet different consumers’ varied needs, and
- Consumers: the main beneficiaries will be consumers as they will benefit from optimised QPDS Rules & Standards which have been informed by a wide range of feedback from multiple dashboard operators.