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4 Reasons why pension providers don’t want to upgrade Aging and Obsolete Enterprise Systems
Categories : 401 Record Keeping Blog DC Record keeping Record Keeping Software Retirement Technology 401k Record Keeping Software Retirement Plans Record Keeping
Tags : Retirement plan administration 401K record keeping DC record keeping Record Keeping Software Recordkeeping system Enterprise Enterprise System retirement service
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In the retirement services industry, aging IT Systems that have been upgraded with a piecemeal approach over the years are a major challenge to the pension providers. Not only has this approach led to technology obsolescence but has also adversely affected the overall productivity due to increased maintenance and administration overheads. What are the key drivers for large pension providers to continue status quo when they are clearly aware that their technology platforms are obsolete and need replacement? Of course, there are different reasons and chances are that each pension provider has a unique set of reasons.