Innovative technological applications for financial services, or FinTech, are already being used for improving communications with consumers and their commitment to their pension plans. This report provides an overview on how technology is being used to improve the design and provision of pensions, and how regulators are managing these changes.

The main results of this report are as follows:

• FinTech applications are extending accessibility to pension plans to a broader consumer base and making communications with contributors more effective.
• FinTech applications are increasing the efficiency of pension plan operations through risk management, automation of investment processes and the facilitation of regulatory compliance.
• Governments are making substantial efforts to support the development of FinTech applications.
• Innovation centers are becoming key components in regulatory support for helping new companies to understand how existing regulations apply to their ideas.
• The “regulatory sandboxes” (isolated spaces where programs or files can be run without affecting the application on which they are being run) are emerging as a means for providing flexibility in the way regulations are applied to new models and business ideas.
• Effective engagement with all stakeholders will be a key factor in successfully supporting innovation in financial services.
• It will be necessary to engage with counterpart international regulators to try to ensure some degree of consistency in regulations, their interpretation and application.