They need to be happy that the standards and guidance around dashboard service providers are not going to harm their business or cause them problems.
They will also need to look at where there is opportunity for them within those guidelines, how they will best serve customers – both new and old – and what that means for their business processes.
This may involve talking to tech firms or talking to the organisations they place business with to ensure they do not get left behind.
If your rivals are offering services you are not, they will start to capture more of the market.
As soon as outflows start looking bad, sales teams will realise that someone else is innovating and offering an additional service and will push for the same.
We saw a race happen in the platforms space as customers wanted to transact across different providers, and I anticipate the pensions dashboard revolution will play out in a similar way.
As with any new technology, the winners from pensions dashboards will be the innovators and those looking ahead instead of standing still.
Jonathan Hawkins is principal business consultant at Bravura Solutions
