Technological development is a crucial element to spearhead any scalable growth in business. The pension industry has over the years maximized this factor and leveraged different technologies and innovations to improve process efficiency, management and intake.
Systech, is one such industry player that is leveraging technology and revolutionizing the pension industry in Africa, one product and client at a time.
So, who is Systech? How is Systech harnessing technology to change the game? How has this benefitted its clients? This Case study aims to offer an in-depth overview of this question and so much more!
Systech Helps African Firms Utilize Newer Systems to Improve Pension Management and Intake
Research shows that for every 3 business managers, 2 are in agreement that leveraging technology is fundamental to business survival. It goes without saying then, that now more than ever, the world, and businesses more specifically, are more reliant on technology.
As the world discovered the transformative effect of technology in other industries, Systech discovered it in pensions technology. The company is committed to help African companies utilize pension technology to ease work processes and achieve their long- and short-term objectives for their businesses, members, trustees, sponsors, advisors, regulators and every participant in the pension value chain.
The Customer Journey
A typical client at Systech is a medium to large firm looking to administer pension benefits. Usually, these firms are looking for software technologies and systems to serve their members better. The firms often have between tens to thousands of both active and retired members in their database.
Before coming to Systech, these companies are usually using manual methods of pension management. However, these methods are often prone to human error, difficulties in data management and a lack of a collective, integrated way of keeping member information together. Other clients, on the other hand, may be utilizing some form of pension management technology and only come to Systech to help them upgrade their current system.
Systech respects the dynamic nature of its clients’ needs. Therefore, there is never a one-size-fits-all approach to providing software solutions for our clients. Here’s what happens instead:
- Client approaches Systech.
- Systech listens to client’s needs.
- Systech and the client brainstorm on possible solutions, approaches and features for client’s software needs.
- Systech comes up with a custom solution tailored to client’s need.
- Company pitches solution to client.
- If client accepts, Systech uses pilot-based approaches to develop then test system functionalities to client.
- Company and client collaboratively conduct extensive training to involved parties prior to implementation.
Systech works collaboratively with clients to customize their solutions from its rich pension software solution FundMaster, to cater to their individual needs. With FundMaster, clients and their members are able to have a robust pension technology that improves the efficiency of their workflows, improves quality, guarantees consistency and minimizes error in pension management and administration.
So far, Systech has placed its mark in 10 African countries, served over 30 clients, amassed over 2000 thousand sponsors and is being used by over 5 million people.
Some Clients that have gained through Systech:
Enterprise Group in Ghana, in 2021 received an award for best innovation in the pension industry for the different peripherals that aid them to give better services to their members.
NICO Holding in Malawi has received countrywide praise for the dynamic portal from which its members have been able to access their benefits information and interact better with their administrator. Learn more here.
How Systech is Leveraging Technological Development to Improve Pension Management and Intake
More people are becoming increasingly aware of the importance of preparing for retirement. As such, more people are joining pension schemes and establishing pension plans. These events call for better, more innovative approaches to management and administration of pensions to keep up with the growing demand. In addition, the era of digitization calls for complete revolutionization of the pension industry.
Systech is transforming the pension landscape through its innovative technology solution- FundMaster.
FundMaster
“FundMaster is at the forefront of this paradigm shift in the pension industry.”
FundMaster is Systech’s Pension Administration Software solution. The technology combines different modules of the industry into one consolidated product. These industry modules include:
- Benefits
- Administration
- Investments
- Accounting
The software and consolidation create efficiency, effectiveness, and consistency to pension processes.
Technology vs the Pension Industry
Systech is committed to keeping FundMaster ahead through its commitment to Research and Development. The continuous research, development and improvements make FundMaster easier to use. Additionally, they help keep up with emerging industry trends and preferences and avoid becoming obsolete.
Ways FundMaster Utilizes Technology
FundMaster leverages technology in the following ways:
- Mobile Money
Mobile money has over the years become increasingly popular. In fact, statistics show that there are over 296M registered mobile money accounts in East Africa. In addition, in 2021 alone, the value of mobile money transactions in Eastern Africa was $403.4bn and $697.7 bn in Sub-Saharan Africa.
FundMaster has been able to incorporate mobile money (Both C2B and B2C) into different processes to make access to pension and savings easier and more reliable. Some of the ways FundMaster incorporates mobile money include:
- Member contributions
Mobile money has made it easy for members to contribute to their pension fund from the comfort of their phones. This has seen an increase in interest and self-drive in saving for a pension through increased Additional Voluntary Contribution (AVC). Products such as the Mbao pension scheme uses FundMaster’s integration with Mobile Wallets to allow even the informal sector workers to save as little as 20 Kenyan shillings towards their pension.
- Benefits Disbursement
The costs related to owning and maintaining a bank account only meant for receiving pension benefits can now be avoided using this innovation. Benefits are paid and sent directly to a pensioner’s phone making life more bearable and easier for them.
- Investments Management
With administrators venturing into the property sector, integration with the mobile money tools has enabled swift rental property management for most of its clients.
- Bulk SMS
With the increased demand for information by different stakeholders, FundMaster capitalizes on the SMS module to relay information. This tool has enhanced the transparency of the pension process.
The system boasts of a wide range of uses for SMSs: Workflow Notifications, alerts, confirmations, member birthday appreciation texts, and many more.
- WhatsApp & Chatbot
WhatsApp has become a preferred mode of communication by most people. FundMaster has leveraged this through the inclusion of a chatbot coupled up with WhatsApp to make the delivery of information more interactive and interesting as having a conversation with the administrator.
- Biometrics & Selfie Authentication
The Selfie authentication feature is one of the most exciting technology inclusions Systech has incorporated in Pension management. The process of verifying the liveliness of a pensioner has never been made easier just from a phone.
FundMaster has also integrated with Biometric Verifications Systems to smoothen the process as well as increase reach in the Certificate of Existence Cycles.
- Workflow
Embedding workflow into the processes has seen clients become more efficient and effective in their processes. For some clients, the inclusion of the workflow module has seen benefit processing move down from 14 days to 5 days
- Straight to Bank integration
Straight through processing of payments to banks from FundMaster has greatly reduced the cost and time used in transaction processing. This integration has seen FundMaster work seamlessly with banks.
Conclusion
Systech works diligently and is committed to improving the Pension Intake and Management landscape in Africa. We honor this commitment by consistently incorporating technology and innovation in our process. Doing so has increased the quality while reducing time wastage for both us and our clients. Our goal is to use technology to revolutionize the pension industry in Africa. That goal is what helps Systech to bring life to our clients’ dreams.
