PensionBee sees consumers ditch traditional ways as they increasingly manage pensions online

Rachael Oku

by , Head of Brand and Communications

16 Nov 2020 /  

16
Nov 2020

hipster man with beard and brogues standing in a hallway checking his phone

London, 16th November 2020: New figures from PensionBee show that consumers are increasingly managing their pensions online, following a 96% increase in PensionBee app users, as well as an 85% growth in the number of invested customers year on year.

PensionBee, the UK’s leading online pension provider, has experienced an 85% increase in the number of invested customers over the past year. Invested customers, defined as having pension assets in a PensionBee plan, stood at c.60,000 at the end of the third quarter.

Additionally, the number of PensionBee customers using the mobile app to check their balance almost doubled to 41,609 in Q3 2020 compared to Q3 2019. PensionBee recorded almost 700,000 interactions with the mobile app last quarter, which indicates that customers were logging in regularly to engage with their pensions.

Following a successful quarter and the achievement of over 3,000 Trustpilot reviews with an average rating of “Excellent”, PensionBee has promoted its VP Operations, Tess Nicholson, to Chief Operating Officer. Ms Nicholson joined the company in 2015 as its third employee and is responsible for all areas of PensionBee’s customer operations.

Romi Savova, Chief Executive of PensionBee, commented: “Since the onset of the pandemic consumers have become increasingly more demanding of digital financial services, and the renewed lockdown restrictions in force across the UK will only exacerbate the need for digital solutions that help savers easily manage their finances.

Despite successfully transitioning to effective remote working earlier in the year, many of the legacy providers are still in the dark ages when it comes to the provision of online services to consumers. Affordable and accessible technology is imperative if the pensions industry is to continue supporting the “new normal”, and it’s clear that the legacy providers must accelerate their transition to digital or risk being left behind.”

Appendix

Table 1: PensionBee App Users

Period Total Users
Q3 2020 41,609
Q3 2019 21,198
Change (Q3 2019 - Q3 2020) 96%

Source: PensionBee, November 2020.

Table 2: Growth in Invested Customers

As at 30 Sep 2020 As at 30 Jun 2020 As at 30 Sep 2019 % increase QoQ % increase YoY
Invested Customers 59,027 50,896 31,871 16% 85%

Source: PensionBee, November 2020.

Table 3: App interactions

Timeframe Balance page views through mobile app
01 July - 30 Sep 2020 685,566

Source: PensionBee, November 2020.

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