The growing complexities of the retirement landscape are compelling recordkeeping firms to change how they operate. Amidst frequent regulatory changes, rising competition, pressing fees, and demanding customers, recordkeepers are looking for ways to reduce operational costs and effort. Automating routine processes is a game changer as it streamlines customer onboarding, KYC, plan migration, financial adjustments, and impact analysis.

Moving beyond disparate systems powered by outdated technology and multiple manual workflows, you must adopt advanced recordkeeping systems. The benefits of these systems go beyond automation to improve plan outcomes.

Identifying the gap

Recordkeeping services using legacy solutions run on mainframe-based systems which centralize the participant’s asset data. It creates data silos restricting collaboration and data processing at scale. Handling the immense volume of data through multiple workflows ultimately results in higher costs.

Compliance with industry regulations such as the CARES Act and SECURE is another challenge with legacy administration software. Any oversight of the regulations or delay in filing attracts heavy penalties from the U.S. Department of Labor (DOL) and the Internal Revenue Code. Additionally, legacy technology is a cybersecurity liability. Research shows that over 10 thousand new malware threats are discovered each hour and outdated software leaves you vulnerable while increasing risk exponentially.

Outdated technology solutions cannot meet the needs of the new generation of plan participants. Customers expect a remarkable user experience. They expect personalized solutions, paperless processes, and self-service options.

Meeting tomorrow’s challenges today

Strengthening your technological capabilities helps keep your recordkeeping business at the forefront of the dynamic retirement industry. It prepares your team for the future, enabling them in the following ways:

  • Consistent performance to keep pace with the dynamic market and regulatory climate
  • Increased customer focus helps deliver a better CX and meet their fast-evolving expectations
  • Enhanced cyber risk management to build customer trust and ensure regulatory compliance
  • Ensure cross-organizational compliance with retirement industry regulations and prevent penalties for non-compliance
  • Process implementation under controlled environments for end-to-end governance

Redefining recordkeeping with the CORE suite of solutions

Congruent’s intelligent solution CORE empowers recordkeepers and plan administrators. It supports end-to-end recordkeeping operations designed to meet the specific needs of retirement plan providers in America. A cloud-native automation system, CORE works as a retirement plan administration software that provides you complete control over operational costs.

CORE 2.0 is a fully-configured retirement plan administration software. It helps automate critical operations and eliminate human intervention to reduce errors in routine processes. The Microservices architectural approach of CORE 2.0 decouples recordkeeping functions into flexible processes. It eases collaboration and supports scalability. CORE 2.0 provides a platform for your enterprise to be agile while also controlling costs in the long term. It enables self-service capabilities to help all administrators, advisors, sponsors, and participants work together.

Pre-configured widgets and built-in automation tools use artificial intelligence to generate action-oriented insights. All features are up-to-date with rules for quicker deployment with low-code/no-code technology support. They are designed keeping in mind retirement industry regulations, and hence they comply with ERISA and DOL guidelines.

Modernizing your organization’s IT infrastructure provides a competitive edge. You can avoid the outlined risks by strategically replacing outdated legacy systems with more cutting-edge technology and implementing customized retirement plan administration solutions. It boosts growth by improving productivity levels across every department as well as ensuring the security of data.

Struggling with a legacy technology system? Switch to CORE 2.0 today. Contact our team for a demo.

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