The Cloud has quickly become the preferred platform for businesses across industries looking to improve efficiency, gain a competitive edge, and drive innovation. The retirement plan industry is no exception.
Cloud technology is revolutionizing the way businesses operate and manage their data. By storing data in the Cloud, retirement plan service providers can reduce their reliance on physical infrastructure. Recordkeepers and plan administrators can share data more securely and efficiently with stakeholders. Plan sponsors and participants can receive real-time insights into their data to make more informed decisions about their retirement plans. As a result, many retirement firms are adopting cloud technology to improve their operations and compete in today’s digital economy.
As the leading provider of cloud-based retirement plan administration solutions, we have seen firsthand the advantages the Cloud can provide to our clients. From improved security and compliance to reduced costs and increased flexibility, the Cloud offers retirement plan administrators and recordkeepers a wealth of benefits. With streamlined account management, easy-to-use mobile apps, and real-time data visibility, the Cloud provides a superior user experience.
In this article, let’s look at how you can select the right cloud platform for retirement plan administration.
Most of the cloud solutions fall into one of the following categories.
- Industrialized Cloud Infrastructure: These are customized and tailored solutions for specific industries. They are equipped with industry-specific features and functionality that easily integrate with existing infrastructure. AI, ML, and IoT power these Cloud solutions to offer next-generation capabilities.
- Enterprise Cloud Platforms: These solutions perform industry-specific processes of an enterprise. They are customizable, scalable, and offer high security. These platforms come with preconfigured functionalities that are purpose-built to automate traditional business processes. They can be used by any industry and come as a one-size fits all solution. You can get them customized at different price points to meet your company’s specific needs.
- Business Solution Providers: The business solution providers offer retirement industry-specific platforms designed to meet the needs of enterprises in various industries. These are built with specific functionalities to address operational pain points and contribute to the business value chain. The composable nature of these solutions allows you to select only the components necessary for your firm’s specific requirements.
It is crucial for plan administrators to carefully evaluate the available cloud solutions before investing in them. Some retirement plan administration software providers have expertise in providing specific solutions. While other technology solutions are better suited for a more improvisational approach.
The retirement plan industry faces unique challenges when it comes to storing data. The industry manages a lot of sensitive Personally Identifiable Information (PII) that must be accurately stored and updated at all times. Besides storing data properly, it must also be available to all stakeholders as and when required.
The cloud technology stack comprises the following layers:
- Infrastructure and platform layer that includes hardware, network, and other resources.
- Application layer to add functionalities
- Differentiation layer for ensuring regulatory compliance
- Customization layer that has tools and accelerators that fulfill client needs
Vendors with relevant industry expertise can help build a robust cloud offering with AI capabilities and enhanced data security. A personalized dashboard for analytics and integration with your existing IT infrastructure makes the solution efficient.
A specialist technology solutions and services provider for the Retirement Plan industry, Congruent Solutions is the best choice for your cloud-based retirement plan software needs. With our contemporary retirement plan solutions, we ensure your recordkeeping and plan administration business operates efficiently. Contact us today to learn more about how we can help you take your business to the Cloud.