$7 Trillion in defined contribution assets, 800,000+ plans, 108 million participants — this is the scale of recordkeepers’ role in retirement planning. A record keeper is expected to track participant profiles, their assets and transactions, if any for every individual. In addition to demanding customer expectations and increasing regulatory scrutiny, record keepers also often suffer from the burden of inefficient legacy technology.
Today, recordkeeping services are predominantly run using mainframe-based systems. This centralized clustering of participants asset data ultimately results in higher recordkeeping costs for the plan sponsors, which in turn gets reflected on the participants retirement savings.
While measures have been taken to keep the recordkeeping charges manageable, experts say that it has only managed to reduce services to still maintain the margins. One of the most accessible and efficient contemporary technology today is cloud-based solutions.
Introducing The New and Improved CORE 2.0
Congruent’s CORE 2.0 is a cloud-based, intelligent recordkeeping solution designed specifically for retirement plan providers in the US.
Already on the cloud, CORE 2.0 offers agility, flexibility, integration, automation, all while controlling your operational costs in the long run. It enables you to provide self-service capabilities to all administrators, sponsors, advisors and participants, enabling them to work in a seamless and collaborative manner.
With built-in standards, CORE 2.0 ensures you stay compliant to both retirement-related and technology regulations. Our teams ensure fast onboarding and thorough configuration of the platform to meet your unique needs. Pre-configured dashboards empower your users with meaningful reports, graphs and data extracts for data-driven decision-making.
But that’s just the beginning. The newly upgraded version of CORE 2.0 puts cutting-edge digital technologies to work for the retirement industry.
#1 Building resilience with microservices architecture
Microservices, a cloud-native architectural approach, breaks down the monolithic recordkeeping application into loosely coupled, logically grouped, independently deployable smaller components, that offer better cost efficiency as well as performance.
For you, using CORE 2.0’s microservices-based application means that:
- Specialized teams can make targeted changes/updates simultaneously without having to worry about the effects on the entire system
- You can react faster to compliance changes, without forced downtimes for the rest of the application
- You can test new functions/features/customer experiences in an agile and iterative manner
- Scale processing needs up or down, depending on demand, optimizing costs
#2 Fully responsive UI powered by ReactJS
CORE 2.0’s new user interface leverages ReactJS to optimize user experience. React’s biggest strength is that it optimizes to render only those components that are necessary for each task. While the updates will still reflect across applications, there is no need to refresh the whole system every time. The platform also has rich component support which increases reusability.
For every user, this means that CORE 2.0 will:
- Load faster, improving productivity and user experience
- Perform better, utilizing fewer resources to function
- Offer consistent user experience across devices
- Save costs in the long run without affecting speed or performance
#3 Mobile-first approach for improved accessibility
In 2021, mobility is no longer a good-to-have feature, but a default expectation. Since the pandemic, even those who were working from desktops earlier are looking for mobile-based solutions. This includes administrators, sponsors, advisors and participants.
We at Congruent believe that the future will be mobile. The flexibility and access that mobile applications offer is unparalleled. Which is why, CORE 2.0 is built with a mobile-first approach. With CORE 2.0,
- Your users can do their job from anywhere, anytime
- Our approach ensures that mobility is not a secondary after-thought, but a primary strategic driver for your business
- The UI is responsive so that all the stakeholders can seamlessly transition across devices
With CORE 2.0, you can service your customer faster, easily and on-the-spot!
Take CORE 2.0 for a spin today.
If you’re a recordkeeper working with legacy technology systems weighing you down, get a personalized demo of CORE 2.0 today. See the platform in action to understand the business impact it can have for your recordkeeping business.
