American investment management company Vanguard has partnered with Indian tech consultancy firm Infosys in a move to digitalise its business operations.
This strategic partnership aims to enhance Vanguard’s defined contribution (DC) business using technology-driven approach. It is expected to transform the corporate retirement plan experience for the sponsors and participants.
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As part of the partnership, Infosys will assume day-to-day operations supporting Vanguard’s DC record keeping business including its software platforms, administration, and associated processes.
The partnership will enable Vanguard to offer a cloud-based recordkeeping platform to help deliver better outcomes for nearly five million participants and 1,500 sponsors.
Furthermore, the partnership will bolster the company’s ongoing efforts to scale up participant experience through redesigned participant website, integrated advice, and intuitive technologies.
Vanguard Institutional Investor Group managing director Martha King said: “For decades, Vanguard has propelled best practices and innovation within our DC business and across the industry to steward the financial futures of millions of Americans saving for retirement.
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By GlobalData“Coupled with Vanguard’s increasing investment in advice capabilities and client experience, we will set a new bar for personalization, ease, and efficiency for sponsors and participants alike.”
Meanwhile, Plan sponsors will continue to be served by Vanguard’s relationship management teams, strategic plan design, and communication experts, the company noted.
Additionally, investment management and guidance for both sponsors and participants will be supervised by the company.
Participant phone calls will be serviced by both Vanguard and Infosys.
Infosys president Mohit Joshi said: “Infosys is excited to partner with Vanguard in the digital transformation of its defined contribution business.
“Our platform will create a new standard for the industry as we seek to drastically improve the retirement savings experience for plan participants and sponsors through the use of cutting-edge digital technologies.”
