A pensions dashboard prototype was unveiled today, as a 24 hour contest began between 20 developers to create the best design.

The prototype was shown off at Aviva’s Digital Garage in Hoxton as part of FinTech week 2017.

Economic Secretary, Simon Kirby attended, along with over 20 leading technology firms.

The prototype was unveiled by the Pensions Dashboard Project Group – a group of pension providers from across different sections of the industry, working collaboratively and project managed by the Association of British Insurers.

Developers are now engaged in a 24-hour ‘sprint’ to develop their idea of what pensions dashboards could look like in the future, with the winners being announced on Thursday.

The Economic Secretary, Simon Kirby, said: “This TechSprint is all about showing what FinTech can do for pensions and in turn what this can deliver for consumers. The prototype we are unveiling today brings us a step closer to this goal.

“I was treated to an early demonstration last month, and was deeply impressed with the progress made since I launched the project here in September.

“With a few clicks I could access an example dashboard which showed what pension pots our test user had, how much money was in them, and an estimate of his income at retirement.

“This proves the behind-the-scenes technology works, and that industry can work together to agree common data standards to make dashboards possible.”

He said: “I want to emphasise that I am not talking about building ‘the dashboard’. I am talking about dashboards with an ‘s’, because to realise the huge benefits of this technology, we cannot prescribe a single way for people to access their own data.

“Firms need to be able to innovate to answer a whole range of users’ needs. There is no monopoly of wisdom.

“These ‘dashboards’ may be simple websites, plugins to your mobile banking app, or components of complex ‘robo-advice’ software.”

He said: “As technology continues to advance apace, I am sure there are uses and implications of dashboards, which we haven’t even imagined - which is why we are running events like this TechSprint to stimulate the ideas and connections which will make them possible.”

The firms which have contributed to the prototype project and collaborated on its work were:

Abbey Life (now part of Phoenix)
Aon
Aviva
Fidelity International
HSBC
Legal & General
Lloyds Banking Group (Scottish Widows)
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Phoenix
Prudential
Royal London
Standard Life
The People’s Pension (B&CE)
Willis Towers Watson
Zurich

Providing the technological resources to develop the prototype:

Aquila Heywood
Experian
ITM
Origo
Runpath
Safran