Making a Business Case for Modernizing Core Systems for the US Retirement Industry: Value Beyond Cost Savings from a Cloud-enabled Recordkeeping System

In this research, we take a deep dive into the recordkeeping function of the Defined Contribution (DC) plan administration business, analyzing the DC market and the recordkeeping function and exploring the challenges recordkeepers face as a result of their legacy technology estate. We provide the business case for recordkeeping system modernization, demonstrating the cost and operational efficiencies, along with improved customer experience and meaningful, data-driven insights that modernization enables. We also analyze the offerings of eight leading recordkeeping platform vendors and cover the approaches for core system modernization for recordkeepers.