PASA today unveiled its ‘Jargon Buster’ reference guide to the industry. It has been compiled by the eAdmin Working Group and looks to support administrators, trustees, pension managers and sponsors by breaking down complex language technology terms, their relevance to pensions and providing a commonly used definition.
Chris Tagg, PASA Board Director, commented: “Every sector has their own unique terms and jargon, and the challenges and frustrations that go with them. Pensions is no different. As described in our earlier paper, investing in data quality and storage means you can have a solid foundation upon which to build and greatly enhance automated processes. But in doing so, there is a lot of terminology to be understood. This can be overwhelming and sometimes paralysing for people. Our reference guide looks to break down some of the key terminology, products and services into brief, bite size and easy to understand explanations.”
Kim Toker, Chair of the PASA eAdmin Working Group continued: “There are significant benefits when people and technology work together and it is important to have a common understanding on what these technical terms mean. Covid has accelerated the use and acceptance of technology and as an industry we are now well placed to embrace this. We hope this reference guide will empower our members, and industry, to better understand and take advantage of this exciting technology landscape. This guide is a living document and will evolve over time, we would therefore also welcome any feedback on further areas where the industry would like more clarity or specific use cases.”
Areas covered by the reference guide include:
- Data storage including Cloud hosting
- Information Security and Digital identity Verification
- User experience and user interfaces
- AI, Machine learning and Chatbots
- Open Banking and Open Finance
- Skills including behaviour science
- Project methodologies
This reference guide can be found on the PASA website here.