'Naver Pay Pension' Launched... Consolidated Assets Diagnosed by AI

National, Private, and Retirement Pensions...
Providing Personalized Management Solutions

Naver Pay announced on July 23 that it has launched the 'Npay Pension' service, which allows users to view all of their dispersed pension assets in one place and helps them prepare for retirement with an AI-powered personalized pension management solution.

Npay Pension gathers users' pension assets scattered across various institutions and financial companies into a single platform and, for the first time in the industry, utilizes both AI and peer user data to offer a pension management solution tailored to each individual's level of retirement preparedness. The service goes beyond merely suggesting an appropriate pension payout amount; it features AI and data-driven diagnostics to motivate users to stay committed to continuous pension management.

Users can conveniently view the status of all their pension assets, including private pensions, retirement pensions (IRP and DC plans), as well as national pensions and other public pension schemes. Retirement payouts under the DB structure can also be managed in an integrated fashion using a manual entry feature for pension assets. Moreover, with the 'Peer Comparison' function, users can objectively assess their own retirement readiness by comparing projected pension payouts, cumulative asset valuations, average monthly contributions, and investment returns against the top 30% of their peers in the same age group, referred to as 'peer masters.'

By analyzing users' asset status using AI, the service provides personalized solutions in the form of message cards to encourage ongoing pension management. For example, if a user does not have a private pension product, the service offers explanatory informational content about the 'three-tier pension tower' comprised of public pensions, retirement pensions, and private pensions. If the estimated payout is lower than the target living expenses at retirement or if significant swings in investment returns indicate the need for comprehensive portfolio planning, the service connects users with pension experts for free consultations through partnerships with Woori Bank and Korea Investment & Securities.

Users can also check actionable strategies for achieving their targeted retirement living expenses. Through the 'Pension Calculator,' they can set a goal for retirement living expenses and receive guidance on how much additional contribution or higher target return would be required to meet that goal at their retirement date. Using Npay's 'My Assets,' powered by MyData, users can also reference the most commonly held products for their respective age groups.

The Npay Pension service can be accessed via the 'Pension' tab at the top of the Npay Finance Home page, the 'Pension' section found in the 'My Assets' area at the bottom, or under 'Asset Management' in the full menu at the top right, within the 'MY Pension' section.

Jaebak Cho, Chief Business Officer (CBO) at Npay, commented, "Preparing for retirement is the most critical task that everyone needs to manage consistently throughout daily life, and even a 1% difference in pension returns can lead to a 15-20% difference in pension assets after retirement. We will continue to enhance our service leveraging data and AI so that users become interested in retirement planning earlier and can manage their products more effectively through Npay Pension."

This content was produced with the assistance of AI translation services.