More and more, technology is being used to engage retirement plan participants and help facilitate better retirement outcomes. From interactivevideos and web-based calculators, to mobile and tablet apps to data analytics – plan providers are developing tools that adapt to the on-the-go lifestyle and needs of today's workers.
Tech tools can be used to make it faster and easier to enroll, learn, get answersand make account changes – wherever and whenever participants want. While the Millennial generation will soon out number other generations in the active workforce, mobile and digital tools aren't just in demand with this generation – access to mobile and digital information and tools is important to workers of all ages. In fact, three out of four participants today over 50 have a smartphone, and the numbers go up from there: 82% of participants ages 35-49and 91% of participants under 35 own a smartphone.
These devices have changed the way we live – and have given participants the mobility to stay connected to their retirement plan and get answers on the go:
- More participants are using smartphone and/or tablet applications to interact with their retirement plan – up from 26% in 2012 to 40% in 2015. (Annual Defined Contribution Benchmarking Survey. Deloitte Development, LLC. 2015)
- The use of hand-held devices has increased from 9% to 14% at group and individual meetings to allow workers to take immediate action and enroll, make investment and allocation changes. (Annual Defined Contribution Benchmarking Survey. Deloitte Development, LLC. 2015)
- About 20 to 30% of participants watch videos on financial websites – across all ages, incomes, and genders. (DC Participant Insight Series Using Social Media and Mobile Technology in Financial Decisions, Spectrum Group, 2015)
What kind of experiences are today's participants looking for?
- Easy to access and use. Access should be simple and available to them while on the go.
- Helps them make good decisions. This means useful information that gets them engaged in planning their retirement, provides answers, and lets participants see the potential results of taking action – like personalized messaging and data-driven communications, interactive workshops, videos, and online articles and tools.
- Allows them take action in the moment. Mobile capabilities need to go beyond just allowing participants to check their account balance. A fully transactional experience with a range of features that participants can manipulate while on the go, like changing their deferral rates or investment allocation will let them take action when they want.
To see how mobile technology can help engage participants and deliver answers, access, and control over their retirement accounts watch this video.
Featured on SPARK
SIGN UP FOR THE SPARK NEWSLETTER