New Corporate Insight study shows significant gap between demand for advice and access, identifies web and mobile capabilities participants value most
NEW YORK, Dec. 15, 2016 /PRNewswire/ — Defined contribution (DC) plan providers must do more to engage participants through targeted communication, robust smartphone apps, and advice and planning services, according to Satisfying Today’s Retirement Plan Participant, a new study Corporate Insight released today. The report combines insights from an in-depth September 2016 survey of nearly 1,500 retirement plan participants, with analysis of retirement industry trends and emerging best practices for the digital participant experience. It also analyzes the challenges facing Americans as they increasingly take responsibility for financing their own retirements and offers thoughts on how providers can improve plan participant outcomes.
“Defined contribution plans have really become the foundation of our nation’s retirement savings system, which is why it’s so critical that providers and sponsors work together to spur participants to make the most of their DC plans,” said James McGovern, vice president of Consulting Services at Corporate Insight.
“Some providers have significantly improved their participant digital experience in the past few years, but gaps still persist, particularly in the mobile channel,” said lead author Silviya Simeonova. “Firms must accept that participants will increasingly expect to be able to manage their plans from a mobile app. Demand for advice and low-cost managed accounts will also continue to grow as Millennials become the majority of the workforce over the next few years.”
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About Corporate Insight
Corporate Insight provides competitive intelligence, consulting and user experience (UX) research to the nation’s leading financial services firms, insurers and educational institutions. For more than two decades, the firm has published customer experience-focused research and has advised clients on key competitive issues with a focus on helping them improve their digital capabilities. The firm offers subscription-based Monitor Services in 14 verticals, including brokerage, healthcare and alumni relations, along with custom research and consulting services, digital capabilities audits, special studies and UX research. To learn more, visit http://corporateinsight.com/about-us/what-we-do/corporateinsight.com. Connect with us on Facebook, Twitter and LinkedIn.