A new article in Ignites discusses Empower’s new website for retirement participants that it created with Personal Capital, and quotes Corporate Insight analyst Olivia Jack:
While account aggregation is commonly offered by retirement plan providers, the feature has low usage rates among plan participants, says Olivia Jack, senior analyst at Corporate Insight. Plan participants are more likely to give financial wellness platforms more information about their finances, she adds. This is typically because such platforms offer actionable features such as budget tracking and goal setting that go beyond merely allowing users to see a snapshot of their finances, Jack explains.
More retirement-focused firms have partnered with third-party wellness platforms to encourage plan participants to take a holistic view of their finances, she adds. For example, Principal Financial uses Enrich, and Cuna Mutual uses Financial Fitness.
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About 73% of plan participants said that website experience was important to them, according to a 2019 survey of plan participants conducted by Corporate Insight.
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Even before the redesign, Empower offered a competitive digital experience that it continued to invest in and improve upon, Corporate Insight’s Jack says. Over the years, the website has included clearly summarized data points and visualizations for plan participants, she adds.
Read the full Ignites article here (subscription required) and read more about our workplace retirement plan trend analysis here.
