In establishing criteria for its annual Monitor Awards, given for best
practices in online and mobile innovation for 2016 by defined
contribution (DC) plan recordkeepers, Corporate Insight surveyed close
to 1,500 participants and found the top-15 features most commonly
identified by participants as “very important” or “extremely important”
saw a considerable amount of change since the 2013 survey.
total, six of the top-15 features in 2013 no longer appear within the
top 15 in the 2016 study. Most notably, five of the new site features
that appear within the top 15 are related to account information:
ability to view recent account activity, YTD rate of return, plan fees,
general holdings-level performance and the ability to view performance
of individual holdings across multiple timeframes. These website
features replace transaction confirmations, quarterly statements, two
account history-related features and customer service response time.
the 2013 version of the study asked participants which transactions
they completed within the previous six months, the 2016 version also
asked how important they deem each transaction type. The data shows that
participants place the highest value on rollovers, contribution rate
changes and future investment election management capabilities, followed
by fund exchanges and withdrawals, significantly more than the
abilities to take loans or conduct rebalances.
who indicated that they accessed their plans via mobile devices over the
previous six months, phone app usage rose from 82% to 93%, while tablet
app usage remained at 29% and mobile site usage rose from 9% to 15%. NEXT: Focus on income projections and financial wellness