App Appeal

Once regarded as an industry out of touch with technology, institutional retirement planning has been playing catch-up. Turning some attention from web design, firms have been developing mobile apps, and, experts suggest, these have revolutionized how participants engage with their accounts.

Apps allow participants to literally tap into their retirement account, adjust their 401(k) contributions, view or change investments, and take advantage of individualized resources such as support tools—all on their phone.

Andrew Way, director of research for annuity, life and retirement at Corporate Insight, says, “Firms are trying to balance user experience with robustness. They’re working to add more data, more information and more resources into apps without overwhelming the user.” So, instead of adding five or six clicks to an already crammed interface of information, firms are streamlining processes to present the added data in a way that is easy to access.

Many firms have simplified their use of color, too, Way observes. Overloading an app with colors is now passé.

Redesigning the look and feel is one way TIAA improved its apps, notes Scott Blandford, the organization’s chief digital officer. TIAA implemented an app for iPhones in 2009 and one for Androids in 2015.

Over the years, TIAA has seen large increases in engagement. The number of mobile users grew by 47% between 2017 and 2018; total logins, which also include web use, grew 56% that year.

“Our website remains an extremely important part of our engagement with customers. But, while web stays steady, we expect mobile to continue expanding,” Blandford says.

Statistics seem to bear out his prediction. Year to date, mobile users exceed, by 28%, the number who used the app in 2018, TIAA reports.

Meanwhile, apps keep evolving. Participants with some recordkeepers’ plans can now use Siri, Apple’s virtual assistant, or their Apple Watch to access their portfolio and balance.

Or, sometimes, participants will opt to use no device at all to get their account information. “They just want to talk,” Blanford says.