Voya Financial has unveiled new enhancements to its retirement plan participant website that will provide individuals with a more streamlined user experience, making it easier to both monitor and manage savings.
According to the firm’s announcement, Voya’s participant website is organized around the primary reasons individuals visit their retirement account online, including savings progress, contribution adjustments and investment monitoring. The enhancements also feature simplified page designs and a newly added website “tour” to help employees navigate the site to best accomplish their goals.
Within the streamlined navigation, users will have access to a wide range of financial wellness resources to help them manage their financial life, including interactive tools, the Voya Learn live and on-demand education platform, articles and blog featuring trending topics.
The latest changes to Voya’s participant experience are driven by both participant feedback and insights derived from behavioral finance research through the Voya Behavioral Finance Institute for Innovation.
Voya notes that research from its own participant base shows that digital engagement has increased more than 26% over the past year. Additionally, the firm’s participant data shows that individuals who engage with their retirement plan digitally through the web save 52% more than those who do not.
“At Voya, our digital experiences are informed by three primary guiding principles. These include: ensuring our capabilities are simple and easy to use; helping make the right choice the easy choice for individuals; and providing education and reflection in the context of what an individual is doing when they log on to their retirement plan experience,” explains Amy Vaillancourt, head of Wealth Solutions Management for Voya Financial.
For those employees who take loans or withdrawals, the enhancements provide status updates on transactions via email and text message along with UPS delivery-tracking information. In addition, pages adapt to a user’s device, which provides an optimal experience on a computer, tablet and mobile phone, the announcement notes.
Voya is also making enhancements to its nonqualified deferred compensation (NQDC) participant experience leveraging similar insights to drive greater engagement and outcomes. This includes a redesign of the website navigation and new features to help manage contributions, monitor account balances and review one’s investments.
