Fidelity came out as the top performer across desktop and mobile defined contribution (DC) plan participant experiences, reports recent benchmarking data from Corporate Insight.
The 2023 DC Plan Participant Website and Mobile Experience Benchmark evaluated 18 recordkeepers across 230 desktop and mobile platforms, ranking Fidelity as first in digital experiences for both desktop and mobile capabilities.
TIAA came in at second place for desktop, while Empower finished third. The rankings switched for mobile capabilities, with Empower as runner-up and TIAA placing third, according to Corporate Insight.
“Fidelity’s design, navigation and account information across digital platforms place it #1 in both these reports,” said Kara Sostar, retirement research manager at Corporate Insight, in a statement. “In terms of the other top finishers, TIAA is the leader in website transaction capabilities, Empower has the best account information across both website and mobile platforms, and T. Rowe Price has the easiest app to navigate.”
Other category-level winners included American Funds PlanPremier ranking second in Account Information, Principal earning third place in Transactions, and Corebridge Financial and Voya tying for third in Profile & Settings.
Additionally, in the Mobile Experience Benchmark, AmericanFunds PlanPremier ranked in the top three for Account Information and Transactions, Merrill scored in the top three for Design & Navigation and Transactions, and Principal earned top three finishes in Transactions and Support, Corporate Insight reported.
Recordkeeper scores reflected efforts towards account information; the highest average category score came in Account Information, while the lowest were in Profile & Settings and Support.
The findings also highlight the top digital capabilities that participants currently value: respondents ranked “account balance information” and “ease of finding information” as the two most important capabilities in both desktop and mobile.
Recordkeepers featured in the analysis included Alight Solutions; American Funds PlanPremier; CUNA Mutual Group; Charles Schwab; Corebridge Financial; Empower; Equitable; Fidelity; John Hancock; Lincoln Financial Group; Merrill; Nationwide; Principal; T. Rowe Price; TIAA; Transamerica Retirement Solutions; Vanguard; and Voya Financial.
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.