While a greater number of plan providers upgraded their websites in 2024, participants say they’re looking for more improvements.
The 2024 DC Plan Participant Website and Mobile Experience Benchmark report from Corporate Insight (CI) evaluated 18 defined contribution (DC) retirement platforms, finding that 87% of respondents are “somewhat satisfied” or “extremely satisfied” with their provider. When asked what they would change about their plan provider’s website, respondents listed usability improvements, pay layout, menu design, and login flow as areas to correct.
Respondents to the Corporate Insight report say they want their platform to emulate the same user experience they see with larger tech firms. “These areas are where out-of-industry experiences set user expectations,” said Kara Sostar, retirement research manager at Corporate Insight. “Plan participants expect navigating their plan provider’s site to be as easy as navigating Gmail or Facebook, and we saw that in our survey responses. We find that firms focused on Design & Navigation improvements over the last year, and we expect to see that continue.”
The report also ranked platforms on their website and user experience, with Fidelity, TIAA, and Empower all achieving top scores in digital retirement experiences. Specifically, Fidelity won the top spot for all categories, while TIAA took second place for its performance in the Transactions and Profile & Settings category and Empower finished third in the Account Information section.
Categories listed were Account Information; Design & Navigation; Transactions; Planning & Research; Profile & Settings; and Support. Firms covered in the research include Alight Solutions, American Funds, Charles Schwab, Corebridge Financial, and Empower, among others.
“This benchmarking research shows retirement firms finding new ways to support participants throughout their financial journeys,” continued Sostar. “Since the release of the 2023 Benchmark, we have seen an industry-wide push to streamline these platforms so that they can serve as one-stop shops for all financial planning needs.”
Corporate Insight surveyed 1,304 retirement plan participants for this edition of the DC Plan Participant Experience Benchmarks report.
SEE ALSO:
Streamlined Digital Experience Launched for Financial Benefits Participants
Retirement Plans Still Lag in Digital Experience: J.D. Power
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.
