Strong digital experience drives business growth
J.D. Power’s study shows that customers are nearly twice as likely to keep assets with their current provider in the event of a job change if that provider offers a valuable digital experience, and 40% are more likely to roll money over from other retirement accounts if they have a great digital experience. Furthermore, a top-tier digital experience increases the likelihood of asset retention by 97%, versus a poor digital experience among consumers.
“When clients have a poor digital experience, it has many downstream effects on the cost to serve,” Martin said. “If I lack confidence in that channel, I’m more likely to call a much more expensive service channel.”
Not only could a lack of digitalization curtail client satisfaction, but it can also eventually dwindle company growth. Plus, when clients are disengaged, it disrupts openings for business expansions into other marketplaces, added Martin.
“Financial wellness has become a critical focus for many retirement plan providers striving to be more than just a basic product provider,” he stated. “Customers who are digitally disengaged are very unlikely to recognize or see value in these efforts, which means a lot of wasted time and resources—as well as reduced business expansion opportunities.”
SEE ALSO:
Investor Satisfaction with Online Brokerage Firms Stagnant: J.D. Power
Best Retirement Plan Mobile Apps Ranked by J.D. Power
Participants Not Satisfied with Retirement Plan 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.
