A new digital personal finance and benefits platform offering a consolidated view of 401ks, non-qualified accounts, health savings accounts, bank accounts and more was launched today by Voya Financial Inc.
Billed as a “one-stop solution,” myVoyage, which Voya is calling a “first of its kind” personalized financial guidance and connected workplace benefits digital platform, will provide individuals with a complete view of their financial picture. It includes workplace benefits and savings accounts along with the integration of external accounts such as personal banking and credit accounts to help better manage individual health and financial well-being.
First launching via mobile app, Voya’s myVoyage digital platform will offer a consolidated view using data-driven insights to provide personalized guidance to help individuals make progress toward achieving their financial goals.
“Integrated and coordinated experiences are becoming increasingly important to be able to support the evolving needs of individuals and their households.”
Voya Financial’s Heather Lavallee
“We’ve long recognized the value that workplace benefits and savings provide in helping individuals achieve their broader health and wealth needs. But we also recognize that this is just one part of someone’s financial picture and that integrated and coordinated experiences are becoming increasingly important to be able to support the evolving needs of individuals and their households,” said Heather Lavallee, president and CEO-elect; CEO, Wealth Solutions, for Voya Financial.
“The launch of myVoyage represents the next evolution of our workplace growth strategy leveraging our leading data and digital capabilities along with our expertise across health, wealth and investment solutions,” Lavallee continued. “Through this connected experience, we’re making it easier for individuals to optimize their savings potential and put the right protection vehicles in place—ultimately, allowing them to be able to achieve a healthy balance of living for today, preparing for tomorrow and feeling confident about their future.”
Voya data has found that more than half (56%) of employed Americans are extremely or very interested in a “one-stop” mobile app that provides a consolidated view across all of their health and financial accounts. What’s more, according to Voya’s own retirement plan participant database, there were more than 101 million digital interactions reported in 2021 alone, indicating a clear opportunity for greater digital engagement solutions.
Specifically, myVoyage will offer individuals:
• A consolidated account view under one login, inclusive of one’s workplace savings accounts and external accounts—which could include: retirement plans such as 401k and non-qualified accounts; HSAs; and medical/dental insurance—and the ability to connect outside benefits and accounts such as banking and savings, brokerage accounts, credit cards and loans.
• Holistic financial wellness support, including the opportunity to view where individuals stand across all accounts, set and track goals (such as saving for college or paying off debt) with insights on accounts such as spending limits, savings reminders and deposit summaries—offering support along the way.
• Benefits enrollment guidance leveraging Voya’s myHealth&Wealth experience within the new digital platform, including the ability to optimize workplace benefits options and costs as well as receive personalized guidance on savings and coverage based on plans that are most appropriate for an individual’s needs.
• Access to medical claims to track out-of-pocket expenses and get reminders for preventative care.
• Personalized nudges and actions, including specific steps, tools and resources to help individuals navigate different life stages and events including everything from daily spending to having children or preparing for retirement.
• Professional resources, including the ability to refer individuals to a financial professional for additional personalized advice and guidance.
Driven by insights derived from behavioral finance research through the Voya Behavioral Finance Institute for Innovation, the company said the launch of myVoyage also builds on its recent introduction of the myHealth&Wealth integrated and holistic benefits selection experience—which offers personalized digital guidance to help employees optimize their household spending across health insurance benefits, emergency savings and saving for retirement.
“When enrolling in their workplace benefits and throughout the year, we often find there is a disconnect for individuals when it comes to both their workplace benefits and savings decisions,” said Rob Grubka, CEO, Health Solutions, Voya Financial. “The launch of myVoyage will allow us to truly evolve how we support individuals by making it easier to both choose and use their benefits through an integrated and hyper-personalized experience.”
From setting emergency savings goals to tracking health care spending and receiving insights on how to take full advantage of the benefits they’ve enrolled in, Grubka said the new digital platform will enable individuals to make more informed decisions with their complete financial picture in mind.
“By helping individuals take charge of their health and financial well-being, we believe we can help provide a greater opportunity for more-improved outcomes,” added Lavallee.
The new digital platform was recently made available to Voya’s own employees and will be available to Voya’s workplace clients and customers next year.
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Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
