Website and mobile app users used to deride multifactor authentication processes and other digital security measures. No longer.
Enhanced security is one of the most critical pieces of the retirement plan digital experience, according to a study released Wednesday by J.D. Power. It found that 62% of retirement plan website and app users say security is more important than convenience regarding their overall digital experience.
Not only that, account security is now one of the biggest drivers of overall customer satisfaction with retirement account digital tools, alongside core usability and design features such as visual appeal, navigation and speed, J.D. Power said.
“When it comes to protecting their nest eggs, retirement plan account holders are willing to accept extra authentication steps and actively seek signs of strong data security,” Kapil Vora, senior director of wealth intelligence at J.D. Power, said in a statement. “Importantly, when account security falls short, satisfaction plummets.”
The study was fielded from May through June and received responses from 7,151 retirement plan participants. It measures customer satisfaction with retirement plan websites, mobile websites and mobile apps across four factors: design, system performance, tools/capabilities and information content.
Study Findings
Researchers found that satisfaction scores rise by 52 points (on a 1,000-point scale) when users rate account security measures as very effective. The study identified a 103-point gap between the highest- and lowest-performing websites and mobile apps evaluated.
It also found that users’ experience was neither seamless nor consistent. Forty-five percent of retirement plan website and mobile app users said their digital experiences were not well integrated across channels. They complained about issues with information flow and consistent look and feel.
Sixty-one percent of retirement plan participants said digital solutions failed to provide proactive guidance and support. J.D. Power noted that stronger proactive guidance can drive deeper engagement with plan providers, extending beyond routine website or app tasks.
Here is J.D. Power's ranking of retirement plan digital providers:
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