Voya Enhances Participant Digital Experience

Voya has made enhancements to the digital design of its plan participant website. The aim is to make it more intuitive, accessible and streamlined so participants can more easily monitor and manage their savings and improve their retirement outcomes.

Voya based the new interface on the primary reasons individuals visit their retirement accounts: to check savings progress, adjust contributions and monitor investments.

The enhancements also feature simplified page designs and a newly added website “tour” to help employees navigate the site to best accomplish their goals.

The firm says its new site makes it easy for users to choose from a wide range of financial wellness resources, including interactive tools, the Voya Learn live and on-demand education platform, articles and a blog featuring timely and trending topics.

Even before making these improvements to the website, digital engagement has risen by more than 26% in the past year.

In today’s world, digital platforms are becoming increasingly important as individuals seek to access information and guidance wherever and however they need. What’s more, Voya’s participant data also shows that individuals who engage with their retirement plan digitally save 52% more than those who do not.

“At Voya, our digital experiences are informed by three primary guiding principles,” says Amy Vaillancourt, head of wealth solutions management for Voya Financial. “These include: ensuring our capabilities are simple and easy to use; helping make the right choice the easy choice for individuals; and providing education and reflection in the context of what an individual is doing when they log on to their retirement plan experience. As we continue to enhance and improve our capabilities, we remain focused on scaling our digital platforms to help drive improved financial outcomes.”

New capabilities include giving status updates to participants with outstanding loans or who have taken out withdrawals, delivered via email and text message. If the participant has asked for a hard-copy prospectus, they can see UPS delivery-tracking information of that prospectus.

The website can be accessed on a computer, tablet or smartphone with a graphical interface that is user-friendly and shows short videos.

Voya made these changes after reviewing participant feedback and behavioral finance insights from the Voya Behavioral Finance Institute.

All said, Voya says its aim is to simplify retirement planning decisions to ultimately improve retirement outcomes.