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Voya Financial has announced the launch of myVoyage, a personalized financial guidance and workplace benefits digital platform. The platform seeks to provide individuals with a complete view of their financial picture, including workplace benefits and savings accounts and external accounts such as personal banking and credit accounts, to help them manage their health and financial well-being.
A Voya study found that more than half (56%) of employed Americans surveyed are extremely or very interested in a “one-stop” mobile app that provides a consolidated view of all of their health and financial accounts. And, according to Voya’s own retirement plan participant database, there were more than 101 million digital interactions reported in 2021 alone, suggesting an opportunity for greater digital engagement solutions.
In addition to a consolidated account view under one login, myVoyage will offer individuals:
- Holistic financial wellness support, including the opportunity to view where they stand across all accounts and to set and track goals (such as saving for college or paying off debt), as well as spending limits, savings reminders and deposit summaries;
- Benefits enrollment guidance, leveraging Voya’s myHealth&Wealth experience, that can help individuals optimize workplace benefits options and costs and can offer personalized guidance on savings and coverage based on plans that are most appropriate for their 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; and
- Professional resources, including the ability to refer individuals to a financial professional for additional personalized advice and guidance.
The launch of myVoyage builds on Voya’s recent introduction of its 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, according to the company.