Clearing skies through the clouds
It's almost hard to imagine that over a decade ago, Apple was a struggling company. In the retirement industry and throughout financial services as a whole, Windows-based PCs were the dominant technology. The Palm Pilot and then Blackberry were the mobile tools of choice. In 2013, Apple is now one of the leading companies in the world, led in large part by its mobile products - first the iPod, then the iPhone, and more recently the iPad. With cloud computing at the forefront, people pretty much can have access to information anytime, anywhere. The incredible popularity of the iPhone and iPad has worked its way into the retirement industry. Apple's iOS operating system is the platform of choice for large numbers of defined contribution (DC) participants, followed by Google's Android platform.
According to PlanSponsor Magazine's annual DC Recordkeeping Survey, 38.6% of mobile phone access is via iOS, followed by Android at 30.0%, and Blackberry at 17.1%, and Windows at 14.3%. For tablets, iOS again leads the way, this time at 30.0%, followed by Android at 25.7%. Windows and Blackberry are tied at 11.4%. The survey notes that 80% of DC recordkeepers have a mobile product, with 86% of those having a mobile-optimized participant website. This includes 48% offering an iPhone app and 41% offering an Android app. A minute 5% of DC providers offer mobile access to plan sponsors.
The format might change as research and development leads to new technologies and new devices. The convenience and portability of access to information undoubtedly will continue to be a fundamental part of our everyday lives.
Blog Author - Ken Felsher
With over 25 years of writing, editing, and research experience. I enjoy sharing with my readers my love of working with content on a variety of subjects.
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