Participants and plan sponsors might not be humming the Pharrell Williams tune "Happy", but they could listen to the song that has reached #1 in two dozen countries and check out their retirement plan on their mobile devices. The growing importance of accessing retirement plans via iPhones, iPads, Androids, and other mobile devices is made clear in a report by Deloitte. According to the Annual Defined Contribution Benchmarking Survey (2013-2014 Edition), nearly two-thirds (64%) of plan sponsors are either satisfied or very satisfied with interacting with their recordkeeper via mobile apps. What's more, in just two years, from 2011 to 2013, participant interaction with the recordkeeper has increased from roughly one in ten (11%) to nearly one in three (31%). Plan sponsors project that six in ten (61%) participants are satisfied or very satisfied with mobile access to the recordkeeper. The impact of social media and instant chat tools are less certain, with plan sponsors for the most part saying that participants are neither satisfied nor dissatisfied (37% for social media, 29% for instant chat); an additional 51% are classified as "not available" for both social media and chat. When it comes to transaction processing via mobile devices, the glass is only half-full and somewhat behind other segments of financial services. Only 53% of plan sponsors currently support this, but additional growth is expected (16% of plan sponsors in the next two years), so nearly seven in ten (69%) will provide this mobile support.
Smartphones and tablets are relatively lightweight compared to laptops and desktop computers. People love having access to the information they want when they want it. Mobile devices enable this to happen. It helps explain their phenomenal success in less than a decade. While mobile devices can be a distraction with all of the apps that are available, they are amazing for the scope of what they can do. That is why plan sponsors and participants as well are clamoring for even greater mobile access.
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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