New digital benchmarking research identifies Fidelity, Empower, TIAA and T. Rowe Price as top for retirement plan participant digital experience

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Sep 14, 2023, 08:30 ET

NEW YORK, Sept. 14, 2023 /PRNewswire/ -- New benchmarking research from Corporate Insight identifies Fidelity, Empower, TIAA and T. Rowe Price as the top performers across desktop and mobile defined contribution (DC) plan participant experiences. The 2023 DC Plan Participant Website and Mobile Experience Benchmark reports evaluate 18 leading recordkeepers across 230 desktop and mobile attributes, showing how firms stack up against one another in design, functionality and usability. The reports found that users across platforms put an especially high value on easy access to account information, and that desktop capabilities continue to outpace those available on mobile apps.

"Fidelity's design, navigation and account information across digital platforms place it #1 in both these reports," says Kara Sostar, Retirement Research Manager at Corporate Insight. "In terms of the other top finishers, TIAA is the leader in website transaction capabilities, Empower has the best account information across both website and mobile platforms, and T. Rowe Price has the easiest app to navigate."

While leaders in the individual categories correlate closely with the overall leaders, several other firms were noteworthy category-level standouts:

In the Website Experience Benchmark, American Funds PlanPremier ranked second in Account Information, Principal earned third place in Transactions, and Corebridge Financial and Voya tied for third in Profile & Settings
In the Mobile Experience Benchmark, AmericanFunds PlanPremier ranked in the top three for Account Information and Transactions, Merrill scored in the top three for Design & Navigation and Transactions, and Principal earned top three finishes in Transactions and Support

Other takeaways from the reports include:

Plan participants want intuitive access to their account balance—respondents ranked "account balance information" and "ease of finding information" as the two most important capabilities in both desktop and mobile
Recordkeeper scores reflect a focus on account information; the highest average category score came in Account Information, while the lowest were in Profile & Settings and Support
Fidelity, TIAA and Empower finished first, second and third in desktop; in mobile, Fidelity, Empower and T. Rowe Price finished first, second and third

Categories analyzed in the DC Plan Participant Experience Benchmark reports include:

Account Information
Design & Navigation
Planning & Research
Profile & Settings
Support
Transactions

Recordkeepers featured include:

Alight Solutions
American Funds PlanPremier
CUNA Mutual Group
Charles Schwab
Corebridge Financial
Empower
Equitable
Fidelity
John Hancock
Lincoln Financial Group
Merrill
Nationwide
Principal
T. Rowe Price
TIAA
Transamerica Retirement Solutions
Vanguard
Voya Financial

About Corporate Insight

Corporate Insight (CI) delivers competitive intelligence, user experience research and consulting services to the nation's leading financial services, insurance and healthcare institutions. As the recognized industry leader in customer experience research for over 30 years, we have been the trusted partner to corporations seeking to improve their digital capabilities and user experience. Our best-in-class research platform and unique approach of analyzing the actual customer experience helps corporations advance their competitive position in the marketplace.

For media inquiries or to schedule an interview with an analyst, contact:

Patrick Flood
646-876-7535
[email protected]

SOURCE Corporate Insight