Improving retirement outcomes with personalization
In the 21st century, consumers expect — if not demand — a high degree of personalization; and research suggests it can increase engagement and drive action. At Voya Financial, we’re meeting this demand while nudging participants toward better retirement outcomes with personalized participant videos. Our personalized participant videos leverage insights from The Voya Behavioral Finance Institute for Innovation designed to make participants aware of next steps they can take to help them along their journey to retirement.
Personalized videos set to nudge participants forward
The personalized participant video is designed to provide individualized guidance based on each participant’s unique retirement journey — guiding them along the journey with the steps they could consider taking. Each video is generated in real time with highly appealing graphics and personalized information such as:
- Monthly income replacement goal
- Estimated monthly income in retirement
- Retirement income shortfall
- Account balance
Why personalized participant videos?
We created personalized videos to overcome one of the core hurdles with traditional financial education: the gap in timing between education and application. Simply put, the more time between the education and application (timing gap), the less likely the learnings will be implemented.
Our personalized participant videos are designed to boost the effectiveness of financial education and overcome this timing gap by making it simple and effortless for participants to take the next step. This “just-in-time financial education” approach accomplishes three interconnected goals:
- Provide an easy path for participants to make the right choice,
- Minimize the amount of time between education and action, and
- Deliver highly-personalized and vivid content.
We will be rolling out these videos to participants starting in 2017 and continuing throughout 2018. The videos will be easily accessible through their participant websites. To learn about how Voya is also using Behavioral Finance to help improve retirement outcomes visit The Voya Behavioral Finance Institute for Innovation or contact your Voya Representative.