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Client

Top 3 US bank

Industry

Financial Services

Topics

Experience Design, Customer Experience

Challenge

According to statistics collected in 2016, 80% of Americans between the ages of 30 and 54 believe they will not have enough money saved for retirement. That’s why a top 3 US bank wanted to make sure their customers could easily understand how their actions today could impact their retirement readiness tomorrow. The bank had a static retirement readiness visualization tool it wanted to update so users could unmistakably see if they were on track to meet their retirement goals or not.

Results

Since its launch, the enhanced tool made it significantly easier for clients to see how saving today will affect their retirement. The tool was also recognized with a gold medal at the Corporate Insights Retirement Plan Monitor Awards for excellence in the digital user experience the tool offers prospects, clients and advisors. The US bank’s retirement line of business has seen an increase in retirement plan sales to plan providers as well as increased engagement from plan participants in their retirement accounts.

Retirement as Clear as a Crystal Ball

We partnered with the bank in hopes of portraying retirement in a visual way as something tangible and achievable.

After months of research, collaboration, testing, and integrating the bank’s complex algorithms, we created the Interactive Retirement Income Estimator — a custom digital experience.

Available in desktop and mobile formats, the new interactive retirement income estimator provides a simple, intuitive way to interact with different retirement variables. Plan participants can easily adjust key factors like contribution rates, income replacement levels, or retirement age.

As the user modifies each of these factors, the full view of their retirement projection updates in real time, providing a clear indication of the next steps to plan for retirement. For true customization, plan participants can estimate annual rates of return and see the impact of social security benefits with their retirement. The interactive interface also includes real-time gap analysis, alternative saving scenarios, and quick links and definitions to help educate and prompt customers to act.

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