Case Study: New Digital Strategy for Online Retirement Planning

How a Top 3 US Bank Helped Its Customers See Their Retirement More Clearly

online retirement planning tool user experience

Improving User Experience

A top 3 US bank wanted to make sure their customers were able to easily understand how their actions today could affect their retirement readiness tomorrow. According to statistics collected in 2016, 80% of Americans between the ages of 30 and 54 believe they will not have enough saved for retirement, and 20% of Americans tap into their 401(k) assets early. Understanding if you are on track for your retirement is a daunting task, and when trying to calculate for the myriad of different possible scenarios, it is easy to get discouraged.
online retirement planning tool static shock

Static Shock

The bank had a static retirement readiness visualization that customers found unclear and often disheartening. Users had difficulty knowing if they were on track to meet their retirement goals. 

They came to CapTech with the hope 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, our CapTech Customer Experience (CX) team delivered the Interactive Retirement Income Estimator — a custom digital experience.
online retirement planning estimator tool

The Interactive Retirement Income Estimator In Action

Available in desktop and mobile formats, CapTech created the Interactive Retirement Income Estimator to provide 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.
online retirement planning tool awards

Award-Winning and Results Getting

Since its launch, the tool has won a gold medal in Corporate Insights Retirement Plan Monitor Awards, and 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. The bank has seen an increase in retirement plan sales to Plan Providers and increased engagement from Plan Participants in their retirement accounts.