Mobile apps help to provide the most convenience for users looking to keep close tabs on their accounts and investments. The J.D. Power 2023 U.S. Retirement Plan Digital Experience Study highlights the increasing importance of mobile apps for retirement plan participants, particularly in monitoring their accounts amid market fluctuations. Improved market performance has boosted overall satisfaction with retirement plan digital tools. However, the study indicates that the retirement plan industry still has room for improvement in digital offerings compared to other customer-facing industries. Mobile apps are now a critical tool for retirement investors, with 47% of participants having downloaded their plan’s app, resulting in higher satisfaction levels compared to mobile and desktop websites. Strong digital experiences significantly impact the bottom line, influencing customer engagement, retention, and asset acquisition. Capital Group/American Funds secured the highest ranking in retirement plan digital satisfaction with Charles Schwab ranking second and Bank of America (including Merrill) ranking third.
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