New App Will Leverage Behavioral Prompts and Situational Guidance to Help Drive Better Retirement Outcomes
DRESHER, Pa., Aug. 5, 2020 /PRNewswire/ -- Ascensus—whose technology and expertise help millions of people save for retirement, education, and healthcare—has launched READYSAVE™, its retirement mobile application. READYSAVE was developed on Ascensus' proprietary technology platform for use across the firm's various institutional partners and is available to all participating employees across Ascensus' retirement recordkeeping platform. Driven by data and backed by behavioral science, READYSAVE helps participants get—and stay—on track to retirement readiness.
In developing READYSAVE, Ascensus gathered insight and feedback from both institutional partners and top financial advisors in the firm's Elite Advisor program. Ascensus' team of user experience design professionals leveraged this feedback and applied best-practice design principles to motivate employees to engage more with their retirement accounts.
"Our goal for our participant experience aligns with that of our plan sponsor clients, institutional partners, and financial advisor partners: to enable more savers to save more," states Carl Negin, Ascensus' chief marketing officer. "READYSAVE helps deliver on this goal, giving participants the information they need to chart the appropriate savings strategy."
In its initial release, READYSAVE features accessibility for visually impaired users and is available in both English and Spanish. (Language preferences on users' mobile phones will automatically determine which version is downloaded and installed.) Once registered, app users can check their account balances, view their rate of return and plan investments, change their savings rates, and review their recent account activity.
Ascensus, in partnership with external research experts, will continuously evolve the READYSAVE experience based on user analytics and feedback. Users can expect enhancements and new functionality to be released regularly, including in-app behavioral nudges designed to illustrate the long-term impacts of increasing or decreasing one's retirement savings rate. This "best next step" education will help participants feel more confident in their savings decisions and is scheduled for release later this year.
"The READYSAVE launch represents another major milestone in our journey to invest in our digital technology across all audiences, from the individual saver and plan sponsor to financial advisors," adds David Musto, Ascensus' president and CEO. "Our mission is to make these experiences as simple, supportive, and seamless as possible, while driving better business and retirement outcomes for our institutional partners and clients who entrust us with their brands."
READYSAVE is available for download in the Apple App Store® or on Google Play® for Android devices. To learn more about the READYSAVE experience, view a short video here.
Ascensus helps millions of people save for what matters—retirement, education, and healthcare. Through co-branded, private-labeled, and other governmental partnerships, our technology, market insights, and business knowledge enhance the growth and success of our partners, their clients, and savers. Ascensus is the largest independent recordkeeping services provider, third-party administrator, and government savings facilitator in the United States. For more information, visit ascensus.com.
Get the latest trends and insights based on our proprietary data from more than 115,500 retirement plans, 6.2 million 529 accounts, 405,000 health savings accounts, and 22 ABLE plans.* Inside America's Savings Plans highlights average savings levels across these tax-advantaged accounts and showcases plan features that drive participation and growth. The State of Savings report outlines how plan contribution and withdrawal behaviors have shifted over the course of 2020 and since the passage of the CARES Act.
*As of June 30, 2020.
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