Did you know that there is a mobile application that tells you where you parked your car in a pirate voice? Yes, there’s an app for that. An ARRR-guably useful app for some, what about the benefits for a member of being able to update contact information or view annual statements via a pension app?
The discovery that mundane necessities such as paying bills can be completed with the use of a mobile application can be an exciting one. Instead of having to ready a bill for postal mail, wait on hold or until you can log on to a computer, mobile applications allow a user to complete tasks such as paying a bill directly from a smartphone anytime, anywhere.
The increasing usage of mobile applications, or simply “apps”, is a trend that has been widely documented and projected to continue growth. As more and more smartphone owners use their phones to access the Internet, time spent logging on from a desktop has declined along with time spent on websites². Apps provide users with a more personalized experience than visiting a traditional website, offering an intuitively designed, task-oriented interface. And research shows that smartphone owners prefer an “appified” experience when mobile over visiting traditional websites.
Many companies – from major retailers to small business owners – are opting for apps as a way to engage with their customers, and pension agencies can too. The benefits of doing so can offer a win-win for pension agencies and members alike.
A mobile app can provide a pension agency with the ability to:
- Provide members with the most up-to-date account information, instantly
- Send alerts directly to members
- Be “available” to members at all times
- Members don’t have to wait for a mailed correspondence to be received and processed in order for changes to their account to take effect
- Members don’t have to wait until business hours to call or drop by to receive assistance with making changes to his/her account
Pension members can benefit from a mobile app by being able to perform tasks such as:
- Maintaining contact information
- Updating beneficiary information
- Viewing annual statements
- Accessing tax statements
- Changing tax withholding
- Updating direct deposit information
Additionally, the perks of a mobile app extend beyond the capabilities of the app itself. Apps put self-service at a member’s fingertips, effectively removing barriers such as the time required to process a paper application or time spent on hold. In turn, this can reduce call center volume and the time demands required of pension agency employees to process member account updates. And for those members who prefer to do business over the phone or in person, resources are potentially more readily available.
But what about adoption rates? Aren’t apps overwhelmingly used by younger generations? Well, yes, but app adoption rates by older generations are significant and climbing. According to a recent (2013) Nielson study, smart phone owners aged 55+ used 22 apps per month, on average, and spent just over 21 hours across them¹. Not surprisingly, smart phone owners aged 45-54 showed even more app activity, and used 25.8 apps per month, on average, and spent just over 25 hours across them¹. These statistics suggest that retirees and those approaching age of retirement are becoming increasingly more tech savvy.
The benefits of offering a mobile pension app to clients have not gone unnoticed by Sagitec. As Sagitec's first client prepares to implement and offer the mobile pension app, named MOBIAS, to members, the company is excited to hear feedback and gain insight from its users.
Learn more about MOBIAS by downloading a free brochure.
Sources:
¹ Smartphones: So Many Apps, So Much Time. Nielsen. 7 Jan. 2014. 16 Nov. 2015. http://www.nielsen.com/us/en/insights/news/2014/smartphones-so-many-apps--so-much-time.html
² Danyl Bosomworth. Statistics on Mobile Usage and Adoption to Inform Your Mobile Marketing Strategy. Smart Insights. 22 July 2015. 16 Nov. 2015. http://www.smartinsights.com/mobile-marketing/mobile-marketing-analytics/mobile-marketing-statistics/
³ Chris Warden. 7 Mobile Marketing Stats That Will Blow Your Mind. Convince and Convert. n.d. 16 Nov. 2015. http://www.convinceandconvert.com/mobile/7-mobile-marketing-stats-that-will-blow-your-mind/
Recommended Reading:
Raj Aggarwal. 25 Years After Its Birth, The World Wide Web Becomes Appified. Wired. n.d. 16 Nov. 2015. http://www.wired.com/insights/2014/03/25-years-birth-world-wide-web-becomes-appified/
About Sagitec Solutions:
Sagitec Solutions, LLC designs and delivers tailor-made pension, provident fund, and unemployment insurance software solutions to clients of all sizes. Sagitec has the expertise necessary to help their clients achieve strategic business objectives, enhance service offerings, and lower operating costs. Find further information by visiting http://www.sagitec.com. For more information, contact Rick Deshler at (651) 335-3406 or at rick.deshler@Sagitec.com.