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View More Press Releases by Voya Financial

Press release:

Voya Financial Premieres its Personalized Account Videos for Retirement Plan Customers

Issued by: Voya Financial

Date: Jan. 24, 2018

WINDSOR, Conn.--(BUSINESS WIRE)--Voya Financial, Inc. (NYSE: VOYA) announced today that its Retirement business has introduced personalized videos as the latest addition to the company’s suite of digital educational retirement-planning tools and resources. The videos, available to all retirement plan participants through Voya’s award-winning1 myOrangeMoney® website, help individuals visualize their own journey to retirement.

The goal is to provide each person with a roadmap of their saving status, while educating them on the positive action they can take now to achieve their future financial goals.
An example of a personalized account video can be accessed through the following link:

And the winner for best retirement saver goes to …

“The speed and scale of digital innovation is transforming all aspects of our lives, including how we make important retirement saving decisions,” said Charlie Nelson, CEO of Retirement for Voya Financial. “Applying insights from the Voya Behavioral Finance Institute for Innovation, we know many people are inclined to take action on complex topics like their personal finances and savings when the information is delivered in the way they want to receive it. Today, as video and multimedia communications become a preferred way to reach consumers, we are pleased to offer our clients and participants this innovative resource that translates an individual’s unique savings progress into meaningful information, with guidance on how they can improve their outcomes.”

According to industry research, four times as many consumers would rather watch a video about a product than read about it.2

“When it comes to retirement planning, our customers want information that is easy to digest and accessible when, where and how they want it,” added Christine Lange, Senior Vice President, Retirement Digital Solutions for Voya Financial. “We also recognize that individuals who are saving in a workplace plan benefit from a higher degree of personalization, and this can lead to better engagement and action. As we look to the future, we believe personalization is the most effective way to communicate with customers. Our videos place participants as the ‘main character’ of their own video-based journey, and this can help us nudge them toward better outcomes.”

Coming to a website near you!

Leveraging the success of Voya’s myOrangeMoney experience — which helps participants see their balance in the context of estimated retirement income — the new personalized videos incorporate real-time account information, such as monthly income replacement goals, estimated monthly retirement income and potential shortfalls.

Each video identifies a participant by their first name and runs approximately one minute. They also leverage Voya’s predictive analytics capabilities and provide a targeted call to action that mirrors the message they would receive if they were to contact Voya’s service center or access other areas of the website. The mobile-friendly videos are currently available through Voya’s participant website and will be accessible through statement emails later in 2018.

On a broader basis, the videos reflect the scientific research Voya is doing with its Voya Behavioral Finance Institute for Innovation, helping to overcome one of the primary hurdles with traditional financial education: the gap in time between when information is received and when someone actually applies it. In an effort to overcome this timing gap, the video experience can provide an easy path for participants to make the right choice by minimizing the amount of time they take between education and action.

Voya is continuously investing in its suite of digital retirement planning services, with more features scheduled for the early half of 2018, such as loan-modeling capabilities and financial wellness tools. Since the launch of myOrangeMoney in 2014, more than 1.2 million individuals have engaged with the platform; eighty percent of those who have say they know what steps to take to improve their retirement outlook.3

As an industry leader and advocate for greater retirement readiness, Voya Financial is committed to delivering on its vision to be America’s Retirement Company®. Our goal is to make a secure financial future possible for everyone — one person, one family, one institution at a time.

View More Press Releases by Voya Financial

This is a press release issued by the company named above. BenefitsLink is not the author. Use of any information obtained from this release is voluntary, and reliance on it should only be undertaken after an independent review of its accuracy, completeness, efficacy, and timeliness. Reference to any specific commercial product, process, or service by trade name, trademark, service mark, manufacturer, or otherwise does not constitute or imply endorsement, recommendation, or favoring by BenefitsLink.

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