Voya Financial Premieres its Personalized Account Videos for Retirement Plan Customers
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: Voya.com/behavioralfinance.
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“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.”
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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.
1. Dalbar Inc., “Communications Seal” (2016).
2. Animoto
survey: “Consumers
Want More Video Marketing on Web, Social and Email” (May 2015).
3.
Voya Financial myOrangeMoney® participant website data (July
2014 – Sept. 2017).
About Voya Financial ®
Voya Financial, Inc. (NYSE: VOYA) helps Americans plan, invest and protect their savings — to get ready to retire better. Serving the financial needs of approximately 13.6 million individual and institutional customers in the United States, Voya is a Fortune 500 company that had $11 billion in revenue in 2016. The company had $541 billion in total assets under management and administration as of September 30, 2017. With a clear mission to make a secure financial future possible — one person, one family, one institution at a time — Voya’s vision is to be America’s Retirement Company®. Certified as a “Great Place to Work” by the Great Place to Work® Institute, Voya is equally committed to conducting business in a way that is socially, environmentally, economically and ethically responsible. Voya has been recognized as one of the 2017 World’s Most Ethical Companies® by the Ethisphere Institute, one of the 2018 World’s Most Admired Companies by Fortune magazine and one of the Top Green Companies in the U.S., by Newsweek magazine. For more information, visit voya.com. Follow Voya Financial on Facebook , LinkedIn and Twitter @Voya.
Voya Financial
Laura Maulucci
Office: 860-580-1278
Cell: 508-353-6913
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