In the 21st century, consumers expect — if not demand — a high degree of personalization; and research suggests it can increase engagement and drive action. At Voya Financial, we’re meeting this demand while nudging participants toward better retirement outcomes with personalized participant videos, informed by insights from The Voya Behavioral Finance Institute for Innovation.
View an example of a personalized account video:
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.
Personalized videos help nudge participants forward
“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. According to industry research, four times as many consumers would rather watch a video about a product than read about it.2The personalized participant video is designed to provide individualized guidance based on each participant’s unique retirement journey — guiding them along the journey with the steps they could consider taking. Each video – which greets participants by first name and runs approximately one minute – is generated in real time with highly appealing graphics and personalized information such as:
- Monthly income replacement goals
- Estimated monthly retirement income
- Potential retirement income shortfalls
We created personalized videos based on scientific research from the Voya Behavioral Finance Institute for Innovation to help overcome one of the primary hurdles with traditional financial education — the gap in timing between education and application. Simply put, the more time between when information is received and when a person actually applies it, the less likely the learnings will be implemented.This “just-in-time” financial education experience provides an easy path for participants to make the right choice by making it simple and effortless to take the next step.Contact your Voya Representative to learn more about our work with behavioral finance and personalized account videos.
1 Dalbar Inc., “Communications Seal” (2016).2 Animoto Survey: “Consumers Want More Video Marketing on Web, Social and Email” (May 2015).