Cloud service opens communication between plan sponsors, employees
A new cloud-based communications platform, called Marcom CX, launched by Broadridge Financial Solutions aims to cut communication costs for businesses by using an “omni-channel” approach that may improve participant engagement in retirement plans by 30%.
Marcom CX offers personalization features and is aimed at large-end retirement providers to offer to their clients. The new service will be used by employees to examine their fund’s performance, vesting schedule, daily pricing of their investments, loans and other data related to retirement.
This technology aims to improve collaboration between plan sponsors and employers, make retirement savings appealing to all employee age groups, and boost an increase in retirement plan participation within 12 to 18 months, according to Tim Slavin, SVP of Retirement for Broadridge Financial Solutions.
“Plan sponsors can target those [employees] who are not fully enrolled or unenrolled, or remind those that “catch up” provisions are available if they are under 50,” says Slavin.
The usage of cloud-based technology will allow employees to customize how they receive information about their retirement plans via their preferred communication channel such as mail, e-mail, website, mobile app, and event alerts.
“People want self-service. Technology is more intuitive and people want to be engaged with it,” says Slavin.
Paraphrasing a potential end-user, he says, “‘Don’t just tell me to put more money [into my retirement account]; tell me how much.’”
Since this is a cloud-based service, the cost of communications would be reduced and the reliance on an adviser’s own IT infrastructure would be eliminated. In addition, Broadridge says the Marcom CX service would allow campaign managers to administer changes to a communication, and firms can accelerate administration processes and reduce the amount of time it takes to perform them.
Broadridge predicts that retirement accounts will eventually be tied into health savings accounts, and much of the information employees will receive from retirement consultants would be automated online reminders, such as “You’re not enrolled” or “Click here to learn more about your plans,” says Slavin.