In our previous blog post we explored data security, a critical technology consideration for retirement income solutions. In this installment of our Implementation Playbook series, we look at a focus area that can make or break any product offering, the user experience.

Why is User Experience So Important?

Regardless of the industry, product offering, or service, user experience can mean the difference between a poor, mediocre, or exceptional user outcome. For the institutional retirement income industry, the digital interface is the guiding light for users interacting with a retirement income product or service and is critical for participant success. When thinking about the holistic end-to-end process, the operational workflow, educational tools and resources, digital experience, and customer support, across each vertical have a role to play.

Roles and Responsibilities of the Design Approach

It is critical to define the roles and responsibilities of the user experience from both the design (look and feel) and the technology (build-integration) perspective. The day-to-day operations of the user interface may require varying roles and responsibilities by the recordkeeper, product manufacturer, plan sponsor, or third parties, with design specifications and development coming from the recordkeeper, product manufacturer, or even the plan sponsor.

A recordkeeper may be in the driver’s seat when defining the user interface design and technology integration aspects or may hand the wheel to the product providers. There are also hybrid scenarios where elements of the user experience are managed by the recordkeepers, while other aspects are managed by product owners.

There are several approaches to building the user experience, and these approaches may vary depending on specific recordkeeper preferences, technical capabilities, and product attributes. It is critical that each party understands their roles and responsibilities.

Through the Participant Lens

After figuring out what you can do from a technical and design perspective, it’s time to set the ‘happy path’ for how users will interact with the offering. When reviewing more detailed information, we may want to view online with a larger screen through a website on our laptops/desktops (especially if downloading, viewing, and signing documents). However, there may be a cohort that prefers interacting via tablet or even from a smartphone. Accommodating a multiplatform user interface approach requires consideration of varying technical requirements and behavioral preferences to provide a consistent, intuitive, and positive experience.

Field Testing

A participant’s digital journey can be complex, so it’s crucial to understand if there are any bottlenecks where users get hung up throughout the process. There could be gaps due to technology hurdles, product language used, or layout of design elements. Researching and getting a sense of these different areas and what impediments exist can reap valuable rewards in the long run, translating to better adoption and better engagement with the solution. Good design comes from understanding the target audience, their behaviors and preferences.

Focus groups can be a great way to understand a participant’s digital journey, if it’s intuitive or if it can be optimized, before going live in the market. At Micruity, we had a client first decide what they’d offer for the MVP user experience, pre-launch field test it, and decide which parts of the MVP they would change vs. which they would further test post-launch. By adopting this strategy, the client could get a workable solution to market sooner and already have 2.0 upgrades scheduled.

An iterative approach

Recordkeepers and product manufacturers should be sure that they have built-in tracking of the participant journey. At Micruity, our partners utilize our Mission Control Dashboard/API to better understand where in the user experience participants are getting held up or dropping out.

A lot of work is required to stand-up a retirement income solution and provide a great user experience. It’s important to continually reevaluate what’s working well and evolve what is not. Taking an iterative approach can remove stress at the initial stages and, over time, allows room to pivot, iterate, and adapt.