Firm’s Ongoing Technology Investment Focuses on Better Outcomes Driven by Data and Backed by Behavioral Science
Dresher, PA—Ascensus—whose technology and expertise help millions of people save for retirement, education, and healthcare—has announced the upcoming release of a proprietary mobile application called READYSAVE™. The app will give users access to their retirement plan accounts to perform key tasks such as enrolling in the plan, checking their balances, changing their savings rates, reviewing recent transactions, and using the Retirement Outlook tool to assess their savings progress.
READYSAVE will be available to all participating employees across Ascensus’ and its outsourced partners’ 401(k) recordkeeping platforms. It represents one of multiple technology investments Ascensus has made that leverages data analytics and behavioral science to deliver meaningful insights at the right time.
“Digital experience continues to be a focus of significant and increased investment for Ascensus,” states Carl Negin, Ascensus’ chief marketing officer. “Our dedicated design and development teams channel their vast expertise in user-centered design, cognitive psychology, and visualization to meet employees’ financial wellness needs and employers’ plan-health objectives.”
READYSAVE will offer a feature that highlights potential consequences of certain decisions in order to encourage positive savings behaviors. As employees make savings decisions, the app will offer illustrations of what those elections might mean for future progress—including projected years to retirement and projected monthly retirement income. This functionality is expected to be released in summer 2020.
Ascensus’ plan sponsor clients recently recognized the company’s commitment to technology leadership in the 2019 PLANSPONSOR Annual Defined Contribution Survey, nominating Ascensus for a total of 15 awards in the technology category (including Participant Call Center, Participant Website, Sponsor Website, Plan Reporting, and Plan Analytics/Benchmarking).
“READYSAVE is the next step in Ascensus’ technology evolution—we’ve redesigned the employee experience to be more supportive, streamlined, and personalized,” adds Negin. “We’ll continue to iterate on READYSAVE and expect to deliver continuous enhancements based on analytics and usage patterns we see from our savers.”
“In the wake of recent market volatility and business challenges, employees are re-evaluating their financial pictures and looking for insights to help them chart appropriate savings strategies,” states David Musto, Ascensus’ president and CEO. “READYSAVE meets this need, helping retirement savers to understand their next steps and to take actions toward achieving more secure futures.”
READYSAVE will be available for download by retirement plan employees in the Apple App Store® or on Google Play® for Android devices beginning this summer. The app will be available in both English and Spanish and will be downloaded in a user’s preferred language based on device settings. To learn more about the READYSAVE experience, view a short video here.
Ascensus helps millions of people save for what matters—retirement, education, and healthcare. Our technology, market insights, and business knowledge enhance the growth and success of our partners, their clients, and savers. Ascensus is the largest independent recordkeeping services provider, third-party administrator, and government savings facilitator in the United States. For more information, visit ascensus.com. Explore the Ascensus’ latest data and insights on savings behaviors at pulse.ascensus.com.
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