SLK co-creates a retirement app to improve the retirement planning experience resulting in a 52% increase in savings and a 24% boost in retirement confidence.
Case Summary
Retirement planning is important to secure financial stability later in life. However, it can be a complex and overwhelming activity for many. SLK partnered with a fastest Fortune 500 entrant in the Retirement Savings space to simplify retirement planning. We co-created the Retire mobile app – an easy, secure, and convenient way to access and manage retirement accounts in one place. This digitized retirement plan management led to a 90% increase in user engagement and helped people save more and retire confidently.
The Challenge
The client had a strong user base but found low engagement with their plans. They recognized the need to provide easily accessible and customized information and guidance to their users to help them make better retirement decisions. The client found that individuals who engage with their retirement plan digitally save 52% more than those who do not. Hence they decided to build an omnichannel experience focusing on mobile and online channels to simplify retirement planning decisions and ultimately improve retirement outcomes.
The Solution
SLK partnered with the client to co-create the Retire application. This app is built on Ionic and supports iOS, Android, and other online channels. The application provides:
- A simulated interactive experience to estimate retirement income
- Health savings and retirement accounts management
- Smart learning on the go
- Advice and guidance on retirement planning
Business Impact
90%
Rise in digital engagements
39%
Increase in savings portfolio
24%
Increase in retirement confidence
SLK’s Efforts Showed Quick Results:
The app was a huge success and was eagerly adopted by the users.
- The UX/UI and functionality of the app have helped it get a 4.7+ rating in app stores
- Users of the app saw a 52% increase in savings and a 39% increase in savings portfolio
- The app helped the client clear tech debts
Together SLK and the client brought in a new innovative application for the entire industry. This is the next best
step for the overall well-being of users that will help them plan their retirement better – anywhere, anytime.
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