Getting "Smart" with Technology

Would it surprise you that mobile Internet users will outnumber desktop Internet users by 2014¹? Given that over 82% of Americans own some sort of Smartphone device, it’s probably no surprise that more people are using Smartphone devices than ever before. From browsing the Internet to sending emails to running thousands of applications and sharing text or picture messages, these devices are becoming indispensable tools to a user’s social and professional well-being.

According to recent data from The Nielsen Company, Smartphones represent 25% of the U.S. mobile market – up from 23% in the last quarter. By the end of 2011, Nielsen predicts Smartphones to overtake feature phones in the U.S. market. As a result, understanding trends in mobile technology and sharing how this technology may help create successful retirement outcomes for your clients and participants can set you apart from the competition.

A surprising 91%² of Smartphone users keep their phone within arms reach at any given point during the day – it’s no surprise that many rely on this powerful device to stay connected. But behind the sleek buttons and fancy touch screens, Smartphones are all about information delivery. They give users the power to choose when and how they receive information to become more efficient, informed and productive.

Despite the tremendous growth of Smartphones and electronic communications, many customers still prefer the detail and longevity of printed material while others say they prefer the immediacy and convenience of electronic communications. To help bridge the gap between both schools of thought, many retail and a handful of institutional companies are leveraging a new technology called "tagging". This technology, available through Microsoft, allows the creator of a communication to build additional value for the message by incorporating multi-media functionality to an otherwise static communication – instantly bringing printed material to life on an individual's Smartphone.

In the retirement plan industry, some vendors are utilizing tagging to link retirement plan participants to a quarterly plan newsletter or plan website to check their account balance or instantly connect them to a video message about how to improve their retirement readiness. The user simply snaps a picture of the tag as if they are taking a picture and saves it to their Smartphone to access at their convenience.

So what does all of this mean to your business? Capitalizing on these trends can help you strengthen existing and develop new relationships to grow your business. Understanding the trends in mobile technology and being able to articulate the value these technologies provide your clients to promote successful outcomes, can put you in a position as a thought leader. Offering solutions on how your clients can better communicate with their participants and drive participant engagement can help demonstrate your value as a financial professional.  

You can also capitalize on this data to grow your business and immediately establish credibility and build rapport with potential prospects.  Leverage mobile technology to distribute communications to your prospects in place of traditional paper. Consider adding a tag to your own marketing materials and link prospects to your company website or a sample Statement of Services to highlight your firm’s value proposition and why prospects should consider working with you. Leveraging this cutting-edge technology may help differentiate you from the competition and can lead to sales opportunities to grow your business.

Look for upcoming articles by ING in the 401kExchange Weekly Newsletter. In our next article, we’ll share research from our Retirement Realities study and the dramatic gap between how people say they will spend their time in retirement and what they actually do.

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