401(k) Specialist Issue 1 - 2018 - 17

401(k) PRACTICE
" We can
see almost
immediately
what works
and what
doesn't, and
then finetune
the nudges
from there. "
" We can see almost immediately what
works and what doesn't, and then finetune
the nudges from there. "
It was something not possible in the offline
world. Sure, the research and learning
capabilities were possible and even prevalent,
but it took a heck of a lot longer, was
more expensive, and a lot less precise.
" When you mailed someone a postcard,
you didn't know when (or if) they received
and opened it. Not only did all your measurements
take longer, they were exponentially
more expensive. Because you didn't have that
precision, you couldn't learn as much. "
In a recent article for Harvard Business
Review, Benartzi ran through the digital
nudges he's recently employed, including
the power and process of framing an email,
electronic " mental accounting " (a person's
tendency to make different choices about
the same scenario depending on how it's
presented) and the impact of immediate
mobile feedback.
So what's he working on now, and what
excites him for the future?
" As you probably know, I am an academic
advisor to Voya, " he says. " We're
working on personalized videos not only
to participants, but to plan sponsors and
advisors, with embedded calls to action. It's
important because people tend to ignore
everything that's not relevant to them, but
they respond to this because it's customized
and because of its visual, dynamic nature. "
Employers and plan sponsors are therefore
better able to engage prospects and
participants, and link that engagement to
specific actions. Think of it as a one-click
process, like something Amazon uses, with
an intuitive yes-no, accept-decline option
for increasing savings by, say, 1 percent.
But it should be as simple as possible, to
which Benartzi agrees, with a caveat.
" Yes, you want to make it simple, but it
first needs to be engaging. If it's really simple,
but they don't know where and what
it is, they won't take action and there's no
point. There are more components to this
puzzle, one of which is also the use of big
data to make targeted and smart suggestions. "
ISSUE
1 2018 | 401kSpecialist.com
17

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401(k) Specialist Issue 1 - 2018

Table of Contents for the Digital Edition of 401(k) Specialist Issue 1 - 2018

Table of Contents
401(k) Specialist Issue 1 - 2018 - Cover1
401(k) Specialist Issue 1 - 2018 - Table of Contents
401(k) Specialist Issue 1 - 2018 - 1
401(k) Specialist Issue 1 - 2018 - 2
401(k) Specialist Issue 1 - 2018 - 3
401(k) Specialist Issue 1 - 2018 - 4
401(k) Specialist Issue 1 - 2018 - 5
401(k) Specialist Issue 1 - 2018 - 6
401(k) Specialist Issue 1 - 2018 - 7
401(k) Specialist Issue 1 - 2018 - 8
401(k) Specialist Issue 1 - 2018 - 9
401(k) Specialist Issue 1 - 2018 - 10
401(k) Specialist Issue 1 - 2018 - 11
401(k) Specialist Issue 1 - 2018 - 12
401(k) Specialist Issue 1 - 2018 - 13
401(k) Specialist Issue 1 - 2018 - 14
401(k) Specialist Issue 1 - 2018 - 15
401(k) Specialist Issue 1 - 2018 - 16
401(k) Specialist Issue 1 - 2018 - 17
401(k) Specialist Issue 1 - 2018 - 18
401(k) Specialist Issue 1 - 2018 - 19
401(k) Specialist Issue 1 - 2018 - 20
401(k) Specialist Issue 1 - 2018 - 21
401(k) Specialist Issue 1 - 2018 - 22
401(k) Specialist Issue 1 - 2018 - 23
401(k) Specialist Issue 1 - 2018 - 24
401(k) Specialist Issue 1 - 2018 - 25
401(k) Specialist Issue 1 - 2018 - 26
401(k) Specialist Issue 1 - 2018 - 27
401(k) Specialist Issue 1 - 2018 - 28
401(k) Specialist Issue 1 - 2018 - 29
401(k) Specialist Issue 1 - 2018 - 30
401(k) Specialist Issue 1 - 2018 - 31
401(k) Specialist Issue 1 - 2018 - 32
401(k) Specialist Issue 1 - 2018 - 33
401(k) Specialist Issue 1 - 2018 - 34
401(k) Specialist Issue 1 - 2018 - 35
401(k) Specialist Issue 1 - 2018 - 36
401(k) Specialist Issue 1 - 2018 - 37
401(k) Specialist Issue 1 - 2018 - 38
401(k) Specialist Issue 1 - 2018 - 39
401(k) Specialist Issue 1 - 2018 - 40
401(k) Specialist Issue 1 - 2018 - 41
401(k) Specialist Issue 1 - 2018 - 42
401(k) Specialist Issue 1 - 2018 - 43
401(k) Specialist Issue 1 - 2018 - 44
401(k) Specialist Issue 1 - 2018 - Cover3
401(k) Specialist Issue 1 - 2018 - Cover4
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