A dramatically improved user experience focused not only on enabling participants to complete transactions in the mobile app but also to receive customized retirement education and guidance is a game-changer in the industry.
Background
Headquartered in Ponte Vedra Beach, Florida, BlueStar Retirement is a full-service recordkeeper and third-party administrator to defined contribution and benefit plans in the financial services industry. With almost 20 years of multiple employer plan experience, BlueStar has become an industry-leading provider for professional employer organizations and associations. Currently serving about 3,000 companies and 75,000 participants nationwide and administering more than $4 billion in plan assets, BlueStar is a service-first organization that leverages its proprietary technology solutions to deliver an exceptional client and participant experience with a focus on retirement readiness.
One of these proprietary technology solutions is the MyPlanConnection (MPC) web app, which BlueStar first released seven years ago.
Recently, market disruption via mobile apps was affecting BlueStar’s ability to win new business and retain existing customers: without a mobile app, existing customers were at risk and many RFPs included a mobile app as a requirement. BlueStar believed it could increase its competitive advantage by offering a true mobile experience via an app that could simultaneously educate, handle transactions, and serve its participants’ diverse investment needs with a more guided experience. They also were looking to add participant verification to prevent fraud.
Phase one of its mobile app, which launched in April 2021 in partnership with Praxent, was focused on creating an information-based platform similar to the website. Extremely pleased with how Praxent managed competing priorities in phase one by developing a stable platform and taking it to market quickly, BlueStar now was seeking to partner with Praxent to expand the platform’s functionality and meet the remaining challenges and requirements as part of phase two.
The problem
Seven years ago, BlueStar disrupted the retirement services market with MyPlanConnection, a cutting-edge, mobile-responsive web app that contained a guided wizard experience for enrollment and focused on retirement readiness.
However, by 2020, modern digital applications had become the industry standard. The biggest challenge BlueStar was facing was the lack of a native mobile app, which was causing them to lose some of their existing customers who wanted a mobile app and preventing them from acquiring new customers, as they were being eliminated during RFP processes that required mobile apps.
BlueStar did not have a design team, and its developers lacked the bandwidth and expertise in native app development to be able to take the project on internally.
Having previously worked with a development firm that handled every aspect of the project from start to finish, something that made them feel “vulnerable,” BlueStar was looking to leverage the strengths of a design and development partner while “owning the project” and collaborating on backend development.
They sought a partner with deep financial services and retirement planning knowledge and expertise given the mobile app’s UX would have to serve many participant user personas—participants’ needs vary widely based on factors like age, risk appetite, investment expertise, and life circumstances—and take into account users’ individual plan restrictions and paths to retirement. This creates layers of complexity: First, each plan can have very different specifications between pre-tax and Roth, matching contributions and profit sharing, deferral-only, not allowing participants to manage their account, etc. Second, participants are at different income levels and stages of their retirement planning, so the messaging and what appeals to them from a UI perspective varies. Beyond plans, specs, and participants, there is the investment aspect—ETFs, mutual funds, models, collective investment trusts, etc. Finally, the app needed to be secure and protect users against fraud.
In September 2020, BlueStar engaged Praxent to design an information-based mobile app platform similar to the website that would provide an excellent user experience for participants and differentiate them from their “software-first” competitors. Phase one of the app launched in April 2021 to overwhelmingly positive reviews.
In phase two, BlueStar was focused on creating an all-mobile experience for participants by enabling them to receive guidance customized to their unique needs as well as to conduct transactions like enrolling in or making changes to their plans or investments on the mobile app rather than having to go online.
How we helped
Praxent’s design and native app development expertise, as well as its deep financial services knowledge, supported BlueStar in releasing its first mobile app and acquiring greater market share in an industry that has adopted a mobile app as the standard.
The technical strategy Praxent proposed in phase one ensured BlueStar got 9-12 months’ worth of functionality delivered in just four months, saving them between $250K and $400K.
In addition, thanks to the integration of a WebView, BlueStar’s mobile app displays fully functional pages from its pre-existing web app, offering users the same functionality and an invisible transition between apps for a more seamless user experience.
Praxent’s approach included:
- app map, personas, customer journey map
- design—high-fidelity screen mockups for the native screens
- wireframes
- feature map
- component inventory
- style guide
- ClickModel—clickable prototype
- motion design
AgileDev
- Created CI/CD pipelines and App Store set up
- Developed iOS and Android native mobile apps
- Performed QA Analysis
- usability testing
- competitive analysis
- user acceptance testing
- native app release management
Backlog Grooming—development-ready backlog of epics and user stories
Results
After a very strong launch of the first version of its mobile app, BlueStar received overwhelmingly positive feedback—in fact, the app has been lauded by both users and team members, earning a 4.5 rating in the App Store.
BlueStar attributes this success and lack of reported issues (three total in five months) to design the strength of Praxent’s code and the effectiveness of its user testing.
Ultimately, they are most looking forward to seeing how this second version of the app helps their participants succeed and achieve their retirement goals.
Key Features/Deliverables
GuideMe BlueStar’s user-friendly mobile enrollment experience presents the user with a retirement plan and allocation choices
Robo Advisor to provide automated investment advice and address the diverse investment needs of customers
Face ID and Fingerprint Login to verify user’s identity based on their device with face ID on iPhone and fingerprint login on android. Retirement funds experience the highest percentage of fraud in the financial industry and security was critical
Retirement Readiness Dashboard enables users to set goals for their retirement and show progress towards those goals
Retirement Calculator and Visualizer assist users with calculating their monthly payments and the impact on their balance at their retirement age using data visualization
Push Notifications to encourage users to engage with the application, new features, marketing messaging, and updates