WEALTH MANAGEMENT | BLUESTAR
Launching an APEX-Powered 401k Robo-Advisor Mobile App that helps users prepare for retirement
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.
Launching an APEX-Powered 401k Robo-Advisor mobile app that helps users prepare for retirement
- Florida, USA
The Outcomes
- Robo Advisor
- Face ID and fingerprint login
- Retirement readiness dashboard
- Retirement calculator and visualizer
- Push notifications
OUR PARTNERS
Overview
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.
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 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.
The outcomes
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.
The team
Andrew Elster
Technical Director
Kelly Cogan
Principal Delivery Lead
Rico Callirgos
Principal Software Engineer
Joao Marcos Lopes Pinto
Software Engineer
Doug Cooper
Product Designer
What BlueStar had to say
What was the scope of their involvement?
We wanted them to develop an iOS and Android app that built on our current participant web experience, but take it to the next level. We needed the app to be really engaging and provide a more guided experience. We were looking to help all of our participants, but particularly young people, develop great savings habits and take control of their financial security.
Praxent divided the development into two phases. The initial phase focused on views like accessing a user’s account, information, lessons, investments, and contribution rate.
We’re now in the second phase and they’re working on enhancing that experience by creating a guided enrollment user flow.
What is the team composition?
We’ve worked closely with a number of Praxent people. They provided all of the project management and the front end work. My development team handled the back end work. Their teams worked seamlessly together.
How did you come to work with Praxent?
I did a Google search and found Clutch. I interviewed the top five UX/UI designers and was particularly impressed with Praxent because of how they configured the project. They also specialize in the financial services industry, so they understood what we were talking about very quickly.
What evidence can you share that demonstrates the impact of the engagement?
We just finished the first phase and are moving on to the second. We estimate that it will be done in April 2021. I’ve been impressed by how they managed our two main priorities: getting to market quickly and improving the features our participants can engage with.
How did Praxent perform from a project management standpoint?
Their project management is exceptional. I’ve been impressed with how they’ve completed each sprint. We had several meetings to discuss the budget and timeline, which was a time commitment, but it was well worth the time.
They’re very reliable, so I know that I can count on them. It became clear that they were dedicated to delivering a quality product on time and under budget.
Midway through the project, we had to switch project managers. That concerned me at first, but the new project manager that came in didn’t miss a beat.
My backend developers use Slack to collaborate with them, but we meet weekly over video conferencing. They use PowerPoint to present the sprint plan and keep us updated on how well we’re managing the budget.
What did you find most impressive about them?
They have a really good design team. I’ve been impressed with how well they can take our ideas and put them into action. They’re creative, they hear our feedback, and they come up with unique ways to present data and create an experience on the platform.
Are there any areas they could improve?
No. I’ve never been happier with an outside firm.
Do you have any advice for potential customers?
New clients should make sure they have team members who can focus on the business side of the project. Praxent can do great things as long as they get good feedback, so it’s important that the business side is involved.
5.0
Quality
5.0
Schedule
5.0
Cost
5.0
Willing to refer
5.0
Stars
Join other wealth management clients who are innovating within constraints to
improve their digital user experience.