Security Outweighs Convenience Among Retirement Plan Digital Users

Gone—or tempered, at least—are the times of dismissing multi-factor authentication processes as a sheer annoyance.

According to the J.D. Power 2025 U.S. Retirement Plan Digital Experience Study, released today, 62% percent of retirement plan website and app users said security was more important than convenience to their overall digital experience. Account security is now one of the greatest drivers of customer satisfaction with retirement platform digital tools, along with usability and design features such as visual appeal, navigation and speed.

“When it comes to protecting their nest eggs, retirement plan account holders are willing to accept extra authentication steps and actively seek signs of strong data security,” said Kapil Vora, J.D. Power’s senior director of wealth intelligence, in a statement. “Importantly, when account security falls short, satisfaction plummets. Ease of navigation and a seamless experience still matter, but demand for strong data security is rising, even if it requires a longer log-in process.”

Provider Rankings

On a 1,000-point scale, Bank of America, which includes Merrill Lynch, scored 747 points on J.D. Power’s overall customer satisfaction index to rank first out of 18 companies evaluated. Following were Vanguard in second (717 points), Ascensus in third (712), Corebridge in fourth (711) and Charles Schwab in fifth (709). The average score was 690 points, a score achieved by 10th-place T. Rowe Price.

J.D. Power found a wide gap between the highest-performing and lowest-performing digital offerings. The lowest-performing platform, run by Paychex, earned 644 points—a 103-point variation between first and last places.

The study revealed that more work is needed in building seamless and consistent user experiences. Nearly half (45%) of retirement plan digital platform users said their digital experiences were not well-integrated across channels, citing challenges with information flow and consistent look and feel.

The researchers identified an “opportunity” for plan providers to provide improved, proactive guidance and support. Of surveyed retirement plan participants, 61% said digital solutions fall short in that area, suggesting that stronger guidance can drive users toward deeper engagement with plan providers.

Year-Over-Year Developments

In addition to more attention paid to security, Vora said personalization and access are other notable trends J.D. Power has observed since last year.

“We’re seeing three major digital shifts in retirement plans: stronger account security with multi-factor authentication and other security features becoming standard; a move toward dynamic, personalized platforms that go beyond static dashboards of the past to offer predictive tools and tailored experiences; and continued importance of easy access to customer support, with websites and apps needing to make help readily available through both online and phone channels,” Vora wrote to PLANSPONSOR via email. “This is an evaluation of trade-offs that plan participants have to face in real life, and we are trying to capture that in the study going forward.”

The study was redesigned for 2025 and measured customer satisfaction with retirement plan websites, mobile websites and mobile apps across four factors (listed in order of importance, as weighted by J.D. Power): design, system performance, tools/capabilities and information content. J.D. Power fielded responses from 7,151 retirement plan participants from May through June.