A Top 10 Retirement Recordkeeping firm was losing business and forgoing new opportunities without a digital service to facilitate retirement plan distributions.
To win client re-bid mandates, they had committed to building online withdrawal capabilities provided by their plan participant portal.
Our client did not have any experience building web self-service capabilities for 401(k) retirement plan distributions.
Therefore, they needed a partner with the experience and competence to augment their program teams and deliver a solution within a 16-week timeframe.
Enterprise Iron provided business and technical analysts with the requisite retirement plan recordkeeping experience to augment the project team and form the backbone of the “how to” delivery effort.
Working in an Agile project framework with a Business Product Owner, Navigator, Technology Scrum Master, Architecture Lead, Developers and QA associates, we were able to lead the following activities:
- Create a baseline of the current performance and costs of distributions processing
- Define requirements in the form of User Stories for building the solution
- Support the design of the User Experience and underlying process flows
- End-to-end testing (data entry, workflow and recordkeeping systems, disbursements, banking instructions, statements)
- Develop new reporting to support online channel performance
- Prove business value of the solution and iterate the reporting to focus on topics money-in-motion and asset retention
Our work was completed over 16 weeks concluding with a Minimum Viable Product (MVP) launch that allowed retirement plan participants to request cash and rollover withdrawals online via a class leading digital self-service experience.
This resulted in incremental work to support other digital experiences including 401(k) Rollovers into the firm.
RESULTS & CLIENT BENEFITS
Our work delivered a “promise kept” to existing clients and a better user experience for retirement plan participants.
New digital services to compete in an ultra-competitive marketplace and reduced Not-In-Good-Order (NIGO) transactions.
A new channel that reduced phone calls and operating expenses via participant self-service.
Proof that a “new way of working” in a focused, digital innovation lab could produce results more quickly and cost effectively than traditional DevOps projects.
Enterprise Iron acts as a long-term partner to address future needs including expertise in a robust number of Financial Services disciplines such as business, technology and strategy engagements.