Penelope 401(k) Onboarding
Setting Up a Plan Sponsor's Account
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Penelope is a retirement platform for small businesses, with the goal of expanding the sphere of opportunity to build generational wealth through retirement savings. In 6 months, I designed and launched onboarding and dashboards for both retirement plan sponsors (business owners), and participants (employees).
To truly make retirement savings more accessible, we needed to make these processes as simple as possible.
The plan sponsor’s onboarding required information about their entire employee team as well as making connections to their bank, benefits provider, and payroll systems. This led us to splitting their onboarding into multiple phases while the connections were made.
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We used Finch to connect to client’s payroll systems. This connection was a prerequisite for accessing the dashboard, because it would populate a wealth of information that was needed for subsequent steps.
Interviews with small business owners surfaced needs to only see tasks that needed immediate attention, and to know how much time to commit to them. To meet these needs, we broke down setup into small tasks, and were only presented when they were necessary. The dashboard for an account in the setup phase had an omnipresent “next steps” section. This is where any tasks to be done would live, or users would see an “in progress” message if setup was incomplete but there were no actions to take.
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The task of adding employee info was a bigger lift, so it started with a modal that advised users to get the necessary records, and gave users the option to revisit the task another time.
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Our small business owner interviews drove our sponsor dashboard design by stripping away most aspects of plan performance, and instead focusing on how the plan was affecting their funds in the form of their next due bills and how much they were paying in matching contributions, as well as statuses of connections and accounts.
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