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Bank of America is on top in JD Power’s retirement plan survey

Older consumers now value extra security measures

Updated:

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By:
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Mark Huffman
Reporter

Mark Huffman has covered consumer issues since 2004, with a special focus on protecting and empowering older adults. A former news correspondent for the Associated Press Radio Network, Westwood One, and ConsumerAffairs, Mark brings decades of journalistic experience to RetirementLiving.com. He is passionate about giving consumers a voice and helping them make informed decisions. Mark has also created educational content, including Senior Scam Alert, a video resource designed to help seniors recognize and avoid fraud. He holds a B.A. from the University of Kentucky and lives with his family in Richmond, Virginia.
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Key Insights

  • 62% of retirement plan digital users prioritize security over convenience
  • Bank of America tops J.D. Power’s 2025 digital experience rankings
  • Study finds major gaps in cross-channel integration and proactive support

When they were first introduced, most consumers viewed extra login steps and identity checks as a frustration. Today, in an era of widespread online fraud, those same safeguards are now central to customer satisfaction with retirement plan websites and apps. 

According to the newly released J.D. Power 2025 U.S. Retirement Plan Digital Experience Study, 62% of participants say account security outweighs convenience when it comes to their digital interactions.

“Retirement savers are clearly signaling that security isn’t optional, it’s the foundation of trust,” said Kapil Vora, senior director of wealth intelligence at J.D. Power. “While design and ease of use remain important, satisfaction drops sharply when security feels inadequate.”

Security boosts satisfaction

The study found that satisfaction scores climb 52 points (on J.D. Power’s 1,000-point scale) when users view account security measures as “very effective.” Security has now become one of the biggest drivers of satisfaction, rivaling traditional features like navigation speed, usability, and visual design.

Digital Experience Gaps

Despite the emphasis on security, the report highlights uneven performance across providers:

  • 103 points separate the top and bottom-ranked digital offerings, underscoring big differences in quality.
  • Nearly half (45%) of users report poor integration across digital channels, pointing to inconsistencies in look, feel, and information flow.
  • A striking 61% of participants say they want stronger proactive guidance from digital tools, such as personalized tips or alerts, instead of just routine account management functions.

Study rankings

In the 2025 rankings, Bank of America (including Merrill) led the field with a satisfaction score of 747, followed by Vanguard (717) and Ascensus (712).

The 2025 edition of the study was redesigned, meaning its satisfaction scores are not directly comparable with prior years. Researchers surveyed 7,151 retirement plan participants from May to June 2025, focusing on four key factors: design, system performance, tools and capabilities, and information content.