Toni Smith, Reward and Insights manager at Ricoh, talks about financial wellbeing and the successful launch of financial wellbeing chatbot, MyEva to her workforce earlier this year over on Employee Benefits online.
Two years ago, the organisation began working with financial advisory firm Wealth Wizards to boost employees’ financial wellbeing. In June 2019, when Wealth Wizards launched its newest tool, independent digital adviser MyEva, Ricoh was one of the first employers to pick it up.
MyEva incorporates artificial intelligence (AI) and chatbot technology to provide tailored information, answers and nudges to staff on topics such as pensions, saving for a rainy day, buying a home and investing money.
At Ricoh, the use of a mobile app with chatbot capabilities is important, not only for reaching staff who are not sat at desks all day, but also for remaining relevant to the next generation of employees, and fitting with the brand of a technology organisation. “The chatbot experience is more current, and has a little more of a fun element to it,” explains Smith. “It seems to be personalised, even though we know it’s not, because it gives you a response based on [what you put in]. For a lot of our [employees] that are [younger], they’re used to that and expect that.
”While most staff might initially access the service to discuss one topic, such as pensions investments, the chatbot function helps people realise that there is a wealth of support to be gained from the service, explains Smith. The AI helps employees understand the benefits on offer to them from their employer, which include products such as critical illness insurance, will writing and individual savings accounts (Isas).Since its launch, Ricoh has seen 19% engagement with the platform. Once this reaches 30%, the organisation will use the anonymised data gathered by the platform to arrange follow-up face-to-face sessions for staff who have shown an interest.
“People have realised that, actually, [the] service can give them almost a complete overhaul of their financial situation, it’s not just about pensions,” Smith explains. “That might be sorting out their will or starting up an Isa; it has really got people thinking about their future, especially people with families.”
Learn more about MyEva
MyEva is a digital financial wellbeing expert designed to support employees with their financial wellbeing by helping to improve their financial situation with independent personalised guidance and advice.
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