Superannuation members’ wish list underscores the need for technology innovation
SS&C Technologies Holdings, Inc. (Nasdaq: SSNC), today announced the results of its inaugural Superannuation Stealth Survey. The research found Australian superannuation funds have an opportunity to improve member engagement with better digital tools, more online interaction and better member education.
The majority of respondents in the Q3 survey were satisfied with their superannuation offering but wished for better online retirement planning tools and instruction on using them. More than 80% reported they had not accessed any retirement planning tools on their fund’s website and nearly two thirds (59) were unaware of how to use them. Members also expressed a strong preference for mobile apps.
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Improving communication is another way for superannuation funds to differentiate their offerings. Members expressed an interest in more conversations with their fund on key topics such as retirement planning, regulatory changes and product fees. One-third of respondents (38%) said they wanted to engage with their super fund about planning for their retirement.
“The survey showcases the opportunity for super funds to differentiate and secure loyalty from existing members and attract new ones. As super funds navigate through a constantly evolving and increasingly competitive environment, digital experiences can significantly improve member outcomes resulting in retention,” said Jude Metcalfe, Managing Director, SS&C Australia. “The challenge is to take advantage of the technological sophistication and flexibility available to implement digital tools customized to the ever evolving way members engage.”
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SS&C works closely with superannuation funds to fundamentally rethink their digital approach with its members. The stealth survey also looked at drivers for members considering a change to another super fund, a deeper dive into the communication style and cadence, and the impact on withdrawals due to COVID-19. Download the survey findings here.
The SS&C Superannuation Stealth Survey was conducted in Q3 2020 with a sample of 208 respondents, aged above 18, who are currently members of a superannuation fund.
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