SS&C recently conducted a Superannuation Stealth Survey to measure members’ perceptions of digital tools and communication channels. Our research found that there is a huge opportunity for Australian superannuation funds to deliver more engaging communications and gain a competitive advantage in retention through new technology. In order to engage members more effectively, fund providers should:
- Offer omni-channel communication and information access
- Communicate more frequently and keep members informed
- Consistently deliver meaningful messaging on relevant topics of interest to members
One interesting finding from the survey is how much respondents’ satisfaction varies by age group. Younger members, particularly those under 55, reported feeling less satisfied with their funds than those in the over 55 age group. Another data point with variation between age groups is communication preference. Members under 30 prefer to interact with their funds via digital channels, while as much as 50% of members over 70 prefer traditional hard copy forms. This presents an opportunity for firms to communicate in different ways with members depending on the members’ preferences.
Environmental, social and governance (ESG) practices are another area of opportunity. Investors are increasingly interested in the practices of the companies in which they invest. However, 40% of survey respondents reported never having heard anything from their super fund provider about any ESG policies or practices.
Technology is ultimately the biggest factor in improving retention. Technology enables the communication that allows fund providers to engage members with relevant messages. But staying current with the latest technology can be a challenge, particularly for providers burdened by inflexible legacy systems. These legacy systems often are incompatible with advances like artificial intelligence and machine learning capabilities. Developing and implementing new technology can be expensive; partnering with a technology and services outsourcing provider is a cost-effective way to keep technology current, flexible and scalable.
To learn more about the results of the survey, and how fund providers can improve retention through better engagement and technology, download our whitepaper, Driving member engagement and loyalty with digital communications.
APAC, Fund Administration, Retirement