Specialist technology, operations and risk consultancy, IQ Group has released the findings of its inaugural study of the Superannuation sector’s digital engagement with members and employers. IQ Group researched the Top 50, retail, industry and public sector Superannuation Funds that represent $717 billion in Funds under Management across 21.7 million memberships.
The study reveals the limits of the sector’s digital readiness: while many of the Funds are in a firm position to take online service delivery to the next level, many others have been slower to adapt to the new business landscape.
Ron Mullins, Principal Consultant for IQ Group, said: “From this benchmark, it is clear there is much potential for the Australian Superannuation industry to build on digital technology’s promise of increased brand awareness, online conversions and member engagement.
“Consumers want access to sophisticated websites, from their smartphones, to search and transact. If service access is too hard or not available, they’ll go elsewhere.”
While every Fund surveyed has a website, only 38 percent deliver a mobile-optimised site that is now key to engaging with device-driven members. Only one Fund in the sample group is providing digital membership cards. But no Fund is using a digital membership card to provide the member with key benefit and contribution information along with member specific, short, easy to understand bursts of communication. The speed to market and two-way interaction of the cards could be providing powerful brand differentiation, reduced operational costs and improved member retention.
Industry-specific app development has not yet reached the Superannuation space – neither in Australia or the global pension fund sector – with mobile apps for members offered by only 14 percent of Funds, and there were no specialised employer apps. Social media is also largely ignored with less than 40 percent of Funds accessible via Facebook, Twitter or YouTube.
Over the last 18 months, IQ Group has been responding to this online membership management gap with the development of a suite of digital tools. Its online proof of identity, digital membership cards and mobile onboarding solutions have the potential to fill the need for improved operational efficiency and the experience expected by members.
In response to this gap in the market, IQ Group has releases its electronic membership card, iqSmartCard to the Australian marketplace to replace traditional physical cards issued to superannuation fund members. iqSmartCard puts Funds at member’s fingertips, at the time when they need it most, whether it is changing jobs, changing address or simply checking their account balance.
For a direct link to the report – http://www.iqgroup.com.au/intelligence/insights/digital-and-mobile-services-offered-by-australian-superannuation-funds/
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