Specialist technology, operations and risk consultancy, IQ Group has released the findings of its second annual study of the Superannuation sector’s digital engagement with members and employers. From the 2014 benchmark statistics it is clear that industry has remained focused on legislative compliance engagement commitments, however a wider and more consumer-focused engagement program has begun with an initial focus on mobile optimisation and social media engagement.
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 IQ Group Annual Superannuation Industry Digital Engagement Study confirms the industry is on track to completing the rollout of compliance systems underpinning the Government’s SuperStream and Stronger Super initiatives.
For study author and Director of Business Development at IQ Group, Ron Mullins, said: “With the successful and comprehensive rollout of the SuperStream and Stronger Super initiatives, the industry is in a better position to its focus its collective mind to the next wave of digital engagement and services.”
From the 2014 benchmark statistics it highlighted that improvements in digital engagement are incremental and further strategic implementations will need to deliver more end-user focused outcomes.
Mobile optimisation was the area of the greatest growth in digital engagement by funds with 41 out of 50, or 82 percent of funds now employing this capability. The remaining funds may have had a mobile optimised ‘skin’ but no superannuation fund mobile optimisation.
Additional key findings include:
• 2 percent increase in online join members, 56 percent
• 6 percent increase in online join employers, 56 percent
• 8 percent increase in employer online, 98 percent
• 4 percent increase in member app, 18 percent
• 4 percent increase in switch online, 92 percent
• Nil availability of employer app
• Minimal increases in social media usage for Twitter, Facebook and YouTube with YouTube being the most favoured digital engagement platform for fund members
Mullins confirmed funds are now developing infrastructure and strategies to further focus on deeper digital engagement programs with members.
“Beyond the governance requirements for data management, many funds are now beginning to acknowledge the value of data, beyond compliance value.
“One of the exciting things we expect to see is an increase in aggregation services, where a digital solution can provide a holistic view of a member’s financial position by providing a snap shot of multiple super funds, bank accounts and other financial service information.
“To some extent this information has been manually harvested by financial planners in the past, these digital services will allow members to create a snapshot of their wealth position. Combined with online financial planning and calculation and budgeting tools the industry is going to be able to meet investor’s demands for a holistic view of multiple financial products.
“We have seen these services in other countries, and the first wave of these services will start to roll out with funds that are openly addressing innovation,” Mullins concluded.
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