VicSuper has announced the next step in their financial advice suite by releasing Beeline – their innovative digital guidance and advice service designed to strengthen member engagement.
Beeline takes the role of an online coach providing members with 24/7 access to financial advice for additional contributions and investment asset allocation in their superannuation. The service also provides general advice helping members with retirement adequacy and budgeting goals.
Provided at no extra charge to members Beeline has raised the bar for the industry in providing a unique guided experience. Instead of presenting members with a series of calculators, the online coach guides members through a simple step-by-step process, rewarding and motivating them with achievement badges along the way. Members are provided with their own personalised interactive dashboard linked to their account in real time, outlining their estimated progress to achieving the income they want in retirement. The service also takes into account the super savings of a spouse -presenting an overall picture.
“Beeline complements and strengthens our current financial advice service” said Michael Dundon, CEO at VicSuper. “We saw the need for a simple, intuitive experience to help members easily set goals for their super and track their progress in real time. It’s all about helping members create the most direct path to their goals. The dashboard is very easy to understand and the guided experience means members don’t become overwhelmed with too much information and complex decisions. It’s a great starting point for people who want to know how they’re tracking and what they might need to do to bridge the gap but don’t have the time or feel the need to commit to a face-to-face advice appointment.”
VicSuper already has a significant advice presence with approximately 40 in-house financial planners across 18 offices throughout Victoria. Combined with their phone based advice service, 20% of VicSuper members have already received personal superannuation advice. The new Beeline service will help engage members earlier by guiding them to understand their income goals and enable VicSuper to provide super advice at scale. Members can also make an appointment with the phone based planning team or at one of their advice centres at any time through the Beeline service.
Superannuation is the second-largest asset most people will have in their lives after their primary home, and equates to over a quarter (28.6%) of net household assets[1]. Beeline brings this important asset front of mind with members and helps overcome barriers to engagement through a simple guided experience with prompts, nudges and easy to understand dialogue not dominated by complex ‘super speak’.
Beeline is an in-house initiative, designed and built by the VicSuper team using best practice user experience design principles. To help understand the problems members were facing and the optimal type of experience, workshops were held to gather insights and inspiration. It was clear there was a need to create a unique experience to engage members early on in their financial life. Key findings suggested members under 45 had a strong desire to retire early[2], however were the least engaged with their super often feeling time-poor and overwhelmed with the decisions they needed to make. The result was a simple, a guided experience where members can feel supported, coached and rewarded along the way.
Dundon added: “Making decisions to help get your super in shape shouldn’t have to be hard work. Simple steps and clear goals can make a big difference. Beeline is an important strategic initiative for us and one that we’ll continue to evolve over time. Our team are continually looking for innovative ways we can provide quality, value for money guidance and advice to our members across all channels”.
VicSuper expects to expand Beeline’s services over the next 12 months.
[1] Superannuation & wealth management in Australia , Roy Morgan, May 2015 – based on 250k member interviews
[2] VicSuper Member Financial Coach and Super Tools – UX Research and Design, April 2016
