Digital Member Experience in Superannuation

Background

In recent years, the Financial Services Industry has gone through a rapid and significant digital transformation journey. The need for digital technology experiences is gaining momentum in the superannuation industry and innovation is going to play a significant role in accelerating the creation of new digital superannuation products for member engagements.  Today, there is a large disconnect between members and firms in servicing inquires, product awareness and advisories.

Attract members

Funds must identify different ways to attract the prospects in the market to convert them as new members and should raise awareness to stand out from the crowd.  By listening to the existing members’ voices from user generated content like blogs and social channels, funds can understand their members’ values and utilise it to better engagement strategy. In today’s world, new members / prospects are choosing their funds which are providing personalised services to their needs, seamless onboarding customer experiences and financial literacy. Super Funds should find an alternative engaging way to address the needs and the benefits of super to attract their younger consumers by relating it to their key life events like first job, marriage, kids, first home, kids’ education etc.,

Engage members

From members’ perspective, superannuation member engagement lifecycle includes joining, participating, modifying, and exiting a fund.

Delivering a great onboarding customer experience is extremely important to convert the prospect into a member. Gamification framework helps in building personas to map out the personalised member journeys.  The Australian Government invested a further $256.6 million in the Digital Identity system, $111.3 million to strengthen and expand the Consumer Data Right (CDR) across the economy. It will continue to establish the foundations of the data economy. Through digital identity and CDR (Consumer Data Right), Super Funds can create a frictionless, secure, and scalable solution that eliminates unnecessary processes in member onboarding and increases customer satisfaction.

Edutainment

Interactive marketing games can help a superannuation business to better educate with members and generate new leads. Such games can significantly help organisations to achieve goals such as attracting new customers, new product launch promotions, entertaining customers to educate them on member policies, new products, industry trends, articles, and outcomes of sustainable investments.

Financial Wellbeing is a key problem in superannuation industry.  The ability to manage money and handle with unexpected financial shocks are important for individuals and families.  Globally, programs are focused to improve financial wellness through financial fitness coaching.  Interactive AI technologies help members to improve their financial literacy. Financial Wellbeing is all about helping members to meet the expenses and saving some money, feel financially secure now and in future

Explore

Re-inventing the member engagement by integrating data from different layers will help the funds to contextualise and present relevant the financial insights. Members empowered by CDR to view their fund insights more securely and efficiently. Funds can nudge their recommendation and next best action. Supporting members with advisor map, they can recalculate their investment strategies with interactive calculator in align to their key life stage targets.

Advise Members

Proactive gamified nudges and insights will help funds to organically increase members’ interest and loyalty. Within the superannuation industry, these gamified nudges enable members to develop their healthier financial habits and responsible investment through challenges.  For example, category-based investment / savings exercises challenges make financial fitness more fun and engaging like Strava, Fitbit and Run-keeper to meet their money savings goals. Technologies such as augmented reality / video messaging can benefit the members and reduce the need for human advisors to simplify and explain processes, procedures, and products. Another benefit is the ability to translate and to cater to members who are not comfortable with fund features or fluent in the native language of their cultural background.

Assist Members

We can facilitate digital collaboration between advisors and members with the help of AI/ML and digital technologies. Empowering advisors to curate their member’s digital experience by selectively pushing insights they deem relevant. In general, because of the pandemic, advisors and staff meet with clients via video calls at a higher rate than ever before and firms are challenged to ensure the client experience remains unharmed. This means making sure that client engagement models are efficiently evolving. The area most in need of improvement was sharing investment reports, documents, and recommendations with clients. With the help of conversational AI technologies, firms can provide a consistent experience across whichever channel a member chooses, including text and voice with value-add services.

Act

Automate financial goal management and fulfilment AI framework helps members to strengthen financial resiliency and achieve financial goals. By engaging members over an extended time frame, leveraging existing & acquired knowledge of the members, automatically identifying pockets of available funds, and transferring them to an appropriate key goal.

Conclusion

In 2022, superannuation firms will transform their member engagement to improve financial literacy and use digital transformation technologies to build it tangible for members.