Super Industry Continues to Transform and Refine Digital Engagement Levels
Announcement posted by 12 Worlds Pty Ltd 02 Dec 2016
IQ Group 3rd Annual Superannuation Industry Digital Engagement Study Reveals Digital Engagement Agenda Remains Focused on Mobile Optimisation and new Functionality
Melbourne, 2 December 2016 – Specialist technology, operations and risk consultancy, IQ Group has released the findings of its third annual study of the Superannuation sector’s digital engagement with members and employers. The IQ Group Digital Engagement Study 2016 reveals the super industry has transitioned from a legislative compliance focus towards a more functional digital relationship with employers and members.
IQ Group researched the Top 50, retail, industry and public sector Superannuation Funds that represent $2 trillion in Funds under Management across over 21 million memberships.
The IQ Group Digital Engagement Study revealed the influence of SuperStream initiatives in driving industry efficiencies with the provision of a Roll Over Online functionality and a strong increase in social media engagement programs.
Engagement with Employers from a digital perspective did not progress any further, however a new emergency of digital advisory services was monitored by the Study for the first time.
IQ Group CEO, Brian Peters said: “Over the past three years the Study’s results have reflected the industry’s increasing focus to be ‘digital ready’ and now to speak fluently the ‘digital language’ of member engagement. Funds of all sizes have made commitments to digital engagement and in turn we have seen employers and members react positively.
The study clearly shows, the overwhelming future direction is digital and we have an interesting road ahead to deliver services, engage members and employers – and now keep pace with the wider fintech landscape, populated increasingly with smaller players,” he continued.
Within the 2016 statistics we see that the three greatest areas of change include mobile optimisation of websites, development of a member app and online fund join capabilities for employers and then members. Mobile optimisation remained the greatest growth area for digital engagement for superannuation funds for the second year in a row.
The IQ Group Digital Engagement Study has been expanded to include new trends such as direct ASX trading options, financial advice requests and online or robo-advice.
While many funds provide superannuation and retirement calculators (92 per cent) and the ability for members to request financial advice (52 per cent); funds are also now developing robo-advice that allows members to build their financial profile and seek financial advice through an interactive portal.
Currently 8 per cent of superannuation funds studied are actively using robo-advice and many others are looking to expand their advisory services by combining digital innovation with financial planner interactions to engage members. Of the Top 50 retail, industry and public sector Superannuation Funds 30 per cent currently offer a direct ASX trading option.
Key findings include:
Peters said: “Understanding member interactions and creating digital opportunities through the customer journey will be key moving forward. This will also apply to how funds elect to digitally engage with employers.
For the third year running, our study has seen no development of an application specifically for employers by the Top 50 funds. With the implementation of SuperStream contribution functionality the development has clearly been focused on delivering the legislated requirements through employer online websites and third party applications.
However, the future enhancements for legislative reforms including the Employer Single Payments Platform functionality, requires funds to consider employer relationships and the development of the customer experience through employer interactions that are simple, quick and cost effective, particularly for small employers.
An app designed for small employers that makes use of key usability features such as smart navigation may be instrumental in supporting employer relationships in the future,” he concluded.
For a copy of the report please contact Cathryn van der Walt on 0402 327 633.
/Ends
About IQ Group - www.iqgroup.com.au
IQ Group has helped Superannuation and Wealth Management clients through unprecedented change for more than 10 years in Australia. From our offices in Melbourne, Sydney and Brisbane, over 80 specialist consultants are helping clients improve their operations and use of technology. Our clients benefit from IQ Group’s domain experience and commitment to project delivery. IQ Group is part of a global company with other offices in South Africa and USA.
Follow IQ Group:
Our updates on Twitter at twitter.com/ @IQGroup_AUS
Our insights on our Blog - http://www.iqgroup.com.au/intelligence/blog/
Media Enquiries:
Cathryn van der Walt 12 Worlds 0402 327 633 cathryn@12worlds.com
IQ Group researched the Top 50, retail, industry and public sector Superannuation Funds that represent $2 trillion in Funds under Management across over 21 million memberships.
The IQ Group Digital Engagement Study revealed the influence of SuperStream initiatives in driving industry efficiencies with the provision of a Roll Over Online functionality and a strong increase in social media engagement programs.
Engagement with Employers from a digital perspective did not progress any further, however a new emergency of digital advisory services was monitored by the Study for the first time.
IQ Group CEO, Brian Peters said: “Over the past three years the Study’s results have reflected the industry’s increasing focus to be ‘digital ready’ and now to speak fluently the ‘digital language’ of member engagement. Funds of all sizes have made commitments to digital engagement and in turn we have seen employers and members react positively.
The study clearly shows, the overwhelming future direction is digital and we have an interesting road ahead to deliver services, engage members and employers – and now keep pace with the wider fintech landscape, populated increasingly with smaller players,” he continued.
Within the 2016 statistics we see that the three greatest areas of change include mobile optimisation of websites, development of a member app and online fund join capabilities for employers and then members. Mobile optimisation remained the greatest growth area for digital engagement for superannuation funds for the second year in a row.
The IQ Group Digital Engagement Study has been expanded to include new trends such as direct ASX trading options, financial advice requests and online or robo-advice.
While many funds provide superannuation and retirement calculators (92 per cent) and the ability for members to request financial advice (52 per cent); funds are also now developing robo-advice that allows members to build their financial profile and seek financial advice through an interactive portal.
Currently 8 per cent of superannuation funds studied are actively using robo-advice and many others are looking to expand their advisory services by combining digital innovation with financial planner interactions to engage members. Of the Top 50 retail, industry and public sector Superannuation Funds 30 per cent currently offer a direct ASX trading option.
Key findings include:
- 18 percent increase in online join members, 74 percent – up from 56 per cent
- 10 percent increase in online join employers, 66 percent – up from 56 per cent
- no change in in employer online, 98 percent
- 26 percent increase in member app, 44 percent – up from 18 per cent
- 6 percent increase in switch online, 98 percent – up from 92 per cent
- Sound increases in social media usage with Twitter experiencing the largest gains and then LinkedIn as the most favoured digital engagement platforms for fund members
- Nil availability of employer app
Peters said: “Understanding member interactions and creating digital opportunities through the customer journey will be key moving forward. This will also apply to how funds elect to digitally engage with employers.
For the third year running, our study has seen no development of an application specifically for employers by the Top 50 funds. With the implementation of SuperStream contribution functionality the development has clearly been focused on delivering the legislated requirements through employer online websites and third party applications.
However, the future enhancements for legislative reforms including the Employer Single Payments Platform functionality, requires funds to consider employer relationships and the development of the customer experience through employer interactions that are simple, quick and cost effective, particularly for small employers.
An app designed for small employers that makes use of key usability features such as smart navigation may be instrumental in supporting employer relationships in the future,” he concluded.
For a copy of the report please contact Cathryn van der Walt on 0402 327 633.
/Ends
About IQ Group - www.iqgroup.com.au
IQ Group has helped Superannuation and Wealth Management clients through unprecedented change for more than 10 years in Australia. From our offices in Melbourne, Sydney and Brisbane, over 80 specialist consultants are helping clients improve their operations and use of technology. Our clients benefit from IQ Group’s domain experience and commitment to project delivery. IQ Group is part of a global company with other offices in South Africa and USA.
Follow IQ Group:
Our updates on Twitter at twitter.com/ @IQGroup_AUS
Our insights on our Blog - http://www.iqgroup.com.au/intelligence/blog/
Media Enquiries:
Cathryn van der Walt 12 Worlds 0402 327 633 cathryn@12worlds.com