IQ Group Launches its 5th Annual Study on Digital Engagement in the Superannuation Industry

22nd November, 2018 - For the past 5 years, IQ Group, consulting to the superannuation and wealth management industry, has published an annual benchmark study of the Australian superannuation sector’s digital engagement. This study looks at the technology, platforms and tools being used by the top 50 superfunds.

However, there is more to a good customer experience than simply providing a website. In IQ Group’s study last year, they introduced an assessment of the customer experience being provided by this technology. Due to the success of last years’ customer experience assessment, this year they continued to build on our assessment framework. They applied it to 10 common customer experiences delivered through the websites and mobiles applications of the top 50 superfunds.

“Member engagement is no longer a ‘one-size-fits-all’,” said Brian Peters, IQ Group’s CEO, “It is about providing members with a customised and personal experience. Superfunds are now required to employ member engagement strategies using a range of preferred channels, at the right time, in their customer journey.”

Some of the callouts of from the study are below:

· The best rated member experiences included Checking Your Super Balance, Checking Investments, Viewing Investments and Checking Insurance.

· The worst rated member experiences included Using Retirement Calculators and locating information on TTR Accounts and the Aged Pension.

· This year, the number of superfunds allowing members to Request Financial Advice Online rose from 68% to 80%.

· A lack of financial literacy was found in the 18-25 age group, particularly around terms like ‘beneficiaries’ and ‘investments’ in the context of super. 

· 32% of Superfunds provide Live Webchat and 18% are using Chatbots.

· The reported experiences using chatbots and live webchat on their superfunds website were positive. 

· Industry funds outperformed retail funds on all tasks requiring members to locate information on the website and online portal functionality.

· Retail funds provided a better user experience for using retirement calculators.

This year’s study also looked at recent innovations in fintech and the emergence of the ‘hyper-targeted’ superfund. IQ Group compared the technology and approach of these targeted superfunds with that of the top 50.

With so much legislative change impacting the industry in recent years, the study also discusses the impact of one of the ATO’s latest developments – ATO Online. The study looks at whether members are going to prefer or trust this new platform over their superfunds website or visa versa.

To read more of the trends and findings from the study, or download a copy, visit: www.iqgroup.com.au/study

About IQ Group:

IQ Group is Australia’s trusted consultant and first choice delivery partner to the Superannuation and Wealth Management industry.

We provide first-rate project delivery and independent expert advice on technology and processes to meet the needs of the latest regulatory environment. By focusing on business outcomes and understanding what lies ahead, we are able help our clients prepare for tomorrow, today.

In a time of unprecedented industry and market change for the superannuation and wealth management industries, IQ Group understands the technological and regulatory forces impacting organisations. IQ Group is committed to ongoing innovation and strives to influence positive change at government and industry body level.

‘Intelligence. Applied.’ is the benchmark against which we measure our performance.

To find out more, you can get in touch with us at www.iqgroup.com.au