Over the years, superfunds have understood that their priority has and will always be safekeeping the retirement savings of their members. But in today’s digital frenzy where customer service and feedback are one click away and where customer demands are met at the speed of lightening, can a super fund strive to deliver more?
Following on from our previous blog post, we continue to delve into the superannuation industry and look at how closely super funds are meeting the needs of their members.
In Q3 2018, Global Reviews ran its latest Superannuation Industry research study and were able to compare the performance of the companies within this study between Q3 2017 and Q1 2018, assess the changes and understand how these changes impacted consumer behaviour. The results from the study revealed that AustralianSuper and ING Direct achieved a significant increase in their benchmark score based on the experience they offered to prospects visiting their sites.
But what is it that prospects deem to be the most important when shortlisting the super fund brands of their choice? Is enunciating Fund performance the only important aspect according to customers or are there more values they look for when choosing a super fund?
According to our study, most prospects rate the below attributes (in order of preference)
- Existing relation with the brand
- Fees and investment options
- Fund performance.
Clearly, even though fund performance might be an important factor for your prospects, it is not the only important factor affecting their final decision.
Our research study also revealed that users are often unable to identify top performing funds when searching on brand websites as prospects often find:
- Presentation of the fund performance information on websites to be confusing.
- The lack of availability of match to need tools on superannuation websites
As a super fund, it therefore becomes important that you:
- Make the information easily accessible and help your prospects understand performance jargon.
- Provide tools to help users decide the type of fund they should invest in.
Overall, the superannuation industry continues to rank very low when it comes to presenting products to customers based on their requirements. This observation was made when comparing it to industries such as Health Insurance, Higher Learning and Fintech, who often get it right. These industries are able to identify what their customer needs are and present the information about complex products to match those needs.
Taking cue from these industries, here are a few recommendations for super funds to ensure that they accurately match customer needs:
- Users want to see fund performance upfront- consider having a summary on the homepage with a link to more information or publish the performance on the homepage itself.
- Consider providing information about how one can select the right investment strategy.
- Since financial investments are complex, users seek help. It is important to provide them with tools to help them with investment choices.
- Present information with FAQs or help for users to better understand performance jargon.
Speak to one of our experts to see how the data we have can increase conversion rates, leads and traffic on your website:
Darren Watson – Senior Commercial Director
T: +61 3 9013 0531
M: + 61 413 017 959
Tony Carveth- Senior Commercial Director
T: +61 3 9013 0531
M: +61 438 081 496