Companies included in this study: AMP, ANZ, Australian Super, BT, CBA, ING Direct, OnePath, SunSuper, VicSuper and Westpac
In July 2014, Global Reviews ran its bi-annual Digital Sales Effectiveness (DSE) research for the Superannuation industry which measures the online customer experience offered to consumers when looking to open a new superannuation account. Across the six stages of the customer journey, the industry is scoring an average of 45%. The benchmark consists of three consumer inputs; customer behaviour, audit & attitude, as well as the Global Reviews best practice audit.
Industry falls short at explaining the products
Upon arriving on a brand’s website, consumers are typically going to be seeking out what investment options are on offer to them. When it comes to the functionality behind introducing these options, the industry averaged a score of 48%.
- Only four of the ten companies benchmarked in this study scored above 50% for helping customers to find and understand any fees and charges. As a result, the industry average was 44% for this category.
- CBA was the top performer when it came to how easily consumers could find fees associated with a fund, with a 98% success rate in finding this information. On the other end of the scale, the lowest performer for this category saw only 21% of consumers being able to successfully locate the fees associated with a fund.
- The biggest weakness across the whole industry is in the detail and context of the fees and charges information. The industry scored 25%, with Westpac taking the lead on 48% – 11 points ahead of the next best performer.
Consumers have very little assistance in helping to pick and compare product options
In order to pick a fund, companies need to assist consumers in matching a fund to their individual needs as well as allow them to compare their options. For this stage of evaluation options, the industry averaged a mere 29%.
- ING Direct was the top performer here with a score of 54%. The lowest scoring company scored just 9% – mostly brought down by the inability to compare investment options.
- Only three companies currently provide an interactive comparison function. Australian Super and VicSuper led here, both with 37%, with ING Direct sitting 10 points behind on 27%. ING Direct did, however, perform the best in terms of the ease of comparing options.
For more information about the Superannuation Digital Sales Effectiveness study, please contact:
Regional Commercial Director
T: +61 3 9982 3419
M: +61 411 962 857