In the tempest of the current Covid-19 triggered economic environment, how are superannuation members deciding whether the haven they have chosen for their retirement fund, is the best place to weather the storm?
Our recent Q3 2020 research shows decision making behaviour has changed. Comparison terms and comparison site visits, when choosing one superannuation provider over another, are down. Potential fund earnings over a 5 year period, the typical instrument used to find the right superannuation provider, is not as dominant. Some members have battened down the hatches and retired to their cabin. Some are in the navigation room considering a change in investment strategy. Some are on the deck considering a jump to a different ship.
A Q3 Global Reviews study found that 48% of superannuation members when completing a 10 minute discovery task online to find a provider that best meets their needs, switch from their current provider. A change in behaviour brings new opportunity. Digital is the means by which existing and prospective members judge your ability to meet their changing needs. With the right decisions, your brand can influence the outcome of how many new members you acquire and existing members you retain. Opportunity also lies in the fact that many brands are currently not communicating the right message at the right time in the acquisition journey. Or are not prioritising the right digital experiences with the right audiences that will garner greater member loyalty.
In an upcoming webinar our Global Lead Client Advisor, Karen Beynon, will present findings on how Super brands can win and retain members leveraging their digital experience. She will reveal the messages that should now take precedent over “investment returns” that will attract prospects early in the acquisition journey. Using Q3 2020 data, she will highlight case studies of those that are winning with the right messages in the right places. Why, for example, are AustralianSuper significantly outperforming the competition at attracting new prospects? Why are Suncorp one of the most successful in helping prospective members find admin fees and how has Rest’s virtual agent “Roger” made fee information easy to find?
No matter how deep the storm gets, the degree of trust a member has in their existing super brand will continue to have the greatest impact on inertia. A recent digital maturity study of 18 superannuation brands found that information on fees and charges is the most important and desirable member feature within the self-service digital environment.
Our research shows however, that no matter where the superannuation member is within the acquisition or retention journey, many brands are underdelivering on customer experience in making fees and charges information easy to find. Many are missing that key and paramount opportunity to reinforce their commitment to transparency and thereby building greater trust.