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Super funds step up digital engagement strategies
Super funds step up digital engagement strategies
The superannuation industry has marked the importance of digital solutions and engagement strategies, making it easier for members to access their data and financial products online.
The IQ Group Annual Superannuation Industry Digital Engagement Survey found that the roll-out of the SuperStream initiative has positioned funds to better take advantage of digital engagement and services.
IQ Group director of business development Ron Mullins, who wrote the report, said: "Beyond the governance requirements for data management, many funds are now beginning to acknowledge the value of data, beyond compliance value."
He added: "One of the exciting things we expect to see is an increase in aggregation services, where a digital solution can provide a holistic view of a member's financial position by providing a snapshot of multiple super funds, bank accounts and other financial service information.
"To some extent this information has been manually harvested by financial planners in the past; these digital services will allow members to create a snapshot of their wealth position."
Mr Mullins continued: "Combined with online financial planning and calculation and budgeting tools, the industry is going to be able to meet investors' demands for a holistic view of multiple financial products."
The report found that 82 per cent of funds offer a mobile-optimised website, up from 36 per cent in 2014. It also noted that this "is a key requirement for engaging with device-driven members".
IQ Group stated that a continuation of the development of mobile sites is expected to ensure "more than the website landing page is optimised for member engagement".
However, the survey revealed that only 18 per cent of funds offered a mobile app for members.
"There has clearly been a technical decision to focus on mobile optimisation versus the development of apps," the report stated.
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