Transforming member apathy and boosting engagement for super funds

The superannuation landscape in Australia is undergoing significant change. Fund members, who were once passive and disengaged, are now part of an environment characterised by choice and transparency, which encourages a new proactive approach to retirement savings.

Regulatory reforms are transforming the industry, enabling Australians to take control of their financial futures. Initiatives like the Financial Accountability Regime and the Retirement Income Covenant place responsibility and support at the forefront, ensuring that trustees prioritise the long-term needs of their members.

Adapting to the new world order requires a fresh approach to member relationships. This means attracting and developing long-term associations earlier in the member's life journey and offering value that goes beyond fund returns. Tomorrow's leading providers will not only deliver tangible results but also offer innovative solutions that enhance their members' financial confidence.

Identifying opportunities within the member experience

The Digital Member Experience (DMX) framework, developed by Adobe and Publicis Sapient, offers a comprehensive understanding of member perceptions, experiences, and journeys. By mapping the entire member lifecycle-from discovery and application to retention-it highlights key areas for enhancing member value and driving organisational benefits.

The research indicates that while Australian superannuation funds initially present a strong value proposition, this impression diminishes over time. Members struggle to find relevant information and support, while generic content delivered merely clouds fund performance. This leads to low brand affinity and loyalty, highlighting a need for clearer communication.

By utilising the DMX framework, funds can uncover and address gaps, enhancing member value and ensuring compliance with legislative standards. This approach paves the way for improved business performance and stronger, more enduring member relationships based on industry best-practices.

Delivering life-long member journeys

The digital member experience has become a vital factor for growth and retention in the competitive landscape of Australian funds. Current analyses reveal significant opportunities for improvement in how funds engage with their members throughout the customer journey.

To stand out in an era where switching funds is easy, providers must enhance brand awareness through tailored marketing strategies that resonate with potential members. Strengthening data foundations allows organisations to create differentiated messaging that captures attention effectively.

Personalisation plays a crucial role in member engagement. Instead of promoting a fixed retirement pathway, funds can empower their members to design their own retirement journeys, deepening their connection. By using dynamic content to tailor experiences at a micro-segment level, funds can significantly improve outcomes and attract new members.

Employing human-centered design principles can streamline onboarding and support, making it easier for members with varying levels of digital literacy to access self-service options while still receiving assistance when needed. This approach addresses diverse member needs and fosters a positive initial impression. Additionally, funds can expand their service offerings beyond delivering strong financial returns. By focusing on building financial literacy and confidence, they create valuable resources for members, addressing pain points that could otherwise lead to disengagement.

Finally, combating apathy and low engagement is essential to turning members into loyal supporters. By implementing engaging content and interactive actions that encourage frequent online involvement, funds can enhance satisfaction and foster lasting loyalty among their members.

Delivering on the promise

Where super fund relationships were once purely transactional, members now demand more, calling for personalised insights, strategies and support that only a technology-driven organisation can deliver. Leading providers invest in agile, scalable technology platforms that enable tailored engagement, reduce operational costs and facilitate adaption to a rapidly evolving environment.

To bring about meaningful change, it's crucial to understand how members currently perceive their fund, an understanding that allows providers to pinpoint and address any gaps. Utilising business-oriented tools such as the DMX framework can aid in attracting new members, enhancing relationships with existing clients, and differentiating in a competitive market.