Super funds need more digital tools

Superannuation fund members want better online retirement planning tools, more online interaction and better member education, research from financial services software firm SS&C Technologies Holdings has found. 

Although members were satisfied with their super offering, over 80% of the respondents in the Q3 survey said they had not accessed any retirement planning tools on their fund’s website and 59% said they were unaware of how to use them. 

Members also expressed a strong preference for mobile apps, as well as more conversations with their fund on key topics such as retirement planning, regulatory changes and product fees. 

Over a third (38%) of respondents said they wanted to engage with their super fund about planning for their retirement. 

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SS&C Australia managing director, Jude Metcalfe, said the survey showcased the opportunity for super funds to differentiate and secure loyalty from existing members and attract new ones. 

“As super funds navigate through a constantly evolving and increasingly competitive environment, digital experiences can significantly improve member outcomes resulting in retention,” Metcalfe said. 

“The challenge is to take advantage of the technological sophistication and flexibility available to implement digital tools customised to the ever-evolving way members engage.”  

The SS&C Superannuation Stealth Survey was conducted in Q3 2020 with a sample of 208 respondents, aged above 18, who were members of a superannuation fund.