The superannuation industry continues to experience strong growth and is currently worth over $2 trillion, up 7.5% on the previous year.
However, the number of member accounts has decreased from 32 million in 2010 to 28 million in 2016. This decline is placing increasing pressure on many super funds to improve member retention and has shifted the focus among funds from product producers to service providers.
With the shift to becoming service providers comes an increased focus on the member experience.
The question then comes from the super funds… what do we do?
CoreData recently completed a piece of research on Member Experience in superannuation and was once again reminded of the need to get the basics right; help them, make it easy and show them respect.
The chart below shows the perceived importance of a number of service-related aspects versus funds’ performance in these aspects from a members’ perspective. This chart is for the industry as a whole and not surprisingly, the top three to four attributes become even more important as a person approaches retirement.