POWERED BY MOMENTUM MEDIA
Data key for membership growth
The Your Future, Your Super reform is laying the foundation for a new age of customer acquisition and retention wars, according to digital transformation consultancy, Novigi.
Speaking at an international business review webinar, Ash Priest, Novigi managing partner, said his firm had been experiencing an influx of work helping super funds position themselves to acquire and retain members using technology and data.
He said a modern chief marketing officer was really a data officer because they were now placing enormous demand on administrative and third-party domains to provide enhanced, actionable and marketable data rather than messy unstructured data.
“I've been around the industry now for 10 to 15 years and it’s only within the last few years I've really seen this significant rise in the power and the influence of the chief marketing officer inside trustee offices,” said Priest.
“From our point of view, we think that Your Future, Your Super signals the end of the default membership flows.”
Priest said funds were building best practice marketing solutions because they realised stronger brand was becoming increasingly important in a post-default member market which was driven by retail decision making.
There would end up being highly flexible customer platforms that would leverage data to deliver frictionless digital experiences for customers, according to Priest.
“What you will see over time is data functions like artificial intelligence sentiment analysis on things like telephony platforms, attribution models developing to understand cause and effect, there will be really detailed cohort and segmentation work being done,” Priest said.
“And these are not new concepts, they're things that are already developing in various ways, but you're going to see a really rapid acceleration of investment into… and effectiveness of those platforms.”
Recommended for you
In its pre-election policy document, the FSC highlighted 15 priority reforms, with superannuation featuring prominently, urging both major parties to avoid changing super taxes without a comprehensive tax review.
The Grattan Institute has labelled the Australian super system as “too complicated” and has proposed a three-pronged reform strategy to simplify superannuation in retirement.
Super funds delivered a strong 2024 result, with the median growth fund returning 11.4 per cent, driven by strong international sharemarket performance, new data has shown.
Australian Ethical has seen FUM growth of 27 per cent in the financial year to date.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
2
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.72 3 y p.a(%)
3
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
27.64 3 y p.a(%)
