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Digital phase ramps up for super funds
Digital channels will overtake paper and face-to-face interaction with super funds over the next three years, according to a survey of fund executives.
A survey of chief executive officers, chief financial officers and fund executives by Link Group found 80 per cent agreed digital channels would play a larger role in attracting and retaining members.
While a majority of respondents said member engagement was still driven through face-to-face (70 per cent) and paper collateral (80 per cent), they said this would change over the next three years.
Link chief operating officer Suzanne Holden told delegates at the Association of Superannuation Funds of Australia that 80 per cent of respondents believe the fund’s website is the best digital channel to engage members.
Link Group statistics showed the number of website visits per day increased 48 per cent between December 2009 and December 2012. Inbound e-mails from members rose by 38 per cent for the two-year period to July 2013.
“Most superannuation funds are finding the website as the main digital touch point for members to consume information and transact, but members are also increasingly starting the conversation with funds via email,” she said.
“Our administrator teams are also seeing increasingly complex email and phone inquiries which point to members becoming more confident, savvy and educated.”
Only 30 per cent of respondents believe social media channels like Facebook, Twitter and LinkedIn will play a key role in engaging with members. But 80 per cent believe these channels will be handy to monitor customer complaints and better understand the conversation.
Half the funds surveyed had never used these social media platforms or other content channels such as YouTube or podcasts.
“Social media may not be the main point of contact for member engagement for funds in the future but the survey respondents all agreed its influence is likely to increase over time. This represents a potential gap in the market as another communications channel for funds to engage with members,” Holden said.
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