Still engaged? Let’s make the relationship permanent

From

Leading  financial technology firm Decimal has called on superannuation fund trustees to re-think their long-term approach to the perennial issue of fund member engagement.


“The superannuation industry has worked hard for many years and has made huge strides towards better engaging members with their super. In fact, the industry has been focused on the ‘engagement conundrum’ for so long, we think it is appropriate to pause and ask the question: ‘When does the engagement finish and the real marriage begin?’ said Decimal Managing Director Jan Kolbusz.

A online study* of over 1000 Australians commissioned earlier this year by the Australian Institute of Superannuation Trustees (AIST) and Russell Investments showed us that many Australians still have large gaps in their retirement savings, and that “over half (of people aged over 46) say they are running out of time to build a retirement nest egg”.

“This is a worrying statistic,” Mr Kolbusz said. “And while the study also showed some overall improvement in engagement by Australians with their super, we believe that committing resources to building appropriate online tools and personalized, self-start financial modeling guidance will fast-track member engagement to sophisticated and measurable levels.”

Mr Kolbusz said the industry also has the opportunity to take technology-enabled engagement to new levels:  “Funds must avoid the trap of equating online engagement with simply popping an intra fund statement of advice into the hand of every member. The spectrum of engagement runs much deeper and should account for multiple member needs and life stages.

“End-to-end tools’ like the Decimal SmartCalculator, developed over years of research and development, provide a simple and scalable building block as funds gear up for unprecedented member engagement – let’s call it marriage – moving forward,” Mr Kolbusz said.

Click to download a copy of the online study  Tuning into Super by Russell Investments and the Australian Institute of Superannuation Trustees (AIST).

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