Retirement
Super funds push towards mobile-first, but what’s holding them back?
Retirement
Super funds push towards mobile-first, but what’s holding them back?
Would you change your super fund for one with a better app?
Super funds push towards mobile-first, but what’s holding them back?
While engagement with their superannuation remains low among younger generations of Australians, those that do engage with their fund tend to do so via mobile.
In the years to come, this shift in how members want to engage with their fund of choice could prove to be a new battleground for competition in the sector.
Speaking to nestegg, Active Super chief digital and marketing officer Chantal Walker said that the importance of a super fund’s app or mobile web experience depends on both the age and the type of investor.
“For digital natives, it is very important as their mobile is their life and rarely leaves their hands,” she said.
“By making the experience easy, personalised and relevant, it will not only increase engagement but also the relevance of super to them.”
While a good mobile-first experience isn’t as much of a factor for older members, Ms Walker was quick to add that age isn’t the defining characteristic for digital natives. For older members who have embraced tech, having a good app matters.
“Those who have adapted to using a mobile in their work lives now also can’t live without it and all the apps that it houses,” she said.
Asked whether the super fund members of tomorrow will likely change funds due to an app, Ms Walker was uncertain.
She noted for customers that rely heavily on their mobile phones, a super fund’s app might be the only way they access their super.
“If a super fund does not design its digital offering with a mobile-first mindset — unbelievably, many companies still don’t do it — then the digital experience will not be optimised for these consumers,” she said.
Ms Walker noted that consumer perception of what is expected from a good app — regardless of industry or product — is being driven by market leaders in the space.
However, Ms Walker was quick to add that regulations in the super world have not kept pace with the digital world.
She said that things like the need for a “wet signature” on many forms makes it difficult for funds to integrate all the super functionality into a seamless user experience.
Until the regulatory framework catches up, super funds may struggle to deliver on the expectations of consumers when it comes to mobile-first apps.
Speaking to nestegg earlier this year, Aware Super head of digital Ahmad Racheha suggested that superannuation apps were becoming just as relevant to Australians as their day-to-day banking apps.
“These apps are playing a critical role in helping Australians engage with their super and improving financial literacy,” he said.
Mr Racheha said Aware Super members typically use it to view their profile and super balance, make transactions, engage with their insurance and update personal details.
However, he added that the fund has increasingly seen consumers use the app to access detailed information about their investments and make bookings with fund advisers.
“We pride ourselves on making it incredibly simple to use all of our services, and the popularity of this app highlights just how much that matters to members,” Mr Racheha said.
About the author
About the author
Superannuation
Aware Super takes on Australia's gender retirement gap, aiming for financial equality
Aware Super, one of Australia's largest superannuation funds with a 70 per cent female membership, is on a mission to close the gender gap that sees women retire with 30 per cent less super than men ...Read more
Superannuation
Age Pension increase prompts Australians to review their finances
The increase in the Age Pension, which takes effect today, should serve as a prompt for many older Australians to ensure they're maximizing their income as cost-of-living pressures persist, according ...Read more
Superannuation
Retirement reimagined as Australian optimism meets inflation worries in 2023 super fund insights
The latest reports on retirement confidence among Australians present a spectrum of sentiments, with fresh data revealing surprising optimism in some quarters while exposing underlying concerns in ...Read more
Superannuation
Aussie retirees face a shortfall as ideal retirement nest egg doubles what super will deliver
As Australians look towards retirement, the desired superannuation balance that many believe will ensure a comfortable retirement has significantly outpaced what they are on track to actually save. Read more
Superannuation
Super funds eye 6.5% return in 2023, despite a rocky start
As the year draws closer to its climax, Chant West unveils its projection for super funds in what can only be described as a year of economic ebbs and flows. Read more
Superannuation
A deep dive into Australia’s superannuation system
Australia has a robust retirement savings system known as superannuation designed to provide financial security to Australians in their post-work years. Read more
Superannuation
50,000 super fund members impacted by data breach
Around 50,000 member records were impacted by the breach that took place earlier this month. Read more
Superannuation
Two super funds tipped to reach $1tn by 2040
KPMG has released the findings from a new review. Read more
Superannuation
Aware Super takes on Australia's gender retirement gap, aiming for financial equality
Aware Super, one of Australia's largest superannuation funds with a 70 per cent female membership, is on a mission to close the gender gap that sees women retire with 30 per cent less super than men ...Read more
Superannuation
Age Pension increase prompts Australians to review their finances
The increase in the Age Pension, which takes effect today, should serve as a prompt for many older Australians to ensure they're maximizing their income as cost-of-living pressures persist, according ...Read more
Superannuation
Retirement reimagined as Australian optimism meets inflation worries in 2023 super fund insights
The latest reports on retirement confidence among Australians present a spectrum of sentiments, with fresh data revealing surprising optimism in some quarters while exposing underlying concerns in ...Read more
Superannuation
Aussie retirees face a shortfall as ideal retirement nest egg doubles what super will deliver
As Australians look towards retirement, the desired superannuation balance that many believe will ensure a comfortable retirement has significantly outpaced what they are on track to actually save. Read more
Superannuation
Super funds eye 6.5% return in 2023, despite a rocky start
As the year draws closer to its climax, Chant West unveils its projection for super funds in what can only be described as a year of economic ebbs and flows. Read more
Superannuation
A deep dive into Australia’s superannuation system
Australia has a robust retirement savings system known as superannuation designed to provide financial security to Australians in their post-work years. Read more
Superannuation
50,000 super fund members impacted by data breach
Around 50,000 member records were impacted by the breach that took place earlier this month. Read more
Superannuation
Two super funds tipped to reach $1tn by 2040
KPMG has released the findings from a new review. Read more