Retirement
Hello Google: Major bank launches super-bot
A major Australian bank has launched a superannuation virtual assistant, and anticipates the technology will become “everyday” in no time.
Hello Google: Major bank launches super-bot
A major Australian bank has launched a superannuation virtual assistant, and anticipates the technology will become “everyday” in no time.
NAB subsidiary MLC has welcomed the arrival of its Talk to MLC virtual assistant. Available on Google Home devices, the assistant aims to “bridge the engagement gap” between Australians and their superannuation.
Customer experience specialist at MLC Peter Forster said Australians want more information, transparency and education in order to feel more in control as they enter and experience retirement.
He argued that virtual assistants can help get them there.
“Speaking to your super fund means getting to know and grow your super more easily, quickly and conveniently, and that has the potential to help millions of Aussies,” he said.
“Talk to MLC has been programmed to answer the fifteen most common questions people ask us – including how they can open an MLC account, change their investment options, and how to find lost super.”
Mr Forster explained that the assistant will be able to provide personalised tips to help people increase their super balance, in the future, and also engage with them to consider the benefits of putting money into superannuation rather than spending.
“After that, the world is really our oyster,” he continued.
The fund expects older Australians, Millennials and people with busy schedules will populate the first crowd to talk with the assistant.
However, it also believes the technology will become “as everyday as a mobile phone” soon.
Mr Forster said, “The technology took us six weeks to develop and deploy, and we’re in the process of developing other technology at a similar speed that will help to reduce asymmetry of information and further benefit our customers.
“It’s exciting to be creating innovative products and services to help our customers make the most of their super and their money.”
Speaking to Nest Egg in November last year, Deloitte Digital director Simon Stefanoff predicted a future in which voice assistants like Google Home are omnipresent.
At that point in time, Deloitte Digital was working on voice assistant software, which was set to be launched by individual funds this current quarter.
Mr Stefanoff told Nest Egg that a critical challenge for super funds was cutting through the complexity of superannuation, and argued that the industry had always appeared to need some simplification.
“Quite often I've got a lot of questions about that data where I have to think, alright what's going to show me this, how can I compare that to what happened five years ago? It's fine to see a graph in isolation, how about some context around it, what does this mean in terms of everyone else?” he said.
This is where voice tech comes in handy, Mr Stefanoff continued, arguing that this was the power of voice.
“One of the strengths of voice is the inclusive nature,” he said, especially for older age groups and retirees who may not be as digital-fluent.
“There are a lot of super brands that are trying to interact with this age group and they're probably not going to be able to do it via their mobile channels or desktop channels. We think that with voice they'll have a far better engagement with this age group because it's something they can simply do.
“I think that’s really powerful.”
RELATED ARTICLES
Superannuation
Expanding super for under-18s could help close the gender super gap, says Rest
In a push to address the gender disparity in superannuation savings, Rest, one of Australia's largest profit-to-member superannuation funds, has called for a significant policy change that would allow ...Read more
Superannuation
Employment Hero pioneers real-time super payments with HeroClear integration
In a significant leap forward for Australia's payroll and superannuation systems, Employment Hero, in collaboration with Zepto and OZEDI, has successfully processed the country's first ...Read more
Superannuation
Rest launches Rest Pay to streamline superannuation payments and boost member outcomes
In a significant move aimed at enhancing compliance with upcoming superannuation regulations, Rest, one of Australia’s largest profit-to-member superannuation funds, has unveiled an innovative ...Read more
Superannuation
Rest appoints experienced governance expert to bolster superannuation fund
Rest, one of Australia's largest profit-to-member superannuation funds, has announced the appointment of Ed Waters as the new Company Secretary. Waters, who brings with him over 15 years of extensive ...Read more
Superannuation
Small businesses brace for cash flow challenges as Payday Super becomes law
With the new Payday Super legislation now enacted, small businesses across Australia are preparing for a significant shift in how they manage superannuation contributions. The law, which mandates a ...Read more
Superannuation
Rest launches Innovate RAP to support fairer super outcomes for First Nations members
In a significant move towards reconciliation and inclusivity, Rest, one of Australia's largest profit-to-member superannuation funds, has unveiled its Innovate Reconciliation Action Plan (RAP)Read more
Superannuation
Payday super legislation promises fairer retirement for part-time and casual workers
In a landmark development for the Australian workforce, the recently passed Payday Super legislation is set to transform the retirement landscape for countless part-time and casual workersRead more
Superannuation
Payday Super passes as Employment Hero, OZEDI and Zepto unite to help small businesses meet new seven-day payment rule
With the Payday Superannuation Bill officially passing through Parliament, Australian businesses are now less than eight months away from a major shift in how superannuation contributions are made — ...Read more
Superannuation
Expanding super for under-18s could help close the gender super gap, says Rest
In a push to address the gender disparity in superannuation savings, Rest, one of Australia's largest profit-to-member superannuation funds, has called for a significant policy change that would allow ...Read more
Superannuation
Employment Hero pioneers real-time super payments with HeroClear integration
In a significant leap forward for Australia's payroll and superannuation systems, Employment Hero, in collaboration with Zepto and OZEDI, has successfully processed the country's first ...Read more
Superannuation
Rest launches Rest Pay to streamline superannuation payments and boost member outcomes
In a significant move aimed at enhancing compliance with upcoming superannuation regulations, Rest, one of Australia’s largest profit-to-member superannuation funds, has unveiled an innovative ...Read more
Superannuation
Rest appoints experienced governance expert to bolster superannuation fund
Rest, one of Australia's largest profit-to-member superannuation funds, has announced the appointment of Ed Waters as the new Company Secretary. Waters, who brings with him over 15 years of extensive ...Read more
Superannuation
Small businesses brace for cash flow challenges as Payday Super becomes law
With the new Payday Super legislation now enacted, small businesses across Australia are preparing for a significant shift in how they manage superannuation contributions. The law, which mandates a ...Read more
Superannuation
Rest launches Innovate RAP to support fairer super outcomes for First Nations members
In a significant move towards reconciliation and inclusivity, Rest, one of Australia's largest profit-to-member superannuation funds, has unveiled its Innovate Reconciliation Action Plan (RAP)Read more
Superannuation
Payday super legislation promises fairer retirement for part-time and casual workers
In a landmark development for the Australian workforce, the recently passed Payday Super legislation is set to transform the retirement landscape for countless part-time and casual workersRead more
Superannuation
Payday Super passes as Employment Hero, OZEDI and Zepto unite to help small businesses meet new seven-day payment rule
With the Payday Superannuation Bill officially passing through Parliament, Australian businesses are now less than eight months away from a major shift in how superannuation contributions are made — ...Read more
