Online channel key to driving member awareness & engagement
Bravura Solutions Limited (Bravura)(ASX: BVA), a leading supplier of KiwiSaver administration systems and a global supplier of transfer agency, wealth management and life insurance software applications and professional services, recently hosted a roundtable on the future of New Zealand’s Kiwisaver scheme. A common theme that emerged from the roundtable of New Zealand-based superannuation experts was that while KiwiSaver has raised the profile of superannuation, more could be done to improve members’ education and experience.
The roundtable, hosted in conjunction with FST Media and called ‘KiwiSaver: The Next Five Years – Staying in the Game’, saw chief executives and divisional heads from some of New Zealand’s leading wealth management companies discuss emerging trends in the country’s superannuation space.
Martin Gould, National Relationship Manager for Bravura, said: “Since KiwiSaver’s inception in 2007, more than two million members have joined the scheme and are actively saving for their retirement. This is a positive change in the savings landscape but there’s room for improvement to better New Zealanders’ retirement prospects.”
Participants agreed that the introduction of KiwiSaver has highlighted the importance of superannuation but there remains a general lack of awareness and engagement amongst current and potential members.
The gap between what members think they need to save and what they actually need for a healthy retirement income is miles apart. Most people spend less time planning for their retirement than they do for their next holiday, cited roundtable participant David Boyle, General Manager - Funds Management at OnePath.
KiwiSaver’s online presence will encourage members to actively monitor their investments and think ahead of the income they’ll need for a comfortable retirement. Members find it reassuring to log on and see how their investments are doing at their convenience, rather than relying on an annual statement.
Providers can also more easily tailor information through the online channel and educate members on the importance of superannuation financial savings.
“Communication should not only comply with the rules but should also be useful and digestible to members, no matter what their level of investment expertise,” said Roland Slee, Bravura’s Managing Director, Asia Pacific.
“There is huge opportunity for improved engagement through online channels. It’s an inexpensive communication method for providers, and enables members to instantly and conveniently connect with their savings.”
Bravura’s wealth management and life insurance application, Sonata, combines leading capabilities for KiwiSaver administration with 15 years of proven functionality and modern, agile technology. Sonata’s web driven capabilities enable direct connection with a number of distribution channels including online member and advisor access.