Bravura Solutions Limited (Bravura)(ASX: BVA), a leading global supplier of transfer agency, wealth management & life insurance software applications and related professional services, reports that there is greater opportunity than ever before for the superannuation industry to engage with customers and drive long-term interest in super.
Bravura’s latest roundtable, hosted in conjunction with FST Media and called ‘Optimising Member Engagement in the Evolving MySuper Environment’, saw some of the financial services sector’s leading thinkers discuss ways in which the superannuation industry can increase positive engagement with its members through the use of technology amid the developing MySuper environment.
Led by Bravura’s Head of Strategic Accounts, John Burke, the panel agreed that paramount to rising to the challenge of increasing member engagement was looking beyond the initial focus on customer acquisition, to developing active, long-term engagement with personal investment.
The pending July MySuper changes were raised as a key source of impetus for the superannuation industry to sit up and take notice of current member engagement standards and what’s at stake.
“Once the MySuper environment becomes established, providers are anticipating a higher level of member movement, and they recognise that customer engagement strategies will need to play a much bigger role in their superannuation strategies,” said Mr Burke. “As our panelists confirmed, there is a growing focus on engagement solutions that leverage these changes to the advantage for members, investment groups and advisors.”
The discussion identified that major players shared a future vision for member engagement, elevated from the current standard. Mr Burke explained: “The conversation began around engagement as being acquisition – getting the money in, getting the account started and securing the customer. Now the conversation has moved to how we would like to engage members on an ongoing basis – by improving member services, deepening member education and understanding our customers in much greater detail so that we can deliver them the best possible advice when they need it.”
“Already, the methods for driving a customer’s super engagement are being overhauled and reshaped,” continued Mr Burke. “Leading industry experts from Suncorp, ING Direct and Colonial First State have noted the advent of integrated tools such as online advice and employing so-called “gamification” techniques to make superannuation more relatable.”
According to Jason Tong, Bravura Solutions Chief Operating Officer Global Wealth Management, technology is the key enabler for effective member engagement. “We [Bravura] look at the trends going forward and think about the challenge of bringing all the data and services together into a unified experience. Going forward achieving engagement with members is going to be absolutely essential for funds to survive; we believe this will only be possible through technology, specifically a sophisticated – yet easy to use – online offering for members,” he said.