The superannuation industry could see increased ‘gamification’ as a way to increase member engagement, according to GBST.
Speaking to Super Review, GBST chief executive, Rob De Dominicis, said younger people were already more engaged with their super in the past as they were engaged via apps online and on their phone.
Reflecting on 30 years of super, De Dominicis said: “Super is very, very different to how it looked back then, it is chalk and cheese, there’s been a remarkable difference. It was not compulsory, people didn’t know what they were invested in and you got very little feedback on how it was performing.
“Since the apps were introduced, especially push notifications, the ability for individuals to see their super balance and take action has dramatically improved and there’s a lot more technology can do.”
The challenge now was to reach out to those members who were disengaged with their super.
“For better member engagement, to help the average person understand financial investments and what’s best for their circumstances, there’s still a way to go there because it is difficult.
“It’s a personality trait, some people are very engaged and monitor their status in the same way they monitor their fitness and are actively involved but there’s another type of person who isn’t interested.”
One way to increase interest was via gamification, De Dominicis suggested. This was brought about by observing the habits of young people who were getting engaged with their super via forums and Whatsapp groups as well as gamification demonstrated on savings and share trading apps.
“Gamification is an example of how we can make super interesting and be more involved, be putting it into a game for them.
“Gamification has definitely been employed in the financial services industry but you have to be quite clear for the regulator and disclaim at the beginning that it’s not actually advice and is a way to helping people get educated.”