Member data needed at fingertips of fund representatives

Superannuation funds need to understand member behaviour through data and analytics to make “taking action” easy, according to SS&C.  

Through two podcasts with guests from Aon and Rice Warner, the financial services technology firm concluded the top five strategies to improve member engagement were data and analytics, partnering with a customer experience expert, building trust, easy digital self-service tools, and engaging with communities and aligning with causes members cared about. 

Aon partner and head of member and corporate services at smartMonday, Shannon O’Shea, said: “Data and analytics are at the core of customer experience – the ability to understand customer needs deeply and apply predictive modelling to drive engagement and improve outcomes”. 

Related News:

SS&C said the right small changes for members added up over their working life. It said funds needed to have customer data at service representatives’ fingers and make sure that the right information made its way to the right members, at the right time. 

It also said funds needed to gather data on social and economic trends that had an impact on members’ saving, spending, and retirement planning habits. Surveys, SS&C, said were a way to take the “pulse” of members. 

Rice Warner head of super, Steve Freeborn, said: “Ultimately it’s about the data you collect on your customers and how you use it. What are they interested in, what do they care about, what’s going to drive them? That’s going to shape your educational program and the content you deliver to them”. 

SS&C said teaming up with an outside researcher could provide objective guidance on best customer experience practices. It noted that funds should also build trust by being authentic, and this could be done by being transparent and consistent. 

Also, members wanted to feel valued, understood, and confident and for funds to design experiences that elicited an emotional response. This could be done through delivering engaging, relevant, and personalised interactive experiences via digital channels. 

SS&C said a further way to engage with members was for the fund to give back to the wider community and to make a positive environmental contribution. Applying customer data to learn what they cared about and what would motivate them would increase engagement. However, super funds needed to prove this through their actions. 




Recommended for you

Author

Comments

Add new comment