Member experience declines at super funds

The customer experience of superannuation has declined in all key measures, according to a benchmarking report, with a quarter of members saying they had considered switching in the last 12 months.

The CSBA FEAL Superannuation CX Benchmarking Report, which comprised of over 5,000 fund members from 20 super funds, found the net promoter score for all funds dropped 11 points from +26 to +15 compared to 2021.

This included declines in overall satisfaction and ease of dealing while the likelihood to switch from 17% to 23%.

A quarter said they had considered switching funds in the last 12 months and 63% of them said they were likely to carry out this switch in the next 12 months. This compared to 18% and 49% respectively last year.

VIEW ALL

View all

Those in the 35-44 age group were at the highest risk of switching with 30% intending to switch in the next 12 months, followed by 26% of those in the 25-34 age group.

One in three members disagreed that their fund empowered them to plan and prepare for retirement, compared to one in four members in 2021, particularly those who were under-55, female, short-term members or in a default investment mix.

Sam Monteath, CSBA CX director of finance, said: “Acknowledging members’ specific concerns in the current climate; transparent communication around investments and fees and age-appropriate communications using their channels of choice, are key to building trust and loyalty.

“Be proactive, use the right customer insights, personalise your approach and create timely opportunities to engage each customers. Members want relevant information and reassurance they are with the right fund for them.”