Superannuation funds need to gain trust from Millennials if they are to tackle member disengagement, according to Kinetic Super.
Citing a panel conducted at the Conference of Major Superannuation Funds (CMSF) last week, Kinetic Super chief executive, Katherine Kaspar said Millennials had enormous buying power and were not necessarily going to utilise financial institutions the same way they were used today.
“Technology is going to continue to be a way in which we engage with Millennials and we need to be delivering features and products that allow us to connect early with our Millennials to understand their needs and enable us to be able to help them make those decisions,” Kaspar said.
“We need to do so by generating trust with them. And how do you generate trust? By being reliable, adding value to their day-to-day interaction.”
Kaspar noted that Millennials did not want to be branded as Millennials as they wanted to be individuals.
“They want to have personalised services. Technology is an enabler for us to show that we can provide a personal service and that we can be trusted to help you with some of the major financial decisions in your life,” she said.
Kaspar said if super funds wanted member engagement they had to add value by looking at people’s personal circumstances and needed to do so in a reliable ongoing fashion.
“Millennials are more financially savvy than we often give them credit for and they have potential buying power and it’s important that they should be focused on the super space and everything else they’re thinking about,” she said.