Superannuation funds are pouring money into artificial intelligence and improving mobile phone apps in a bid to harness an uptick in member engagement resulting from the coronavirus pandemic and the federal govenment’s associated financial hardship early access to super scheme.

KPMG’s super advisory partner David Bardsley says major industry super funds traditionally maintain loyalty via in-person town hall sessions, where members ask questions about the fund or super in general.

KPMG’s super advisory partner David Bardsley says major industry super funds traditionally maintain loyalty via in-person town hall sessions, where members ask questions about the fund or super in general.

However, the COVID-19 induced sharemarket meltdown and the early release super scheme has accelerated the need for funds to upgrade their digital capability and many are now taking the opportunity to recreate better in-person experiences online.

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A survey of 1500 Australians by Digital Edge Research Co. in October found 54 per cent did not like, understand or trust super fund providers.

Wealth expert Vanessa Stoykov says it is crucial that funds go beyond their digital offerings to better engage with their members.

“Long gone are the days of sponsoring large-scale events; funds need to be focusing on fostering a sense of community and providing relevant education to their members to make a genuine difference to their lives,” she said.

Ms Stoykov provided the example of Care Super, which hosts regular luncheons for members, Cbus that offers materials in a wide range of languages for its non-English speaking members, and HESTA which holds awards for members in recognition of their contributions to society.

Find the full article on theage.com.au – click here