ING Direct has signalled its intention to roll out a retail product targeting Australia's superannuation sector.
An ING Direct spokesperson told InvestorDaily the product would be a full retail offering, which the direct savings bank was planning to launch in August.
ING Direct chief operating officer Anne Myers said the findings of a financial wellbeing index showed a gap in the market.
"We see a real gap in the market where we can apply the ING Direct principles of value, fairness and online control to what are complex and little-understood products," Myers said in a company statement.
The ING Direct Financial Wellbeing Index found 74 per cent of people did not know how their superannuation was invested.
"Not only do people not know where their money is invested, but satisfaction with their current fund is at its lowest in eight years," Myers said.
"Our customers have been asking us if we can do for super what we've done in savings, home loans and transactional banking, so we are developing a retail product that gives customers value and puts their investments back in their control."
The index also found 23 per cent of people were confident their super fund would deliver enough for their retirement.
It also revealed one in 10 Australians would rely on an inheritance to make up any retirement shortfall and 26 per cent had two or more superannuation accounts.
ING Direct expects to release full details of its superannuation product in the third quarter of this year.
