The Investment Trends 2015 Member Engagement Report found that superannuation funds have transitioned into providers of account services rather than mere custodians of member funds.
The report, which surveyed 44 of Australia’s largest super funds, found that regulatory change, digital technology and the renewal of some super funds’ boards were all contributing to the trend.
Investment Trends technology analyst Ian Webster said super funds are using the “proliferation” of self-directed service on super admin platforms to “use their education and engagement activities to help each member improve their retirement benefits”.
“Deloitte Digital’s rebuild of QSuper’s online channel with account-based, self-directed, intra-fund advice from Decimal sets a new benchmark for core super account services,” Mr Webster said.
The report pointed to the ‘lost super’ and ‘super rollover’ campaigns of the past two years as having contributed to further member engagement.
“Digital technology is providing funds with the ability to deliver cost-effective member engagement strategies with a focus on individual members’ relationship with their fund and their super account,” said Mr Webster.
The Investment Trends report named AustralianSuper as the best all-round fund for member engagement services. The remaining top five funds by member engagement scores were QSuper, NGSSuper, Sunsuper and Hostplus.
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