The Conference of Major Australian Superannuation Funds (CMSF) is an idea sharing and networking event for Australia’s $1.2 trillion profit-to-member super sector. The IRESS team was there in force to hear more about the changing workforce and its impact on super.
Jeff Hall, Managing Director of Superannuation for IRESS, felt that CMSF packed a punch for attendees as it mixed regulatory updates, digital developments and participants learned more about what shapes the super industry. "It allows us to keep super funds up to date with the new features in Acurity such as our newly launched ebMS messaging service, and provide insight into how other super funds are innovating such as Statewide Super and Kina to improve member engagement."
At this year’s CMSF conference we asked delegates eight key questions about the super fund that looks after their superannuation. We figured if we poll the super experts we might gain some gritty insights into how the industry is tracking. Here’s what we learnt.
The great news – everyone knew exactly how many super fund accounts they had. Most respondents (60%) had one super account whilst 25% had two accounts. Finally, three super fund accounts or more were held by 15% of respondents.
This is good news and reflects the overall focus of Australians as they work hard to consolidate the number of super accounts they have. According to the ATO, there has been a significant downward shift of 3% over the past four years of people holding three or more super accounts.
Less than half of our survey respondents felt the love when it came to how often their super fund engaged with them. Only 43% of fund members polled were happy with the level of communications they received. The rest felt their fund could do more – and 19% were very clear that the level of engagement wasn’t enough.
Interestingly member engagement was a target of the Stronger Super reforms and our Super Survey highlights that many funds still have a way to go.
Deliver a single client view, drive efficiency and reduce time to market for new products and features.
Provide members access to their fund and empower them with knowledge and functionality.
Superannuation administration services that set the benchmark for industry standards in service, quality and value.
We've analysed data from across IRESS digital products to share some key insights into daily investor activity and device useage.
How has digitalisation impacted the way consumers interact with financial services and what does this mean for how they want to interact in the future?