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Opportunity for funds to go mobile… at last
Paul Gardiner
Link Group today (November 23) launches a smart phone super fund app, enabling members to manage their super account on what has recently become the most-used online platform. For big super funds, the pressure is now acute to have the mobile numbers and email addresses of all their members.
According to evidence from Google Analytics, more than 60 per cent of online users as at June 2015 access their financial information – mainly news – via a mobile device; up from 40 per cent in 2013. It has been a notoriously difficult challenge for super funds, especially multi-industry public offer funds, to obtain the mobile phone contacts of members. Anecdotally, it is thought that the average big super fund has the mobile phone contacts of fewer than 50 per cent of its members for text messages – which are more widely read than emails because they are seen as more personal. But email address information held by funds is not much better.
With the merger of Link-owned AAS and SuperPartners, which, combined, account for more than 80 per cent of Australia’s group super member admin, the opportunity exists for a concerted effort for industry funds to lift their game with member engagement.
The Link mobile app offers fund members full access to their account, in real time. They are able to view and transact on the go, with all transactions updated live into the core administration platform.
The app encourages members to engage with their fund on a more regular basis and provides members with more choice in how they interact with their fund.
The app is developed by Link Group’s information, digital and data services division, and is available for clients of the company’s fund administration division, either as a ‘white label’ product or a bespoke solution.
A key feature is the ability for super funds to send ‘push’ notifications to a member’s mobile phone via the app.
Paul Gardiner, the chief executive of information digital and data services, said the app was another example of how super funds could act innovatively to reach their members.
“Live mobile access is one of the key ways for funds to make superannuation more accessible on a daily basis, therefore encouraging more frequent member interactions and engagement,” he said.
“Today’s users expect to be able to access everything in the palm of their hand including super fund account balances and transactions…”
– Greg Bright
