What super funds know
Member context
- Some members need help to reach their retirment goals, and yet many of the attempts funds make to engage with them are ingored by members and are unsuccessful.
- Funds often have limited information about their members, making more difficult the important roles of segmentation and personalisation.
- There can be a substantial disconnect between a) what members say when asked in surveys, and b) what they really need, think or do. This can make aligning with their interests more difficult.
- Psychological issues are important to understanding and overcoming these issues.
Fund context
- To most effectively help their members, member engagement issues need to be well understood across a fund, including by legal/ compliance, technology and data teams.
- And they need to be understood and prioritised by trustee boards and by senior leaders.
Industry context
- Regulatory changes (such as changes to default arrangements) are making attracting and retaining members more important than ever.
- Having a credible and defensible approach to member engagement is critical to complying with DDO & MBFI requirements.
What they don't typically know
- How psychological issues can be directly connected to specific member engagement challenges. Which specific psychological issues apply in which specific circumstances, to which cohorts of members, who are making which types of decisions, in which ways.
- What specific actions can funds take based on those psychological issues in order to improve specific aspects of their member engagement (such as their emails, their letters or their forms). It's a good start to make things simple and to have a clean user experience, but it's not sufficient.
- What impact these specific actions are likely to have on different member behaviours and, ultimately, on member outcomes.
- How much these specific actions can improve member acquisition and retention.
- How to align a fund's 'choice architecture' with its 'target market determinations' in order to comply with the DDO requirements.
See the services that are relevant for super funds
1-on-1 coaching to help apply psychological concepts to your project.