BT Super for Life customers will now receive their annual statement in the form of a tailored video, BT has announced.
BT has claimed the video as "an Australian first" and said members would receive a two-and-a-half-minute personalised video, addressing the member by name and telling them what their balance is.
The video then projects how much they can expect to have in retirement, both as a lump sum and a potential 25-year income stream, and compares this to the amount needed for a 'comfortable lifestyle', as calculated by the Association of Superannuation Funds of Australia (ASFA).
It then directs members towards BT's retirement income calculator to check the figures and find out how they can improve their retirement income prospects.
BT head of retail and corporate super Vicki Doyle said the video statements were designed to inform and educate customers and to make it easier for them to make smart choices about their superannuation now.
"We know people care about their retirement but understanding your own superannuation situation and having the confidence to do something about it is key. The video statements give valuable, easy to understand personalised information that customers can act on.
"Recent qualitative customer testing was overwhelmingly positive with customers telling us they love the video because they understand it and it is very simple. They also felt it encouraged them to consider how much they should contribute to their super savings," Doyle said.
BT Super for Life has already integrated its super statements with Westpac online banking.
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