A new video-based member engagement tool is expected to provide answers for superannuation funds wanting an online, interactive customer service solution in their increasingly competitive industry.
Leveraging off its previous work with Australian super funds on projects such as annual statements, online self-service options and digital channels, global technology company Pitney Bowes is bringing its EngageOne Video technology to the local market.
Pitney Bowes Software managing director Australia and New Zealand, Nick Smith, said the firm has been developing a customised super fund solution over the past months, looking to answer how funds can have a two-way conversation with individual members in a timely, contextual and relevant way.
The video technology uses big data and predictive analytics to create an individual presentation that allows interactive exploration of account information in real-time.
"The video is created as the individual interacts with it. We're not building canned videos and putting a million of them in to an archive and waiting for people to pick them up. Each video is generated on the fly in real-time using real information," Smith said.
He said some super funds are saying their key business challenge is how to engage new members proactively and in person in the first 12 months of membership, while others approach it differently.
"We've got other super funds with key goals around customer satisfaction-type metrics such as net promoter scores. We've got super funds who, as part of their digital first strategy, want to provide more proactive information for members through those digital channels and have specific measurements around it," Smith said.
"Whatever the use case is, the video is adaptable to suit. We have no issue whether it's put behind an authenticated file or portal, whether it's pushed out as a marketing tool or sales creation channel, or whether it's an education channel.
"Super funds are using robo advice and static videos to try and reach customers but EngageOne enables super funds to combine these initiatives to enrich customer interaction."
Smith said each time a customer visits their interactive personalised video the software allows the system to gather more customer data to strengthen future personalisation. It can also feed in to a super fund's back end systems.
He said the technology has been used elsewhere in financial services and has been shown to increase customer satisfaction, customer retention, and reduce customer service costs.