Digital advice engagement spikes for super members

More superannuation members are using online advice technology to engage with their fund, the latest report from Decimal shows.

Decimal's annual digital insights study found in the year to June 2018, the number of requests from superannuation fund members for live adviser support has doubled.

The most active members are 64-year-olds who used the platform 40 times in the past six months, the report said, noting more members are also using live data from their superannuation fund to "self-diagnose" their financial wellbeing.

"Members will then frequently take the option to engage with a live adviser with a clearer idea of their current situation, and the goals they are trying to achieve, making the process more effective for both parties," the report said.

Decimal also found that members are regularly using the platform to model their retirement future, with engaged members logging in to the system multiple times to create, review or update a plan for their super.

"Funds that have led in digital advice can demonstrate clear growth in engagement - their members are more informed, empowered and, most importantly, they can and do act to make changes for a better retirement," the report said.

It pointed out the spike in engagement could also be due to the effect of the Royal Commission into Misconduct in Banking, Superannuation and Financial Services.

Decimal chief executive Damon Watkins said this year's report also shows that digital advice technologies do not replace the role of a human adviser.

"Automated digital advice technology is liberating our clients' advice teams from the technical process of constructing advice so they can focus on the human interaction aspect of client engagement," he said.

Read more: DecimalDigitalSuperannuationAutomatedBankingDamon WatkinsFinancial ServicesMisconductRoyal Commission
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