Industry superannuation funds are providing members a better website experience than retail funds but retail wins when it comes to retirement calculators, the latest digital engagement study finds.
IQ Group's fifth annual study on digital engagement in superannuation industry found industry funds rated better than retail funds on all tasks requiring a member to locate information on the website, and most tasks where the online member portal would be used.
Industry funds' biggest wins were in checking investments (0.7 points higher than retail), checking insurance (0.6 points higher), opening Transition to Retirement (TTR) accounts (0.7 higher) and locating Age Pension information (0.6 points higher).
Corporate governance documents were tough to locate on both industry fund and retail fund websites but industry funds scored 0.3 points higher.
The two cohorts received similar usability ratings for using web chat and chatbots, and for checking statements. Overall, 32% of superfunds are now offering live webchat and 18% are using chatbots and members reported positive experiences in using them.
One area that retail funds shone was the usability of their retirement calculators.
There was a notable difference between the ratings of the superannuation calculators provided by retail and industry funds. Retail superfunds rated better on page simplicity (0.5 points higher), information clarity (0.3 points higher) and overall satisfaction (0.5 points higher).
Overall, super funds made significant inroads in allowing members to request financial advice online (from 68% last year to 80% this year).
Worst rated member experiences were using retirement calculators, locating information on TTR accounts and locating information on the Age Pension.
The annual study looks at the digital platforms and tools currently being provided at Australia's top 50 superfunds with the largest member base. It also sought customer experience feedback from 196 super fund members.