A retail superannuation fund has taken the top spot in a comprehensive member satisfaction and experience survey, bumping off AustralianSuper from the top.
Colonial First State has regained the top spot in the Forrester Research's 2020 Australia Superannuation Customer Experience Index for its ability to provide members "effective, easy and emotionally positive experiences".
Sunsuper came in second, followed by BT Financial Group's super offering and industry fund Rest.
AustralianSuper dropped to number five in the Australia CX Index. Superannuation offerings from MLC and AMP took the sixth and seventh spots respectively.
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Forrester Research, a US market research firm, surveyed more than 2800 members of the seven super funds at the thick of the pandemic from May to July.
The research firm took a deep dive in finding out how super funds earn loyalty by delivering quality experiences, particularly during a turbulent period and just as members jumped on the Early Release Scheme. It assessed several categories like communication, and the emotional well-being of customers. Customer service, in terms of how a super fund handles issues, is deemed as the most important driver.
Apart from the highly positive experience members highlighted, CFS also exceeded industry averages in terms of customer service, website and mobile app, investments and advisers, and communication.
While AustralianSuper's ranking plummeted, its score did not drop significantly, rather its competitors made large gains over the super fund in 2020. AustralianSuper still outperformed its peers in areas like communication, the report said.
Sunsuper held onto second place thanks to improved scores in its customer service and website and mobile app capabilities.
"Among superannuation customers who felt understood, 60% plan to stay with the brand, 60% will advocate for the brand and 61% plan to spend more with the brand," the research found.