Superannuation funds are missing an opportunity to engage with younger members, who are increasingly becoming dissatisfied with their providers, via digital engagement.
The inaugural Superannuation Stealth Survey conducted by SS&C Technologies Holdings found that the younger cohort of the 18 to 70-year-olds canvassed held "neutral to negative feelings" about their provider.
This suggests that funds need to better engage their members at an earlier age, the survey found, adding that members overall want their super funds to improve their digital communication.
The majority (90%) want to be contacted electronically, while one third (38%) want to engage with their super fund about planning for their retirement.
Of the 208 participants, many expressed their frustration about being kept in the dark about fees and charges and regulatory changes that affect them, underscoring the need for super funds to initiate conversations about these topics.
Additionally, more than 80% reported they have not accessed retirement planning tools on their fund's website and nearly two thirds (59%) do not know how to use them. Members also expressed a strong preference for mobile apps.
A recent study of 2850 super fund members by Forrester found that only half were satisfied with their provider's website and mobile app.
Sunsuper however, scored highly for its website and mobile phone app capabilities, leading to improved contact resolution and self-service adoption.
Its technology enables members to monitor account balances, receive notifications of contributions and payments, and make investment choices. It also provides access to lifestyle offers and discounts, and map members' journeys across nine lifecycle phases, Forrester found.
SS&C Australia managing director Jude Metcalfe said the findings showcase the opportunity for super funds to differentiate and secure loyalty from existing members and attract new ones.
"As super funds navigate through a constantly evolving and increasingly competitive environment, digital experiences can significantly improve member outcomes resulting in retention," he said.