We’ve suggested before that member experience should be the next metric for measuring superannuation fund (super fund) performance, and recent data from The Australian Financial Complaints Authority (AFCA) only strengthens our view. With the number of complaints up 32% in the 2022-2023 period from the previous year, it’s clear that members are increasingly dissatisfied. And member dissatisfaction can have a profoundly detrimental impact on member retention and your brand.
Member outcomes should be the core objective. Whether relating to fund performance, direct engagement, or the quality and variety of interaction channels, it all comes down to how well a member’s expectations and needs are met. However, member outcomes are also impacted by indirect interactions. Some indirect aspects—those relating to the transactional elements of fund servicing—often attract less attention but are equally important.
Technology, automation and artificial intelligence are needed to drive optimal member satisfaction. But people are also a key part of the equation.
People Provide the Competitive Edge
People bring knowledge, experience, empathy and understanding. They are often the key determining factor in the quality of the member experience.
An administration lift-out is a perfect example of where people make a difference. Technology enables the actual transition of a huge volume of data and accounts; but even before that, the critical first step is mapping out and understanding the people, existing process flows and systems functionality using key member interaction points. When the goal is a seamless transition, the complexity of dependencies and contingencies must be identified and understood. That takes knowledge of system capabilities and limitations and the ability to respond to the unknown. Surprises often arise. As the adage says: there are known knowns, known unknowns, but also unknown unknowns. Planning, skill and experience can reduce the risks associated with the latter two.
The next step comes throughout the lift-out process. Planning should include key milestones along with service level and member satisfaction benchmarks. People are critical here, as transparency and communication become essential. The ability to pinpoint a potential problem area and then flag it and collaborate to fix it is an important preventative step. That often involves transparency and people working together, sharing thoughts and agreeing on how to move forward. Technology has a role, but it isn't the sole answer. Expertise and experience are equally vital.
People Become the Brand
In every step, the people who handle incoming member calls are the front line of assessing and delivering member satisfaction. They are extensions of the fund and deliver on the fund’s brand promise to members. Not only do they field the queries that come during system and operational change, but they are also the ones that guide a member during the moments that matter—moments of financial decisions and life transitions that impact their families and investments. Human understanding and empathy are imperative.
When evaluating a super fund administration provider, the experience and commitment of people shouldn’t be overlooked. The knowledge, dedication, understanding and empathy they bring may influence member satisfaction more than any other component of delivery. As a result, people can be the defining factor of a fund’s success.
Learn more about SS&C Superannuation Administration in our "Mine Super Outsources to SS&C to Improve Costs and Deliver Continued Member Satisfaction" case study.
