Technology and Transformation –Creating Direct Channels for the Digital Customer
Cathy DuncanEM, Superannuation, Customer Distribution
Adrian SobottaTechnology Program Director
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30 October 2012
Suncorp Life
64% of people feel the continual changes to super legislation erodes
their confidence in super
76% are not aware of the changes in Super Contributions in coming
years
36% feel like it is not their money
47% find super complicated
Of these people…• 45% feel frustrated because it is not easy to understand
• 41% feel super is so complex, they prefer not to think about it
• 31% feel powerless• 25% feel embarrassed• 15% feel depressed
30% say they are not interested in super:• Too busy in the day to day finances (40%)• Feel it won’t be enough/there’s no point (34%)• Don’t know where to start to get involved (29%)
46% know they should be doing more
More than 1 in 4 haveno idea what their super balance is
Technology & SuperannuationHow technology is changing the way customers think about their Super
Australia has a Superannuation engagement problem which has major future socioeconomic implications
Technology as an enabler of new engagement models
The Gamification Journey
9
Feedback shaped the game and experience
Integral to our Customer Value Proposition
Customer testing was integral
We began with an elaborate game
Reward people for the efforts
Break super into series of small steps
Building the other great Australian dream.
Everyday Super Gamification
Account Creation
Supply TFN
Tell Employer
Initiate Rollover
Update Beneficiaries
Origination 2 weeks 1 year 2 years 3 years
Lifestyle Planning
Download Annual Statement
Transaction History
Transaction check-in
Retirement Planning
Tell Employer (New Job)
Download Annual Statement
Transaction Check-in
Lifestyle Planning
Retirement Planning
Lifestyle Planning
Retirement Planning
Update Details (Moved)
Transaction Check-in
Download Annual Statement
Transaction Check-in
1 (Logins – Not shown)35102050 points
Points to move your status
Technology & Superannuation
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Creating new direct channels
Enabling significant efficiency gains (STP of transactions and enabling transformative changes
such as SuperStream)
Always accessible
Technology & Superannuation
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Technology also creating new threats
• Online Banking already the target of a variety of threats – Phishing, DoS, etc
• With transformation, new opportunities for fraud may eventuate
Technology & Superannuation
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In Summary
• Engagement• Fighting current and history perceptions• Government intervention• Increasingly homogeneous products• How to get Super front of mind – leverage access points• Breaking it into small and rewarding steps • Breaking the category/nexus • Using technology to drive engagement and rewards