Retirees are smashing stereotypes and embracing the digital world, according to UniSuper, as they witness a surge in online engagement among older members. But wait, isn't this the generation that's supposed to struggle with technology?
Brendan Donoghue, UniSuper's head of digital experience, reveals a surprising trend: retirees are at the forefront of digital adoption, challenging preconceived notions about their tech-savviness. And the numbers are impressive! While the average member logs in 22 times a year, retirees over 60 are logging in a whopping 37 times!
The secret sauce? UniSuper's focus on personalisation, security, and simplicity. They've ditched lengthy explanations and complex processes, opting for streamlined digital experiences. For instance, simplifying beneficiary nominations resulted in a 300% increase in members using the service.
Here's where it gets controversial: Donoghue argues that the industry often over-educates instead of creating intuitive experiences. He believes in letting the technology speak for itself, ensuring processes are seamless and secure.
UniSuper's strategy includes building 'intentional friction' for critical actions, like multi-factor authentication, to enhance trust. This approach, they believe, keeps members safe without sacrificing user experience.
The fund also emphasizes the importance of keeping digital promises. If a process can be done online, it should be, to encourage digital adoption. This philosophy extends to their digital advice offering, which provides risk assessments and investment tips, complementing face-to-face advice.
UniSuper is future-proofing its services by integrating tools into members' digital journeys early on. This proactive approach aims to establish a long-term relationship with members, guiding them through retirement planning.
Donoghue predicts a digital-first future for the industry, with UniSuper already processing 87% of pension applications without human intervention. This shift brings faster, more secure services and higher member satisfaction.
AI: A Game-Changer or Just Another Tool? Donoghue hails AI as a revolutionary technology for the superannuation industry. However, UniSuper's approach is measured, implementing AI where it genuinely enhances member experiences and meets regulatory standards.
