Super fund satisfaction takes a hit - confidence down

A survey conducted on superannuation fund members discovered that overall satisfaction has decreased, and more people are considering changing funds.

The latest customer experience expert report, CSBA FEAL’s Superannuation CX standard report, surveyed close to 5500 members from 20 super funds. They determined that customer experience has dropped across all the primary measures.

The research discovered that overall satisfaction has declined from 8.1 to 7.7. The ease of dealing with a fund fell from 8.3 to 8.0, while the likelihood of switching funds, increased from 17% to 23%.

The survey was conducted in July and August in collaboration with Melbourne Business School. Members aged 55 years and above were questioned regarding whether they feel empowered in retirement. Only 59% said they had high levels of confidence in having enough funds to be comfortable. 33% said their funds did not empower and motivate them to prepare and plan for retirement.

In general, the Net Promoter Score (NPS) for all the funds fell by 11 points, to +15.

Sam Monteath, CSBA CX Director of Finance, said the current market volatility would negatively affect members' emotions and feelings. He further noted that it was vital for funds to provide reassurance to members using meaningful and timely interactions. Recognising the member's specific concerns in the current conditions was essential through offering transparent communication around the various fees and investments. Age-appropriate communication channels and strategies should be introduced and utilised to build loyalty and trust. The critical driver of NPS and overall satisfaction is trust, making members feel valued and providing excellent financial returns.