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Technology and Transformation – Creating Direct Channels for the Digital Customer Cathy Duncan EM, Superannuation, Customer Distribution Adrian Sobotta Technology Program Director 1 30 October 2012 Suncorp Life

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Technology and Transformation –Creating Direct Channels for the Digital Customer

Cathy DuncanEM, Superannuation, Customer Distribution

Adrian SobottaTechnology Program Director

1

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

Too hard

Too complex

Too big to make the first move

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

$35,652.56 $200,000

$200,000

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

Division tagline

Division

Creating new direct channels

Enabling significant efficiency gains (STP of transactions and enabling transformative changes

such as SuperStream)

Always accessible

Technology & Superannuation

Division tagline

Division

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

Division tagline

Division

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