The era of disengaged, passive superannuation fund members is fading, driven by regulatory changes and demands in consumer behaviours, culminating in greater fund choice, transparency, and retirement support. These challenges represent opportunity for Superannuation brands ready to transform their approach to fostering life-long member relationships.
Reforms like the ASIC- and APRA-administered Financial Accountability Regime, which comes into effect this year, aim to hold trustees more accountable. Meanwhile, the Australian Government’s Retirement Income Covenant is pushing funds to develop strategies that truly support members as they transition into retirement. As a result, the old "set-and-forget" member mindset is giving way to a need for active engagement and informed decision-making.
For superannuation funds, this shift calls for a reimagined approach to member relationships. It’s no longer enough to focus only on those in retirement—funds need to engage with members much earlier, supporting them in planning effectively for their future. Success in this new terrain hinges on creating long-lasting relationships that consistently deliver value beyond simply growing a nest egg. Tomorrow’s superannuation fund leaders will deliver innovative value-add solutions that strengthen members’ financial confidence but also drive tangible results.
Understanding member perceptions
The industry-first Digital Member Experience (DMX) framework, jointly developed by Adobe and Publicis Sapient, captures superannuation fund member perceptions, experiences and journeys, establishing a clear baseline understanding. In doing so, it gives Australian providers insight into areas that offer the greatest potential for improving member value and subsequent organisational gains.
The DMX tracks the member lifecycle from discovery and selection, through application, conversion and retention. It also captures perceptions of brand and reputation, performance transparency, advisory services, ease of application, portfolio management including self-service capability and the likelihood of loyalty.
The research examines how effectively brands attract prospective members through well-presented, easily accessible content that creates a strong first impression. It looks at how providers engage prospects with clear, compelling, and personalised information that promotes financial wellness and enables self-service. It evaluates how well funds convert prospects into members with user-friendly online forms and intuitive next steps. Finally, it measures satisfaction, loyalty and the likelihood of recommendation as indicators of a fund's ability to retain members.
First impressions don’t hold
Our research shows that Australian superannuation funds generally offer a good first impression and clear value proposition, but that quality falls away as the customer journey progresses. Once onboard, members struggle to find and understand information online and to access adequate support. The information they receive may not be tailored to their needs and often obscures fund performance. These factors contribute to low brand affinity, loyalty and advocacy, underscoring an overall need for improvement in clarity of communication.
“Using the DMX framework, funds can identify and address gaps and increase member value while meeting legislative requirements. It reveals a pathway to improving business performance while creating healthier, wealthier and more enduring member relationships”.
Scott King
Principal Strategist, APAC — Adobe
Closing the gaps: opportunities in digital member experience
The digital member experience is a critical lever for growth and retention. Analysis of current Australian fund capabilities reveals significant opportunities to improve engagement and create value at every stage of the customer journey.
Lift brand awareness – Attract & engage
- Providers must do more to strengthen brand advocacy and differentiation in an era where switching funds is easy.
- Strengthening the organisation’s data foundation facilitates creation of tailored marketing strategies and messaging that resonate, boosting brand awareness and acquisition of new members
Scale up personalisation – Engage & support
- Rather than promoting a fixed retirement pathway, providers can empower members to ‘design their own retirement’ and foster deeper engagement.
- By progressively tailoring experiences to micro-segment level with dynamic content, funds can enhance outcomes and drive acquisition.
Make applications seamless – Engage, retain & support
- Build on positive first impressions with human-centred design that streamlines onboarding, applications and support.
- Accommodating varying levels of digital literacy offers support and facilitates self-service and assisted channel access, meeting diverse member needs.
Find new member pain relievers – Engage, retain & support
- Delivering strong returns is no longer enough.
- Creating value for members through expanded service offerings that focus on building financial literacy and confidence extends the playing field.
Turn apathy into loyalty – Retain & support
- Combat low engagement and apathy among members using content and actions designed to drive more frequent interaction and involvement online, increasing satisfaction and fostering loyalty.
“Leveraging the digital member experience as a driver for increased engagement, growth and member retention is what will separate the leaders from the laggards in Australia’s superannuation industry. Where relationships were once purely transactional, members now demand more, calling for personalised insights, strategies and support that only a data and technology-driven organisation can deliver”.
Lam-Po-Tang
Managing Director, Management Consulting ANZ — Publicis Sapient
Delivering the modern member experience
Today’s super fund members expect more than sound investment management—they’re looking for personalised advice, expanded services and an enhanced customer experience.
Where many funds still rely on legacy systems that struggle to keep up and limit their ability to adapt to the rapidly changing landscape, leading providers invest in more agile, scalable platforms. These enable tailored engagement while reducing operational costs and help adherence with an evolving regulatory environment.
"Superannuation funds face a critical balancing act—meeting the expectations of modern, connected members who demand personalised fiscal advisory services and guided life-long journeys into retirement, while navigating an evolving landscape of regulatory reform and legislation. With members increasingly self-electing funds and breaking away from traditional ‘stapled’ relationships shaped by industry and employer alignment, the pressure to differentiate and deliver value has never been greater."
Scott King
Principal Strategist, APAC — Adobe
To truly transform, investment must be both strategic and impactful. The first step is understanding existing member perceptions—an essential action for addressing and improving in areas where the biggest gaps lie. The DMX framework makes this possible.
Adobe and Publicis Sapient developed the DMX benchmark to help brands navigate the new world and support the aim of attracting new members, strengthening existing relationships and standing out in a market where consumers have more freedom.
Read the report to find out how your organisation can develop its personalised accelerator pathway.
