Member engagement in a digital world was the dominant theme at the FST Media* conference, Technology and Innovation: the Future of Superannuation held in Sydney, June 2014. Generations X and Y may be many years away from retirement, but attracting and retaining that digitally-savvy audience now is essential for the healthy future of the fund management industry.

On the Industry Leaders’ Panel at the conference, superannuation fund technology executives discussed how the post-baby boomers’ need for control, transparency and liquidity will impact the way in which they engage with this market. As one delegate tweeted, “Simplicity and transparency equals trust, and super funds need to deliver this to survive.” Managed funds have responded to the challenge with a paradigm shift towards ‘member-focussed’ direct offerings.

Embracing digital engagement is the way forward for the super fund industry to drive powerful engagement and education, agreed Lisa Claes, Executive Director, Distribution at ING Direct. Claes suggested that innovative digital touchpoints could drive powerful engagement and education, and encourage members to interact about their future in a two-way dialogue. Technology is critical to delivering individualised customer experiences enabling members to take charge and engage with their funds in the way that best suits them.

In a live poll sponsored by ClearPoint, 43% of delegates said that member engagement would be a business priority in the next year, followed by enterprise data management at 30%. Yet, you cannot get effective member engagement through digital means without highly effective enterprise data management. Put simply, you need to get your house in order before inviting people over. The poll also revealed that 49% of delegates were kept awake at night by custodian/administrator quality issues.

This is where ClearPoint steps in, getting your house in order and solving those insomniac issues of custodian/administrator quality. We design, build and run central information management systems for the funds management sector. These data platforms provide a “single source” of trusted, certified data for clients that include the New Zealand Superannuation Fund, the Australian Future Fund and ACC Investments. Our systems enrich custodian and external data, improving knowledge, data integrity and providing for rapid verification by fund managers.

Check out our polling results Infographic for more insight on the challenges and priorities faced by the super fund industry.

*Financial Services Technology Media