Category Archives: Superannuation

Why Customer Experience is More Important Than Ever

By | CCM, Changing Technology, CRM, Customer Communication Management, Customer Engagement, Customer Experience Strategy, Customer Insights, Customer Journey Mapping, Customer Relationship Management, sitecore, Superannuation, Uncategorized, virsaic | No Comments

Digital disruption has affected virtually every industry and those that haven’t been affected are likely to be in the future. While many people assume that digital disruption is caused by the Internet or mobile technology, this is not the case. At its core digital disruption is driven by customers and their changing expectations.

Thanks to the high levels of connectivity that consumers enjoy, they are more empowered to make choices about who they deal with and how they interact than ever before. If a customer isn’t happy with their experience with one organisation, they have choices and the means to leave and go elsewhere.

Many established organisations and industries that have failed to adapt quickly enough to this have learned the hard way that if you don’t provide your customers with a good experience you are likely to pay the ultimate price. Your customers have alternatives they didn’t have before, and you simply can’t afford to take them for granted.

Customers’ needs and wants have changed and there are a number of priorities that you need to be aware of and embrace if you’re going to be effective at improving your customer experience. These include taking a tailored, individualistic approach to your customers and not just treating them all the same. You also need to think about how accessible your organisation is on different platforms including social media, mobile and the Internet.

Every interaction a customer has with your organisation shapes their overall experience and the feelings they will have towards you. This is why it’s so important to create a positive and integrated customer experience across every area of your business if you want to keep your customers happy over the long term.

In most cases, switching to a customer focused outlook means reviewing every area of your organisation, from your use of technology and social media to the internal processes that dictate how efficiently you can meet your customers’ needs. Most customers have certain expectations when it comes to the experience they have with your organisation, and these include key factors like personalisation, integration across different platforms and transparency of information.

Because of the changing focus on meeting customer needs and the increased availability of information for customers, there has never been a more important time to prioritise customer experience. Your customers know what they are worth and they have access to alternatives if they aren’t happy. Investing in providing your customers with a quality experience is likely to pay off a great deal now and in the future.

Women looking at Mobile Device

Superannuation Changes – Keeping you in the Loop

By | CCM, Customer Engagement, Customer Experience, Superannuation | No Comments

On the 1st of July, Super Funds in Australia will be delivering a raft of changes outlined by the Australian Taxation Office (https://www.ato.gov.au/Individuals/Super/Super-changes/). These changes will affect nearly every individual so it’s important that you’re aware of them and what implications they might have for your future.

How has your Super Fund communicated these changes to you? Do you understand them? Most importantly – was the information you were given relevant to your personal circumstances?

For many of you the answer is probably no. Even if you were provided the necessary information, chances are it was not communicated well, or in a manner that was clear and specific to your individual circumstances. Before you rush out and blame your fund, be aware that the real culprit is most likely to be the legacy software they are running.

Imagine if they had a platform that could message, notify, email or mail changes relevant to you based on your personal information or circumstances. Wouldn’t this be better than having to read through an overwhelming amount of information that’s not relevant to you? Not only would it save you time, tailored information could help you make more informed decisions about your super and your future.

Sure, your super fund could argue that they have to send you everything but wouldn’t it be better if the information you did receive were summarised so it was relevant to you?

Most super funds will be doing a general update to their website hoping that their members log on and read. The funds will also make multiple IT changes to their CCM and campaign management platforms in the future, so that they can report on how the changes will, or have, impacted you.

Only CoTé’s Virsaic™ platform;

  • Enables Super funds to make those changes on the fly, providing a better customer experience as it communicates the necessary information to you through your channel of choice.
  • Allows you to make those changes to communications without complex IT resourcing and scheduling whilst managing the changes across all assets with a full audit trail.
  • Enables you to deliver relevant personalised communications to the channel of choice providing a better member experience.
  • Is designed for the Australian market, APRA and ASIC compliant and hosted in the Azure cloud in Australia.

Super Funds – what are you waiting for? Meet your reporting obligations and give your customers what they are looking for with CoTe’s Virsaic™ platform.

www.virsaic.com.au

Superannuation image

The Importance of Customer Experience in the Superannuation Industry

By | Changing Technology, Customer Experience, Digital Customer Engagement, Superannuation | No Comments

The superannuation industry is a highly competitive one and it’s important to differentiate yourself from your competitors if you’re going to keep customers and bring in new business at the same time.

This can be challenging when you’re already trying to keep up with regulatory changes, against increased competition from other financial and banking institutions and the challenges of new technology. How do you find the time to market yourself and take care of your customers’ needs amongst everything else?

One area that is often overlooked by organisations is customer experience. Building a brand that excels in customer experience is one of the best and most effective ways to drive customer retention and brand loyalty, which will in turn grow your super fund.

Churn rates are often high in the superannuation industry and this is why it’s so important to focus on providing an excellent customer experience. If you can keep your existing customers, you can build a solid base to act as a platform for future growth and expansion.

A few tips to help you create a great customer experience

Here are a few suggestions to help you create a great experience for your customers by meeting and exceeding their expectations:

  • Integrate your digital platforms to provide a seamless experience across different channels and devices. Customers want to be able to use their tablet, mobile and desktop computer to manage their account. By providing them with systems that enable them to do this, and switch between devices in the process, you’ll be providing them with a fantastic experience they won’t easily give up.
  • Responsive customer service. Whatever platform your customers use to get in touch with you, make sure you are there and respond quickly and effectively to their requests or comments. When they see that you are invested in providing them with a good quality of experience this will go a long way to gaining their trust and loyalty.
  • Provide your customers with relevant information. Giving your customers up to date information that’s useful to them is a great way to differentiate yourself and build long lasting relationships with them.

While it does take some effort and time to create a great customer experience it’s well worth your while if you want to build a strong base of customers and truly differentiate your superannuation fund from the rest.

Want to learn more about creating a great customer experience for your fund members? Download our full e-book today.