This week in an Australian first BT commenced sending BT Super for Life customers personalised video superannuation statements.
The tailored videos catapult annual statements to new levels of customer engagement and are the latest development by BT helping superannuation customers prepare for their best financial future.
The video statement includes an animated summary of the customer’s transactions for the year, estimates an expected balance and income at retirement based on current contributions and how it compares to a comfortable retirement standard#. It also includes a calculator so customers can assess their likely retirement outcomes based on different scenarios.
BT’s Head of Retail and Corporate Super, Vicki Doyle said the video statements were designed to inform and educate customers and to make it easier for them to make smart choices about their superannuation now.
In a survey conducted by BT, nearly one in three (29 per cent) of people claimed they did not understand much, if anything about their superannuation situation and nearly half (49 per cent) were not very confident in taking action regarding their superannuation.
“We know people care about their retirement but understanding your own superannuation situation and having the confidence to do something about it is key. The video statements give valuable, easy to understand personalised information that customers can act on.
“Recent qualitative customer testing was overwhelmingly positive with customers telling us they love the video because they understand it and it is very simple. They also felt it encouraged them to consider how much they should contribute to their super savings,” Ms Doyle said.
Leveraging digital solutions to provide a truly engaging customer experience is at the cornerstone of BT Super for Life. Launched in 2007 it was the first of its kind - a simplified superannuation product allowing customers to see their super balance alongside their online banking. Other recent digital solutions resonating with customers include the ability to access BT Super for Life through the Westpac iPad app and providing ‘click-to-chat’ live online super support for customers when browsing BT’s website.
This announcement comes shortly after The July 2014 Roy Morgan Research ‘Superannuation Satisfaction’ report named BT as the biggest improver in customer satisfaction levels with a 10.3 per cent jump in satisfaction with the financial performance of superannuation.
“BT Super for Life customers started receiving video statements this week and we intend to roll out this service to more of our customers in other products in the future,” Ms Doyle said.
#Comfortable Retirement Standard - Association of Superannuation Funds of Australia
Media release (PDF 50KB)