Super funds trial digital membership card


By Kate Kachor

Email Article Print Article

Related Articles: | |

An undisclosed number of Australian superannuation funds are piloting a new digital membership card that would replace physical cards issued to super fund members.

IQ Group principal consultant Ron Mullins yesterday told financialobserver a small number of the top 50 super funds in Australia were internally trialling the company’s iqSmartCard product.

“We’re talking to a lot of funds. It has generated a lot of interest,” Mullins said, adding discussions with funds began late last year.

“We’ve done quite a number of demonstrations, with a small number of [funds] moving to a pilot phase.”

IqSmartCard was a cost-effective offering that provided easy member registration, provided member opt-in for lost super searches, could initiate rollover requests and notified members when they were reaching their contribution threshold, IQ Group said in a company presentation.

The company developed the idea for iqSmartCard after observing an online membership management gap in the super sector.

“The solution is all about giving funds the opportunity to get in front of the member,” Mullins said.

According to the findings of the IQ Group research report “Digital and Mobile Services Offered by Australian Superannuation Funds”, there were “limits of digital readiness” among funds.

The research on Australia’s top 50 super funds found 100 per cent of funds had a public website and 98 per cent had member online access, while only 36 per cent of funds had a mobile optimised website and 14 per cent had a member app.

Only 2 per cent of funds had a digital membership card, the report, written by Mullins, said.

“While many funds are in a firm position to take online service delivery to the next level, others have been slower to adapt to the new digital landscape and may need to undertake a technological “leap frog to keep pace with the latest digital and consumer trends”, he said in the report.

« Back to Articles