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The importance of
communications agility in the
face of regulatory change and
rising customer expectations
Presentation to The Future of Superannuation Conference
30.05.2012
Three viewpoints …. One message
We always overestimate the change that
will occur in the next two years and
underestimate the change that will occur
in the next ten.
Three viewpoints …. One message
We always overestimate the change that
will occur in the next two years and
underestimate the change that will occur
in the next ten.
Everyone has a plan until they get
punched in the mouth.
Three viewpoints …. One message
We always overestimate the change that
will occur in the next two years and
underestimate the change that will occur
in the next ten.
Everyone has a plan until they get
punched in the mouth.
As they were hyper-focused on improving
and slowly evolving their products, they
lost sight of their market as it went
through a massive revolution. It doesn’t
matter how good you are at evolutionary
iteration; no amount of evolution will
make up for a revolution.
Punch One: Regulatory change and potential
government uncertainty
New super reforms in Australia:
• Superstream - 1 July 2011
• Future of Financial Advice
(FoFA) - 1 July 2012
• MySuper/Stronger Super - 1
July 2013
Source: Australian Budget Paper No. 1: Budget Strategy and Outlook 2010-11
By improving efficiency and reducing risk,
Thunderhead can help you cope with an
increasing regulatory burden and the growing
threats to revenue streams brought about by
consolidation.
Punch Two: Industry Consolidation and the
rise of SMSF’s
Punch Three: The population is ageing and
taking its money with them
Punch Four: General dissatisfaction with the
industry
2011 ASFA, Consumer attitudes to superannuation and super policy issues, Ross Clare
Punch Five: How do I get my members to
engage?
Opportunity : Lead Greater
Consumer Engagement
With Their Super
Tuning into super – Australian Institute of Superannuation Trustees 2011
Why it matters? When you are communicating
it is not good enough
Poor communication or lack thereof is a
common cause of member dissatisfaction.
Many respondents say their fund doesn’t
keep them engaged or informed.
• "I don't feel that they communicate enough with
the members and I do not know how they
compare with other super schemes" (Male
respondent, aged 67, WA, Industry)
• "Lack of engagement & proactive
communication by the fund" (Male respondent,
aged 35, NSW, Retail)
• “Poor communication ..only once or twice a
year. and high fees considering you don't seem
to hear from them much." (Male respondent,
aged 41, NSW, Corporate)
2010 ASFA, Spotlight on Super, prepared by brandmanagement ©2010
Do you know who I am?
“Service providers are not meeting customer
demand for personal communication”
Two-way communication
“Consumers’ preferences are not being recognised and they
are not receiving communications by their preferred channel.”
Potential for churn
“The wider impact of not addressing customers personally
could result in churn.”
What can be done?
“Good customer communication feeds directly into customer
service, which impacts heavily on customer satisfaction.”
What do we do today?
Enriching Superannuation Communications
Why is Thunderhead.com relevant?
FORRESTER RANKED THUNDERHEAD
#1 in Multi-Channel Support
#1 in Business Empowerment
#1 for Product Strategy
#1 for Number of New Customers’ Added
#1 in Interactive and On Demand Applications
OVUM: “Thunderhead should be considered by
financial institutions that are looking to shift customer
communications to digital channels.”
Daniel Mayo, OVUM, February, 2012
Market Trends:
Insurance VerticalSpecific Software
Thunderhead is a market
disrupter in the market for
software for distribution in
insurance.
Market Disruption
Experience based relationships
Social media landscape