Retirees are breaking the digital stereotype, embracing online engagement with enthusiasm, according to UniSuper. This is a significant shift from the long-held belief that older Australians are less tech-savvy. UniSuper's Head of Digital Experience, Brendan Donoghue, highlights the remarkable digital adoption among retirees, emphasizing the role of personalization, security, and simplicity in driving this trend. With an average of 22 logins per year for all members and 37 logins for those over 60, the data reveals a clear preference for digital interactions among the elderly demographic.
Donoghue attributes this success to a user-centric design approach. UniSuper prioritizes accessibility and simplicity over extensive education, focusing on creating seamless experiences. A notable example is the redesign of binding death nominations, which now feature a simplified digital process. This change has been a hit, with 60,000 members utilizing the service in its first year, a 300% increase from previous years. The key takeaway? Members want a straightforward way to specify their beneficiaries, and UniSuper delivered.
The industry's widespread belief that older Australians are technology averse is being challenged. UniSuper's data shows that 88% of members over 60 are digitally engaged, logging in almost twice as often as the average. This shift can be attributed to three key factors: simplicity, security, and reliability. Processes must be easy to complete, accessible by design, and demonstrably secure. UniSuper incorporates 'intentional friction' through multi-factor authentication and identity checks to reinforce trust, ensuring members feel safe and secure.
Donoghue emphasizes the importance of follow-through, warning against forcing members back to paper forms. He believes technology is expanding advice, not replacing it. UniSuper's new digital advice offering helps members understand their risk profiles and receive investment recommendations, delivering more advice than face-to-face teams. This tool adds capacity without displacing advisers.
Looking ahead, Donoghue predicts a digital-first approach will become the industry standard. UniSuper has already achieved impressive automation, with 87% of pension applications processed without human intervention. This shift has led to faster processing, stronger security, and higher member satisfaction compared to paper-based systems. Donoghue sees AI as a step in the evolution towards fully digital servicing, focusing on improving member outcomes and meeting regulatory expectations.
