6 Areas That Need to Be Disrupted With Innovation in Superannuation, Banking and Insurance

Superannuation, banking and insurance are traditionally fairly stable and conservative industries because they’re heavily regulated and thus may not have too much room for flexibility. However with new technologies on the rise which are making people’s lives easier, faster and startups seeking to change the way things have been done – these 3 industries are ready for a disruption. It’s the nature of business – continually evolving to better meet customer needs or else go out of business.

The 6 areas below are currently limiting innovation in these industries and need to be adapted to the way customers are demanding information. Thanks to new platforms, smarter faster portable devices people are changing the way they consume information.

Product Disclosure Statement

Anytime you have to change products or open a new account, the company will send you reams of information in the form of a product disclosure statement outlining all the terms and conditions under the law. The print is usually small and tone is dry disengaging a new customer. Truthfully, who actually reads these documents? Plus it’s not environmentally friendly to use sheets and sheets of paper which are binned eventually.

On-boarding letters

These are welcome letters provided by your bank or super fund or insurer to new members. These businesses are still sending these out in the mail along with PDS which are probably binned. It may be a better idea to send these electronically perhaps making them interactive by adding a short welcome video from the CEO or account manager and a CTA in the email to update their details or inform them of other products they might be interested in.

Authentication of callers

Is your call centre annoying customers and wasting their time? Currently calling any company belonging to the 3 industries means jumping through security hoops and talking to an automated voice on the phone before you go through to a person. This process takes up so much time there’s very little time left for staff to offer a great customer service experience or talk to customers about new products they might be interested in.

Compliance training

Is compliance training putting your staff to sleep? Compliance with laws and regulations is a crucial part of these businesses. Unfortunately the subject matter is dry, uninspiring and extremely forgettable. Instead of running the same 4 hourly or 2 day workshops that you’ve been running for years, create a video which delivers the same message quicker, entertaining and easy to watch and remember once the session is over.

Product Statements

Ok, so your customer has signed up and has been with you for some time. Now it’s time to send them their annual statement. The challenge for a bank, insurer and super fund is to actually get the customer sufficiently interested to open their statement, read it, comprehend it and act on it. These industries often struggle to get customers to open their mail either because customers are not interested or they don’t understand it. This is where personalisation comes in. The more you personalise communication to your customer’s likes and dislikes and remove jargon from statements, the higher the engagement rates you’ll realise.  Here is where personalise video statement comes.

User Experience

It’s safe to say that the future will require greater personalisation and mobility for users. People want to access their accounts on their own terms, and the superannuation, banking and insurance industries will have to update their game plans. Rather than expecting users to visit brick-and-mortar locations or navigate clunky website designs, industries will need to offer mobile apps that tailor communication directly to individual users and allow them to access their accounts on the go.

Videos can be used in a number of innovative ways to help engage your audience and communicate important information to them. Be creative in transmitting information to customers, be bold and try different things until engagement starts to rise.

Creativa helps companies in superannuation, banking and insurance communicate better with their customers through a sound video marketing strategy, effective videos and has produced some excellent results for existing clients.

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