Apps and digital platforms for super funds
08 Feb 2018
Feeling out-of-touch with your retirement savings? These apps can help put you on top.
A recent survey from the Australian Securities and Investments Commission’s Moneysmart found that roughly 40% of Australians don’t know what their super balance is– a fact which demonstrates how out-of-touch many Australians are with their retirement savings. This obliviousness could be down to people simply having a lack of easy viewing access to their super balance.
But mobile apps for banking and superannuation can help put people more in touch with their retirement savings by providing such things as a display of their balance, investment performance and transaction history at their fingertips.
10 apps that can help you get on top of your super
At Canstar, one of the measures we use to rate super funds with is their online functionality. Our superannuation comparison tables list four different criteria: checking your balance online, online rollover functionality, a smartphone app and allowing you to update your details online. Our database shows that there are 27 super providers out there that offer all four of these to members, and we’ve compiled 10 of them below.
Note that these apps require you to have a super fund with the affiliated provider and are listed on the Google Play and Apple store.
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AMP
The My AMP mobile app is an easy way for you to manage and track all of your finances, not just your super. With its fresh look and easy to use interface, the My AMP app lets you:
- track your super balance and contributions
- monitor your investments
- keep up to date with the markets
- bring all your super together
- reorder accounts to see your most important ones first and access the transaction view with one touch.
AustralianSuper
Australian Super’s mobile app is easy to use and comprehensive, allowing you to access your super on the go. With AustralianSuper’s app on your phone you can:
- receive notifications when a payment goes into your account
- view your account balance, transactions and fees clearly
- easily change your super investment allocations
- update your account details
- update and view your insurance cover through your super
- search for lost super for easier consolidation.
https://www.youtube.com/watch?v=7S9EFqpStaI
ANZ Grow and ANZ goMoney
- Available for iPhone
ANZ offers a few apps that help you manage your super, but their best ones are arguably Grow and goMoney. The iPhone-only grow app lets you track all of your finances, not just superannuation, while also allowing you to:
- view your super balance
- find and round up existing super
- add optional insurance with no paperwork.
Commonwealth Bank
- Available for iPhone and Android
Commonwealth Bank’s mobile banking app is the #1 banking app in Australia with over four million users. It technically isn’t a superannuation app – it allows you to combine all of the products you have wit CBA into one easy to use package.
Using the app’s portfolio view, you can see your super alongside your cash, property and share investments as well as any liabilities, to give you a picture of your total overall worth.
Grow Super
- Available for iPhone and Android
The Grow Super app combines all of the key features of a super app with a beautiful interface, complete with interactive graphs on performance and how well you’re tracking towards your retirement goals. This is similar to the projection tool Russell Investment’s app has (below), and you can change your investments at the press of a button.
NGS Super
- Available for iPhone and Android
NGS Super has a comprehensive mobile app that provides all of the basic features you’d expect, such as balance checking and performance information, while also sending members news and opinions on all things super. You can also do things like watch videos and sign up for seminars on superannuation if you want.
Russell Investments Super
- Available for iPhone
The Russell Investments new mobile app comes with all of the features listed above – rollover tools, finding lost super, changing your details etc. – while also having a handy retirement projection function. This tells you how you’re tracking towards your personal retirement goals, while also giving you the opportunity to quickly change your super if you aren’t on the right track.
Suncorp
- Available for iPhone and Android
Similar to CommBank, Suncorp’s mobile banking app lets you check and track all of your other finances, as long as they are with Suncorp. The Suncorp banking app allows you to easily check your superannuation balance and manage your contributions. You can also:
- update your details
- rollover your super
- set up regular contributions and check your super has been paid on time.
Sunsuper
- iPhone and Android
With the Sunsuper mobile app, you can check and manage your super easily with a design that’s easy on the eyes. The app is free and comes with Touch ID, letting users check their balance, update their details, receive notifications of contributions and payments, allocate their investments, choose beneficiaries and more.
You can also easily roll over your existing super and track down lost funds.
Tomorrow Super
- Not yet available
Technically this app isn’t available yet, but it looks extremely promising. Tomorrow Super labels itself as ‘Australia’s most progressive super fund’, and is an almost entirely app-based product. You can read our Q&A with Tomorrow Super CEO Wes Hall here to learn more about the benefits of using its mobile app.
The importance of mobile super
Last year, IQ Group released its 4th annual study on Digital Engagement in the Superannuation industry. This study examined the 50 largest super funds in the country on focuses on their digital customer experience, particularly simplicity, clarity, attractiveness and so on.
Brian Peters, Chief Executive Officer of IQ Group, says that today’s customer is expecting businesses to engage with them faster and through more channels than ever before.
“The instant nature of social media has fostered a culture of quick communication. Customers are demanding this from businesses too,” Mr Peters said. “Businesses need to be meeting these expectations
and providing the communication channels and online services that customers are demanding.”
Key findings from the study include:
- 100% of the top 50 funds now have mobile-friendly websites – up from 92% in 2015
- Only 18% offer robo-advice while 30% offer a live web-chat
- 68% of funds now allow members to request financial advice online and have dedicated online communities
- 78% of funds allow members to join online; 68% allow employers to join online
- Only 48% have members apps, employers apps sit at just 6%
- 74% allow funds to be rolled-over online
Compared to last year, more super funds have incorporated these digital services. But there is still a long way to go, particularly when it comes to super funds having a presence on social media and a mobile app for its members.
Social media embracement
In researching the social media presence of the top 50 super funds, IQ Group found that Facebook is used by 82% of funds, a significant 42% growth from 2014’s study.
YouTube is used by 86% of funds and X by 76%. The majority of social media platforms experienced year-on-year usage increases by the top 50 funds, a promising sign that more of them are getting on board with enhancing the digital experience.
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