Colonial First State – Helping Australians build financial resilience
Service Commercial Services
Marcel Jacobs, Mathieu Dauner
and Edward Stephens
Neal Devine - Colonial First State
Todd Stevenson - Colonial First State
Nicole Gardiner - Colonial First State
Richard Carrington - Colonial First State
Colonial First State is a leading Superannuation fund and the second-largest payer of pensions in Australia. Customers being able to access support services and self-serve basic financial needs is key to them understanding and managing their financial situation, wellbeing and resilience – both now and for their future.
Image: New company homepage with key actions front and centre
Image: Evergreen content to help members understand what is possible with their financial products
Image: How To Guides to help members self-serve basic needs brining support and content in context of jobs to be done
Image: Presenting key findings from customer testing to team leads across member-outcomes, customer contact, legal, product, marketing and digital
Image: Co-design session to ideate solutions to How Might We statements that came out of customer research
Image: Customer testing new content pages with customer in 1:1 sessions - Week 4
For years, retail super funds supported a small, niche group of expert users - financial advisors, who acted as intermediaries, translating a complex product landscape to customers.
The rapid growth of industry funds, selling direct to customers (vs advisers), and the shift in adviser business model to only service high net worth customers left traditional retail super funds & customers in a bind.
To compete in this new landscape and respond to the insight that customers had a gap in servicing needs, the business needed to find sustainable solutions to update a traditional support model & address new customer expectations around online capabilities
Starting with a new vision anchored in financial wellbeing, prioritising new customer outcomes - visibility, understanding, access & confidence.
To deliver this vision we shifted to a broader business service strategy focused on 100% of members completing key tasks digitally (e.g. access, see, consolidate, manage and take it with me). Solutions resolved customer pain points digitally around these “fundamentals”, while improving capacity for call centres to support more complex customer requests.
Key concepts that underpinned this solution include:
1. Providing support in-context
2. Show customers what can be done
3. Frame pathways with common, but urgent questions
4. Answer once, clearly
This strategy delivers better financial wellbeing outcomes for customers:
The ability to self-serve fundamental financial tasks reduces customer financial anxiety, builds confidence and improves financial resiliency
By improving accessibility and flexibility of support content, customers gain visibility of their finances and can better understand their super
Additionally, this strategy provided commercial uplift:
Improved customer satisfaction with a cohesive and integrated service experience
Increased capacity to manage all customers and their differing needs at scale.
Reduced operational costs around call volumes and duration
Facilitate cost transformation by supporting online conversion of member tasks and sales.
Reduced content governance risks and costs
This strategy has created tangible change for customers of Australia’s second-largest provider of pensions. By taking a customer-first approach quick wins which have lasting value for both business and customer were created and put live.
A design system was created that aligned the look, feel and language across all digital touchpoints, enabling customers to have consistent experiences across all digital touchpoints.
An updated information architecture. Enabling better customer experience, improving the navigation of digital properties as well as consistency for groupings of specific content types.
How to Guides were made accessible on the public site, providing clear expectation of process, time requirement & documentation to complete fundamental tasks in managing their financial products. E.g. updating account details, consolidating superannuation accounts, nominating beneficiaries.
How to Guides enabled customers to self-triage to appropriate channels.
Access to support online was placed in the context of critical actions which have assumed high emotional significance, for example accessing super due to financial hardship.
A content assessment framework allowed internal teams to assess and validate the use of existing content against newly created guides, ensuring users receive one answer for a single question asked regardless of the channel they ask it on.