When facing a difficult choice between keeping fees as low as possible or investing some revenue in better systems to help members engage, data shows members are willing to pay for a better experience, according to Andrew Inwood, global head and founder of research consultancy CoreData.

Speaking about member engagement with Julia Newbould, managing editor at Conexus Financial on the ‘Future of Super’ podcast, Inwood said member experience becomes particularly important once members retire.

“The data we have on that is pretty compelling,” Inwood said. “People, as they get older, really want better service and they’re prepared to pay for it.”

This means that as growing numbers of members approach retirement, “superannuation funds are going to have to twist and morph from businesses which are designed to accumulate funds as cheaply as possible and manage them as well as possible, to ones which are also incredibly good at helping people through that transition,” Inwood said.