With most millennials considering retirement to be a distant concept at this early stage in their lives, Mercer has launched SuperBot, a social media based financial advice chatbot that uses artificial intelligence to encourage all users to help discover their retirement reality and take action.
Australia’s 17 million active Facebook users spend on average 1.4 hours a day liking, commenting and sharing stories with family and friends. Moreover, with roughly 17% of the earth’s population being active users of Facebook Messenger, there is irony in the fact that the smartphone generation is spending more time engaging on Facebook rather than thinking about their future financial readiness.
Mercer’s SuperBot provides the missing piece to engaging the smartphone generation by providing the ability to project a person’s super balance to retirement and converting it to an achievable retirement income. Accessed through Facebook Messenger, SuperBot represents the ultimate opportunity to scale financial advice across a very large proportion of the population.
Cambell Holt, Mercer’s Chief Customer Officer, Pacific said that roughly 80% of Australians do not seek financial advice due to many factors, but in the case of millennials, it often comes down to not speaking their language.
“If the industry wants millennials to engage with their superannuation and retirement strategies we need to speak their language across the media they relate to,” said Mr Holt. “We need to deliver an experience that demystifies superannuation and empowers customers to engage and interact with super on their own terms, anytime and on any device.”
“With millennials expected to account for two-thirds of the Australian workforce by 2025, it was essential that we employed new technologies to increase members’ engagement with their retirement,” said Mr Holt. “Millennials are digital natives and expect the convenience of being provided financial advice about superannuation in a format and medium that suits them.”
“Through enhanced member engagement, more customers are setting up salary sacrifices, consolidating, making informed decisions and actively engaging with our financial advice. Overall, this means they’re heading for a better retirement,” said Mr Holt.
To remain relevant and grow into the future, super funds need to find new ways to efficiently and effectively manage customer relationships and create value. Mercer’s approach using artificial intelligence and social media provides not only a deeper engagement with members and what they might want on any given day, but also a richer understanding as to how to deliver that value-add experience.
Mercer delivers advice and technology-driven solutions that help organisations meet the health, wealth and career needs of a changing workforce. Across the Pacific, organisations look to Mercer for global insights, thought leadership and product innovation to help transform and grow their businesses.
Mercer’s more than 22,000 employees are based in 43 countries and the firm operates in over 130 countries. Mercer is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), the leading global professional services firm in the areas of risk, strategy and people. With more than 60,000 colleagues and annual revenue over $13 billion, through its market-leading companies including Marsh, Guy Carpenter and Oliver Wyman, Marsh & McLennan helps clients navigate an increasingly dynamic and complex environment. For more information, visit www.mercer.com.au.