Customer sentiment for Super funds improved, but only for top CX performers: new CSBA benchmarking results show

Sentiment – how the interaction made the customer feel – rose for the Super funds performing best on customer service, according to the latest SenseCX benchmarking report published by CSBA.

In the 12 months from July 2021 to June 2022, the top five sector performers’ Sentiment score climbed an average of 3.4 points from 62.5% to 65.9%.

However, the median benchmark for Sentiment was flat, at 62.2%. The score for the lowest performers, at 61.5%, was also flat.

SenseCX is a Quality Assurance framework that measures the quality of customer interactions with organisations, based on three indices – Success, Ease, and Sentiment.

A total of 203 major Australian companies from seven sectors, including 20 super funds, were covered in the study. The results, comprising 11,590 independent assessments using 30 key customer-focused behaviours for each interaction, were completed via anonymous telephone conversations. 

A wakeup call for under-performers

Meanwhile, the Super sector continued to struggle with Ease – the effort a customer expends to achieve their goals. 

The top five performers scored an average of only 33.5%, the median benchmark at 32.6% and the lowest performers at 26.6%. 

And the Ease scores for the lowest performers have continued to slide. From 32% in June 2019, to 29.5% in June 2020, to 28.4% in June 2021, to 26.6% this year. 

Their biggest challenges included offering ownership at the start of the call; seeking permission to ask questions as part of the discovery phase; and going above and beyond by answering unasked questions. 

For the overall SenseCX score, the top five sector performers improved an average of two points, from 55.8% to 57.8%. However, the median benchmark was flat, at 53.2%, due to the lowest performers dropping half a point on average, to 50.1%.

Managing Director of CSBA, Paul van Veenendaal, said the latest results show that the poorest performers have slipped compared to 12 months ago, and will continue a downward trend without intervention.

“When organisations focus heavily on compliance and process, it’s usually at the expense of human engagement.”

“Our research shows that empathy and emotional connection drive customer satisfaction and behaviour,” he explained. “Providing a pathway for further assistance at the end of the call is a simple way for funds to improve.” 

“Emotional connection – how a customer feels – is critical to building trust, which ultimately leads to brand loyalty. But it’s going to take a cultural and mindset shift to make an impact.”

The Super sector is outranked by the education, commercial, and water sectors 

There was a disparity in the overall SenseCX scores among the top performers across the sectors. Ranked #1 is Water with a score of 82.8%, followed by 81.6% (Higher education), 75.5% (Local government), 73.7% (Energy), 63% (Superannuation), 62.8% (Commercial) and 61.5% (Banking).

While the top five Super performers improved by two points, the top performers of other sectors also improved an average of 1 to 2.7 points for the Water, Local Government, and Commercial sectors. 

And while the overall quality of customer interactions (median benchmark) remained unchanged, other sectors made gains.  

Education improved 2.8 points (from 58.7% to 61.5%); Commercial increased by 3.1 points (from 54.3% to 57.4%); and Water gained 0.7 points (from 56.1% to 56.8%). 

Time for action

As van Veenandaal puts it simply, those at the bottom are getting worse at a time where customer expectations are rapidly increasing.

And with investment returns becoming more normalised across funds, the need to differentiate on member experience becomes pivotal – starting with member engagement.

“The importance of implementing a continuous cycle of improvement using regular analysis and independent feedback on customer interactions cannot be overstated,” he said.

“Pleasing your customer has got tougher. The pandemic raised the bar for customer expectations. And organisations must work harder to make each interaction count.

“Because your customer will be comparing their experience with you, to their last best experience – and that could mean the likes of Amazon, Uber Eats and Air BNB.”

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For more information on the SenseCX program, email narelle.warburton@csba.com.au

About CSBA – The Customer Experience Experts

For over two decades, CSBA has helped organisations of all shapes and sizes create better customer experiences through independent, specialised CX strategy, research, insights, quality assurance, and training.

CSBA now works with more than 150 clients across 15 different industries, including specialised programs for higher education, local government, superannuation, energy, and water sectors.