News & Insights

19/12/2017

ASFA does it againby Paul Cheal



It’s feels like a growing trend that the annual ASFA conference is timed with a seismic event.

Twelve months ago I sat in the ASFA conference as the surprise and shock of the Trump election spread through the auditorium. This year, it was the announcement of a Royal Commission, not just into banks, but the broader financial services sector – including superannuation.

Good timing or bad timing, it’s still not clear, but the show (or in this case the world’s biggest pension fund conference) must go on.

With increased analysis and scrutiny set to be a clear focus in 2018, it was unsurprising a clear theme to emerge at ASFA 2017 was a focus on trust and brand.

And according to branding expert Martin Lindstrom, organisations need to better understand the heartbeat of their consumers. According to Lindstrom, this is difficult because 85% of what we do as an individual is irrational. However, if brands can better infuse emotions into dealing with individuals then they’ll be much more successful in creating a connection and fostering an advocate.

Spaceship and other new players were cited in a number of discussions as an example of one brand doing an especially good job of building trust—by aligning user experience with their expectation. But as journalist Sophie Elsworth pointed out on a confronting panel of media commentators, the general punter does not care about super. It is too far into the future and too confusing, so people switch off.

Compounding that confusion is the ongoing regulatory uncertainty that continues to plague the sector. In her address to ASFA, the Minister for Revenue and Financial Services, Kelly O'Dwyer said despite the announcement of the Royal Commission the Government planned to keep pushing previously announced policy reforms.

So above and beyond the Royal Commission, in 2018 we could potentially see legislation around the compulsory introduction of a minimum one-third independent directors on the boards of all super funds; new oversight to ensure greater transparency of how super funds spend members’ money;  and the introduction of choice to the default fund system. With the Productivity Commission’s Competitiveness and Efficiency of the Superannuation Industry due to report mid-year and the Insurance Within Super Working Group developing a best practice code of conduct, and Government pushing a range of superannuation legislation through Parliament, 2018 promises to be another busy year (nee confusing year for members) for the superannuation and financial services sector.

What we’ll be talking about at ASFA 2018 in Adelaide is anyone’s guess.

 

Stay Connected

If you wish to stay connected to Honner and receive future blogs, simply enter your email address below.

Subscribe

Latest News And Insights

Honner Blog 18/01/2018

How to make your thought leadership stand out

In a hyper-competitive environment, thought leadership can be a great way to build your brand and attract new customers. Here are three steps to developing a successful thought leadership program.

READ MORE   >

Honner Blog 11/01/2018

Gaining perspective on the PR industry: London exchange

Our Senior Account Manager Eric Robledo spent a week in London with our partner agency Lansons. Read five takeouts from his experience.

READ MORE   >

Honner Blog 21/12/2017

The need for radical transparency in an age of mistrust

As news of the royal commission into the financial services sector slips from the front pages, it’s worth taking a breath to consider how the sector as a whole can best respond to the very real challenges the inquiry will bring in 2018.

READ MORE   >

Honner Blog 19/12/2017

ASFA does it again

The 2017 ASFA Conference coincided with the announcement of a Royal Commission into Financial Services Sector. It is no surprise trust and brand were key themes to emerge throughout the conference. Here’s a quick wrap up from our time among delegates, presenters and media.

READ MORE   >

Honner Blog 14/12/2017

Crisis Comms 3.0 – How not to ‘do an Uber’

Last month, Uber admitted it had been hacked, putting customer and driver data at risk. It then fessed up that it had paid off the hackers to keep quiet. In the age of cyber-crime, it has never been more important for businesses to stay ahead of the threat, and be ready to manage their reputation. We look at how businesses should go about doing so, and what they can learn from the Uber situation.

READ MORE   >

View All    >