©   DIGITAL BENCHMARKPENSIONS                2012
PENSIONS                       TABLE OF CONTENTS©        DIGITAL BENCHMARK                2            INTRODUCTION       ...
PENSIONS                       INTRODUCTION©        DIGITAL BENCHMARK                                                     ...
PENSIONS                           ABOUT THE RANKING©        DIGITAL BENCHMARK                                            ...
PENSIONS                       EXECUTIVE SUMMARY©        DIGITAL BENCHMARK                                                ...
PENSIONS                       THE BENCHMARK©        DIGITAL BENCHMARK        RANK      COMPANY                           ...
PENSIONS                       THE BENCHMARK©        DIGITAL BENCHMARK                             RANK      COMPANY      ...
PENSIONS                       THE BENCHMARK©        DIGITAL BENCHMARK                             RANK      COMPANY      ...
PENSIONS                         MOBILE©        DIGITAL BENCHMARK                                                         ...
PENSIONS                                SOCIAL MEDIA ©             DIGITAL BENCHMARKLIKES / FOLLOWERS             30000   ...
PENSIONS                         CLEAR EXPLANATIONS                        THE PENSIONS INDUSTRY CAN BE JARGON-HEAVY.     ...
PENSIONS                        USABILITY                           PRESENTING FINANCIAL INFORMATION CLEARLY IS KEY.      ...
PENSIONS                        AUDIENCE SEGMENTATION                                      WEBSITES THAT USE AUDIENCE SEGM...
PENSIONS                        AUDIENCE SEGMENTATION, ELSEWHERE                                       LOOKING BEYOND FINA...
PENSIONS                        ENGAGEMENT                          PENSION PRODUCTS CAN BE PLAYFUL.                      ...
QUESTIONS? COMMENTS?How to reach us:Last Exit is a digital agency with offices in New York and London. We exist to provide...
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Last Exit Benchmark Studies: Pension Funds Sector 2012

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Given the above changes, and building on expertise gained contributing to digital industry think tank reports for L2, Last Exit has conducted a study to benchmark the desktop websites, mobile and social presences of 19 UK pension providers. Covering 29 different touchpoints, the findings of the benchmark are summarised in this document. For more detailed information and analysis please contact us.

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Last Exit Benchmark Studies: Pension Funds Sector 2012

  1. 1. © DIGITAL BENCHMARKPENSIONS 2012
  2. 2. PENSIONS TABLE OF CONTENTS© DIGITAL BENCHMARK 2 INTRODUCTION 3 ABOUT THE RANKING 4 EXECUTIVE SUMMARY 5 THE BENCHMARK RANKS 1 – 3 6 THE BENCHMARK RANKS 4 – 9 7 THE BENCHMARK RANKS 10 – 16 8 MOBILE 9 SOCIAL MEDIA 10 CLEAR EXPLANATIONS 11 USABILITY 12 AUDIENCE SEGMENTATION 13 AUDIENCE SEGMENTATION, ELSEWHERE 14 ENGAGEMENTFOR MORE INFORMATION, CONTACT US: LONDON@LASTEXIT.TV • +44 (0)20 7407 7666 // NEWYORK@LASTEXIT.TV • 1(646) 347 4340
  3. 3. PENSIONS INTRODUCTION© DIGITAL BENCHMARK LAST EXIT PENSION SECTOR DIGITAL BENCHMARK The UK pensions market is about to undergo radical change on two key fronts: “Up to 50 percent of Retail Distribution Review (RDR) Changing the way Independent Financial Advisors and Financial Advisors are remunerated, and in force IFAs will go out of from the start of 2013, the RDR will remove commission bias from the pensions system; financial advisers will instead agree their fees directly and transparently with clients. business as a result of Last Exit considers the financial advice market to have a similarity with an unlikely sector - that of mobile phones. At the moment mobile phones and financial advice are ‘free’ at the point of consump- the Retail Distribution tion; the actual cost is hidden in contracts and recouped over time - essentially a form of credit. High street banking - another service that is largely ‘free’ at the point of use’ - reinforces this modus operandi of financial advice being ‘zero cost’. Review (RDR) From January 1st, individuals (or perhaps companies) will pay for that advice at a rate that a professional may understand but the average person - particularly those on low incomes - may not. legislation due on Auto-enrolment 1 January next year. ” Shifting the burden of pension provision to companies who will, by law, have to ‘auto-enrol’ employees in to a company pension scheme. Companies enter the auto-enrolment system over a period of years, depending on their size and PAYE status. Julian Chillingworth chief investment officer at Rathbones Effect Auto-enrolment will trigger an influx of new people in to pension plans, and stimulate those with existing plans to revisit their provision. Some, at the lower end of the market, will likely use NEST - the basic government-instigated scheme. Others will use plans from the major pensions providers as part of What proportion of the a company scheme. Either way, there will be a considerable rise in interest from individuals and IFA community will be companies in pensions. That interest - combined with the effect of the RDR - will inevitably lead people wiped out in the to pension providers’ websites and, perhaps, more specialist websites including Trustnet and Citywire. It aftermath of RDR? may also spawn chatter on social networks. more than 50 percent 20% The Last Exit Pension Sector Benchmark Given the above changes, and building on expertise gained contributing to digital industry think tank 25 to 50 percent 29% reports for L2, Last Exit has conducted a study to benchmark the desktop websites, mobile and social less than 25 percent 36% presences of 19 UK pension providers. Covering 29 different touchpoints, the findings of the benchmark are summarised in this document. For more detailed information and analysis please contact me. it will barely have any effect 16% Fred Brown Source: FE Trustnet poll Partner and Managing Director, Last ExitFOR MORE INFORMATION, CONTACT US: LONDON@LASTEXIT.TV • +44 (0)20 7407 7666 // NEWYORK@LASTEXIT.TV • 1(646) 347 4340 P2
  4. 4. PENSIONS ABOUT THE RANKING© DIGITAL BENCHMARK Desktop Multiple touch-points, delving into the organisation of information, content quality, usability, audience segmentation and engagement. Identification of user type Pension types and funds Company information for customer Mobile Route to pensions Engagement Research and transactions are no longer Managing your pensions confined to desktop computers. We Fund data looked for website optimisation on Website UX mobile phones, and whether pension Wesite search mobile apps are available. Visibility Customer pension / fund app available Advisor pension / fund app available Social Media We looked for ‘Likes’ and follower numbers on Facebook and Twitter, engagement levels and whether their social media presences are Scoring system reflected on their respective corporate websites. We examined the websites of 19 leading UK pension providers. Facebook main brand page Our three main criteria were Mobile, Website and Social Media, Facebook sponsored page which we divided further into 29 touch-points, each being given Twitter a score between 0-5 (5 being very good). 116+ 115-87 86-58 <58 Excellent Good Mediocre WeakFOR MORE INFORMATION, CONTACT US: LONDON@LASTEXIT.TV • +44 (0)20 7407 7666 // NEWYORK@LASTEXIT.TV • 1(646) 347 4340 P3
  5. 5. PENSIONS EXECUTIVE SUMMARY© DIGITAL BENCHMARK RDR and auto-enrolment will change the UK pensions market. But there’s also a longer-term change, often over-looked, in how consumers in the UK research major purchases and financial commitments. The web has changed how we decide what to buy and how we invest. In this report we’ve set out to discover whether UK pensions companies are ready for these changes, MORE AND MORE CONSUMERS whether their digital presences are prepared for the growing numbers of informed customers with high ARE TURNING TO THE WEB expectations of corporate websites. Customers used to researching, then purchasing from Amazon, TO FIND FINANCIAL INFORMATION expect great service as the norm. Analysing the websites and the digital presences of the UK’s leading pension providers, we’ve found an ARE PENSION industry that’s, in the main, ill-prepared for the digital revolution that’s taking place around them. We are unable to grade any of the 19 websites we examined as ‘Excellent’. Only Avivas site was judged COMPANIES to be ‘Good’, of the rest, nine are ‘Mediocre’ , nine ‘Weak’. Of the websites we have looked at, for example, only three were easily viewed on mobile phones. More and more consumers are using tablets and smart-phones yet none of the leading pension providers are READY? using responsive design technology that will display their websites correctly on these devices. With a few notable exceptions, we found these websites to be difficult to navigate. Usability is crucial for the consumer trying to absorb complex financial information, yet many of these websites make finding important information difficult. It’s easier for potential investors to leave a poorly designed website rather than battle conflicting text, jargon and old press releases. In other industries, demographic segmentation is often used to make customer website visits easier and more productive. Yet we found few pension company websites that successfully grouped their customers, and even fewer that drilled down into occupation or income bracket. Turning to the search facility on these websites is of little help. Almost across the board, the search engines are poor on pension providers’ websites, many returning out-of-date .pdf files and irrelevant pages. Extraordinarily, three of the websites we looked at didn’t even provide a search box. Social media is another untapped resource for many pension companies. With widely differing levels of customer engagement, only seven of the nineteen operate a corporate Facebook page and eleven have opened a Twitter account. During our research we found website after website that failed to clearly explain their pension products. It seems that the websites are often organised around corporate structure and priorities, rather than customer needs and the evolving sophistication of the web. In this time of change, the companies that reflect on the challenges detailed in this report and alter their websites accordingly, stand to gain a competitive advantage.FOR MORE INFORMATION, CONTACT US: LONDON@LASTEXIT.TV • +44 (0)20 7407 7666 // NEWYORK@LASTEXIT.TV • 1(646) 347 4340 P4
  6. 6. PENSIONS THE BENCHMARK© DIGITAL BENCHMARK RANK COMPANY SCORE DESCRIPTION 1 89 / 145 A clear winner. Aviva’s engaging website identifies its Good key customers and is easy to navigate around. It covers nearly all of the bases; relevant content, good usability, a mobile site, social media pages and a useful search function. 2 82 / 145 Pru.co.uk makes it easy to find the important Mediocre information. A well organised, straight-talking website that excels at explaining the benefits of its pension products. Good tools and fund data. 3= 78 / 145 Well thought-out user journeys for its target Mediocre audiences. Good, engaging, online planning tools and one of the few websites to tackle auto-enrolment. 3= 78 / 145 Has defined routes to pension products. Explains Mediocre clearly the roles that provider and advisors play and how to consolidate pension plans. Ranks 4 – 10 overleafFOR MORE INFORMATION, CONTACT US: LONDON@LASTEXIT.TV • +44 (0)20 7407 7666 // NEWYORK@LASTEXIT.TV • 1(646) 347 4340 P5
  7. 7. PENSIONS THE BENCHMARK© DIGITAL BENCHMARK RANK COMPANY SCORE DESCRIPTION 4 Scottish Widows 73 / 145 Covers the basics. Refining the content and optimising for mobile would see Mediocre scottishwidows.co.uk vying for the top spot. Beginning to make inroads into social media. 5 Legal & General 72 / 145 A good all-round performer. One of the few websites that provides clear information Mediocre about the funds available under its selected pension schemes. 6 Fidelity 71 / 145 A well laid out website. Addresses transferring ISAs, funds and pensions. Mediocre 7 Scottish Life 70 / 145 Makes it easy to find independent financial advice, also has a good internal search facility. Mediocre 8 Friends Life 66 / 145 The website segments its target audience and explains key information but is Mediocre not optimised for mobile. 9 LV 62 / 145 Maintains presences on Facebook and Twitter. We’d like to see better explanations of the Mediocre pension types and funds on offer. 10= Wesleyan 57 / 145 Clear calls to action and section signposting aids navigation. Lacks planning tools, RDR Weak and auto-enrolment information. 10= Zurich 57 / 145 Good information about the pension funds available. We’d like to see pension planning Weak tools and optimisation for mobile and tablets. Ranks 10 – 16 overleafFOR MORE INFORMATION, CONTACT US: LONDON@LASTEXIT.TV • +44 (0)20 7407 7666 // NEWYORK@LASTEXIT.TV • 1(646) 347 4340 P6
  8. 8. PENSIONS THE BENCHMARK© DIGITAL BENCHMARK RANK COMPANY SCORE DESCRIPTION 11 NFU Mutual 52 / 145 Good calls to action, internal search and auto-enrolment information, but the website Weak is not optimised for mobile, there’s no pension app, and the design is not responsive. 12 Virgin Money 51 / 145 A site that’s easy to navigate around, but is missing detailed pension information Weak and a search box. 13 MetLife 40 / 145 Identifies different user types, but could do better with explaining the different Weak products, fund data and information about consolidating pensions. 14 Skandia 39 / 145 Good explanations of the pension products available, but fails to identify user types and Weak lacks clears calls to action and section signposting. 15 Sanlam 37 / 145 Offers fund data, but finding key information is difficult due to less than Weak optimal internal search and content organisation. 16= Axa Wealth 36 / 145 Makes it easy to find an IFA, but the website relies on .pdf files and can be difficult to Weak navigate around. 16= Canada Life 36 / 145 Contains clear information about the company and the role of fund managers, but the Weak website’s reliance on .pdf files means that it can be confusing to use.FOR MORE INFORMATION, CONTACT US: LONDON@LASTEXIT.TV • +44 (0)20 7407 7666 // NEWYORK@LASTEXIT.TV • 1(646) 347 4340 P7
  9. 9. PENSIONS MOBILE© DIGITAL BENCHMARK Website optimised for mobile (CSS or responsive) THE USE OF WEB-ENABLED SMART 3 YES AVIVA / FIDELITY / LV PHONES FOR RESEARCH AND 16 NO BUSINESS IS ON THE RISE. According to the telecommunications company Ericsson, the total number of mobile subscriptions globally will reach around 9 billion in 2017, of which 5 billion will be for mobile broadband. Yet we’ve found that many pension companies are not mobile-ready. Of the nineteen companies we compared, only three employed websites that were optimised for mobile. Only two offer mobile pension apps for their Customer pension / fund app available customers. Pension providers are in danger of being left behind. 2 YES FIDELITY / STANDARD LIFE 17 NO 100% 73% 80% 57% 52% 60% 40% 48% Advisor pension / fund app available 43% 20% 27% 2 YES LEGAL & GENERAL / SKANDIA 0% 2007 2011 2015 17 NO Mobile web surfing is estimated to overtake desktop web surfing by 2015 Source: Morgan Stanley Research dataFOR MORE INFORMATION, CONTACT US: LONDON@LASTEXIT.TV • +44 (0)20 7407 7666 // NEWYORK@LASTEXIT.TV • 1(646) 347 4340 P8
  10. 10. PENSIONS SOCIAL MEDIA © DIGITAL BENCHMARKLIKES / FOLLOWERS 30000 SOCIAL MEDIA CAN NO LONGER BE IGNORED… 25000 it’s a powerful part of any modern marketing programme. Facebook, for example, is used by approximately 30 million people in the UK. But as this chart shows, aside from Aviva and Virgin 20000 Money, social media is still unexplored territory for many financial services companies in the UK. Theyre missing the opportunity to engage with their customers. 15000 10000 5000 0 FACEBOOK / TWITTER INTEGRATION WITHIN WEBSITE AV VIR SC FID LV STA LEG PR AE SC FR NF ZU WE ME CA AX SK SA IEN AN OT OT UD GO NL IVA UM AW NA RIC TLI GIN SL ELI ND AL AM T T EYA DIA EN DS N DA FE H TY ISH ISH EA UT AR & MO TIA GE L N LTH L UA DL IFE WI LIF IFE NE NE L L IFE DO E Y RA W L FOR MORE INFORMATION, CONTACT US: LONDON@LASTEXIT.TV • +44 (0)20 7407 7666 // NEWYORK@LASTEXIT.TV • 1(646) 347 4340 P9
  11. 11. PENSIONS CLEAR EXPLANATIONS THE PENSIONS INDUSTRY CAN BE JARGON-HEAVY. We looked for websites that clearly explained their products to their customers, and informed us about key terms, from Auto-enrolment© DIGITAL BENCHMARK to Stakeholder pensions. This page shows you, at a glance, which companies are using their websites to communicate well. Four companies did not, in our opinion, provide a clear explanation of any of the terms: AXA Wealth, Canada Life, LV and Metlife. 7 / 7 TERMS 6 / 7 TERMS 5 / 7 TERMS 4 / 7 TERMS 3 / 7 TERMS 2 / 7 TERMS We looked for these terms to be explained: AUTO-ENROLMENT · GROUP PERSONAL PENSIONS · NATIONAL EMPLOYMENT SAVINGS TRUST · PERSONAL PENSION PLAN · RETAIL DISTRIBUTION REVIEW SELF-INVESTED PERSONAL PENSION · STAKEHOLDER PENSIONSFOR MORE INFORMATION, CONTACT US: LONDON@LASTEXIT.TV • +44 (0)20 7407 7666 // NEWYORK@LASTEXIT.TV • 1(646) 347 4340 P 10
  12. 12. PENSIONS USABILITY PRESENTING FINANCIAL INFORMATION CLEARLY IS KEY. The pensions process can be daunting for customers. This page contains two examples of websites we’ve selected for their ease of use.© DIGITAL BENCHMARK NFU Mutual Aviva employ clear calls to action on their website. They make it easy to clearly signpost their website sections. Information is relevant, well “request a quote from your local branch”. organised and there’s good use of colour.FOR MORE INFORMATION, CONTACT US: LONDON@LASTEXIT.TV • +44 (0)20 7407 7666 // NEWYORK@LASTEXIT.TV • 1(646) 347 4340 P 11
  13. 13. PENSIONS AUDIENCE SEGMENTATION WEBSITES THAT USE AUDIENCE SEGMENTATION© DIGITAL BENCHMARK DEMONSTRATE THAT THEY WANT TO ANTICIPATE AND UNDERSTAND CUSTOMER NEEDS. People respond favourably to familiarity, personalisation and being able to follow a clear path to information that’s relevant to them. Customers can be segmented by age group, income level, occupation or interests. The Wesleyan Aegon uses occupation segmentation to engage their key customers in the organises their website homepage so that it reflects the customers medical, dental, teaching and legal markets. they want to engage. They helpfully split their website visitors into individuals and businesses, aiding the user journey.FOR MORE INFORMATION, CONTACT US: LONDON@LASTEXIT.TV • +44 (0)20 7407 7666 // NEWYORK@LASTEXIT.TV • 1(646) 347 4340 P 12
  14. 14. PENSIONS AUDIENCE SEGMENTATION, ELSEWHERE LOOKING BEYOND FINANCIAL SERVICES WEBSITES© DIGITAL BENCHMARK CAN BE INSTRUCTIVE. Established retailers and the motor industry are masters at segmenting their customers. Mr Porter Volkswagen By creating five character types on their website, the fashion retailer The car manufacturer anticipates customer needs, assisting the makes engaging with their products easy and enjoyable. website visitor and making a purchase more likely.FOR MORE INFORMATION, CONTACT US: LONDON@LASTEXIT.TV • +44 (0)20 7407 7666 // NEWYORK@LASTEXIT.TV • 1(646) 347 4340 P 13
  15. 15. PENSIONS ENGAGEMENT PENSION PRODUCTS CAN BE PLAYFUL. Tools, games and gizmos can be used to cut through the jargon, and engage potential customers.© DIGITAL BENCHMARK This page contain two examples of tools that we like. Standard Life Fidelity This Pension Calculator is easy to use and even fun to interact with. The ‘myPlan in retirement’ tool is a quick education. It allows The results are easy to understand and thought-provoking. customers to easily estimate how long their savings will last in retirement.FOR MORE INFORMATION, CONTACT US: LONDON@LASTEXIT.TV • +44 (0)20 7407 7666 // NEWYORK@LASTEXIT.TV • 1(646) 347 4340 P 14
  16. 16. QUESTIONS? COMMENTS?How to reach us:Last Exit is a digital agency with offices in New York and London. We exist to provideunparalleled value to our clients through a rigorous, client-tailored planning processand world class creative.To discuss your digital challenges and initiatives, give us a call or email us using thecontact details below.London office New York office1st Floor, Building 1/2 200 Varick St. #802The Leathermarket New York, NY 10014Weston StreetLondon SE1 3ET t +1 646 307 4340 f +1 425 952 9597t +44 (0)20 7407 7666 newyork@lastexit.tvf +44 (0)20 7378 6431london@lastexit.tv

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