Westpac/BT play clever
Rob Coombe
Westpac Banking Group has leveraged its BT Financial Group capability to launch a new superannuation product offering aimed at securing higher levels of member retention at the same time as offering easier accessibility and the promise of a lower fee structure.
The new product, BT Super for Life, was launched today and is being touted as the first product of its kind to integrate online accessibility, flexibility and portability in one superannuation solution that can be taken by consumers from job to job and then into retirement.
The group is also highlighting a competitive fee structure, claiming there are no establishment fees, no contribution fees, no withdrawal fees, no switching fees, no termination fees and no commissions to be paid.
However, access to the product is very much channelled through Westpac and BT, with the big financial services company pointing out that every time customers check their bank accounts online they will be able to see their superannuation balances.
BT chief executive Rob Coombe said by putting superannuation on the same page as everyday online banking, the group was raising its visibility.
The group has sought to keep the new product structure relatively simple for consumers, with three product sub-sets having been created involving savings, transition to retirement and retirement accounts.
The new product also offers an online rollover tool, which it claims will help members cut out the paperwork when it comes to consolidating their superannuation accounts.
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