Mercer’s Australian business is delivering financial advice through a social media-based artificial intelligence robo solution aimed at its millennial customers.
Called SuperBot, the service is a social media based financial advice chatbot that uses artificial intelligence to encourage users to help understand what their retirement reality will be like and take action.
Mercer’s SuperBot targets the smartphone generation by projecting an individual’s superannuation balance to retirement and converting it to an achievable retirement income, in a way that is accessed through Facebook Messenger, a service used by 17 per cent of the people in the world.
The consultancy says the SuperBot chatbot enables it to scale financial advice across a very large proportion of the population. Around 80 per cent of Australians currently do not seek financial advice.
Mercer chief customer officer, Pacific, Cambell Holt says: “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.
“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.”
