An analysis showed that a large proportion of ANZ Investments’ KiwiSaver members were not contributing enough to their accounts annually to receive the Government’s contribution. Essentially this meant they were missing out on ‘free money’ and thus weren’t using KiwiSaver to its full potential. Nationally this equated to an estimated $400m that could have been claimed if they had contributed the minimum amount.
Customers were jolted into action by using a ‘fear of missing out’ strategy that demonstrated the exact amount each was entitled to receive, and letting them know exactly how much they had to contribute before the cut-off date to receive their Government contribution.
Making the DM and eDM campaign fully personalised and reinforcing the message with online content, including videos and easily digested information, ensured customers were made fully aware of what they were missing out on if they didn’t engage, and kept KiwiSaver top of mind.
Results were spectacular across the board, with all measures and objectives being exceeded. This included an increase of 36% of customers who received their full member tax credit compared to the previous year, and a 56% increase in members making voluntary contributions to their KiwiSaver in order to secure the Government contribution.