Empowering a digital future for the MPF scheme
Digital transformation is reshaping every industry, and it's MPF's turn now
For the two decades since the launch of the MPF scheme, services provided in the market have hardly made any progress despite the authority's best endeavors. As one of the largest asset managers in the world, Fidelity International was adamant about leading the industry and taking a step further. We join hands with Fidelity to make a dent in the MPF market by architecting a new digital appearance with enhanced digitized services.
SERVICES
INDUSTRY
LEAD TIME
3 Years
YEAR
2018-2022
Change isn't always easy, but it's worth it.
The MPF market's dilemma
The pension system is designed intending to ensure that retired workers would not outlive their financial resources. This is supposedly done through requiring employees (also the scheme member) to make automatic monthly contributions and use the contributions for generating returns through fund investment. The concept is rather simple, ideal, and well-intentioned, but hindered by many other contextual factors in practice, which are defeating the purpose of the scheme.
For the industry
Lack motives in service enhancement
Business sectors saw no need of enhancement or innovation as they could depend on the existing model to keep their business running even when there were so much to improve.
For Fidelity
The perplexing service-trustee model
Unlike most service providers who are also the trustee themselves, Fidelity is in a unique position of making a constant switch of role in the narrative in their communication, making the already complex process more so baffling.
For customers
Confusion at first, then a lack of interest
The logistic of MPF was complicated enough to put customers off. The timing of communication often gave customers the impression that they have to close the book quick, instead of making the right call for themselves.
Proper alignment strengthens the cause.
The end-to-end digital makeover for Fidelity in its MPF business
We partnered with Fidelity to craft an end-to-end solution to address marketing challenges while defining Fidelity's business opportunities.
Co-discovery
Revisiting the MPF roadmap for the key moments in the engagement journey
Hosting workshops and seminars, we reviewed the lifecycle of the MPF scheme with stakeholders and different business units to identify key areas of focus essential to the build up of Fidelity's digital roadmap.
Key areas of focus identified
1. Onboarding
2. Making contributions
3. Ongoing engagement
4. Withdrawing assets
Outlining business opportunities to retain and acquire customers
We conducted qualitative research with the internal team of Fidelity and offered higher-level concept of the short- and long-term solutions aligning with the firm's core business direction.
Key objectives for the retentions and acquisition strategy
1. Define and align with business on the targeted customer segment then generate ideas to offer quality services and products that satisfy customers’ needs
2. Grow existing member base by creating recurring services that help them achieve long-term goals and convert them to be our targeted customers segment
Small changes lead to big progress.
Achieving win-win for scheme members, Fidelity's business, and MPF market
INDUSTRY IMPACT
1st-in-market to initiate an end-to-end digital makeover for the MPF business
SHAPE MINDSETS
Promote long-term investment pre- and post-retirement
CREATE DIGITAL PROFILES
Encourage customers to pay more attention to their MPF assets
MARKET POSITIONING
Facilitate direct communication between Fidelity and customers
LEAD TIME
3 months per initiative on average
Credits
Vincent Ma / Consultation Lead
Don Chan / Consultant
Terry Luk / Consultant
Kelvin Lam / Researcher
Results
- All digital initiatives for targeted key moments of the MPF business cycle deployed
- Successfully create better timing for MPF education within and between initiatives to raise awareness about MPF being an important source of retirement investment before and after retirement
- Shaping Fidelity's digital appearance with new or enhanced digitized services
