Plenty of room for improvement in the use of electronic platforms and tools
To make it more convenient for members to manage their MPF, The Mandatory Provident Fund Schemes Authority (MPFA) and the industry have proactively enhanced the features and functionality of their electronic platforms and also introduced more e-tools in recent years. The Survey revealed that while up to 79% of respondents agree that MPF needs to be digitised, quite a considerable proportion still only log into the related electronic platforms infrequently. The Survey also showed that 34% of respondents do not know the login credentials of their MPF accounts. Among those who have logged into their accounts, they only did so 4 times a year on average, with 19% logging in once or less per year. By contrast, online banking and online shopping frequency among the respondents was 50 times and 20 times a year on average respectively. This is 12 times and 5 times, respectively, more often than they log into their AIA MPF accounts, indicating that there is plenty of room for improvement in the use of electronic MPF services.
Mr. Stephen Fung, Chief Executive Officer of AIA MPF, remarked, “MPF is an important component of members’ retirement reserves. In recent years, The MPFA and the industry have been vigorously promoting the digitisation of MPF services, as well as offering various convenient and user-friendly electronic tools, so as to enable members to manage their MPF investments at their convenience without restrictions of time and place. We strongly encourage members to utilise these easy-to-use and practical tools to manage their MPF investments.”
Mr Stephen Fung, said, “Digitisation is now a prevalent trend. I believe that as technology continues to advance and as digitisation becomes increasingly commonplace, the expenses associated with MPF management may reduce in the long term. The operational efficiency of MPF providers will also increase, facilitating more room for management fee reduction which will ultimately benefit members, resulting in a win-win situation.”