What is a member?
In PractiFI, a member is an individual that belongs to a fund. Members are represented by the icon. Members are related to employers and may have one or more member accounts.
What is a member account?
Member Accounts are individual accounts within a plan and fund. Member accounts are represented by the icon. Individual member accounts can be set up within distinct divisions such as Defined Benefit, Accumulation or Pension structures.
What makes members and member accounts different in PractiFI?
Your members are the heart of your superannuation business. PractiFI provides the platform to give you a rich feature and data set to better understand and interact with your members in one place, providing a single view of the member across all business units whilst allowing you to separate each of their member accounts.
All interactions with members are logged on the member account record for analytics and compliance, workflow is directly managed on the member record, as is group and underwritten insurance.
By having greater visibility of member activity across the whole superannuation lifecycle, it allows you to identify trends and opportunities to provide more timely and relevant services to your members, improving engagement. Better engaged members are a key characteristic of a successful fund, aiding membership retention and supporting growth.