Rapid advances in technology and more sophisticated customer expectations are having a profound impact on the way in which businesses across all industries are delivering their products and services. The superannuation sector is no exception, though it is slower than most industries at keeping pace with change. In many cases, outdated technology infrastructure and provider-driven operating models hamper the capacity of funds to meet member demand for digital-first, personalised offerings.
In response to this challenge, an exciting new technology-led operating model that reimagines superannuation has emerged, opening up opportunities for super funds and administrators to survive and thrive in an increasingly competitive marketplace.
The fresh new approach replaces traditional administration with flexible technologies and a hybrid digital-first operating model that delivers unprecedented control over a fund’s data, operations and member experiences. With complete control over and access to their data, super funds can achieve proactive and confident strategic decision-making, more effective risk minimisation, highly accurate reporting and cost-effective compliance.
The new approach allows funds to engage with their members as never before. The model leverages technology to ensure the best use of limited resources, true value for money for members and seamless plug and play of best-of-breed solutions. By rapidly deploying more differentiated and innovative products and services that enhance the individual member experience, funds can achieve a sustainable competitive advantage that allows them to grow their business. By employing exceptional business automation, member experiences can be revolutionised.
Four key benefits stem from reimagining superannuation administration through this exciting new technology-led approach. They include: Delivering Value, New World Engagement, Unique Insight and Transparency and Control. To find out more please view the whitepaper Reimagining Superannuation – How super funds can survive and thrive by taking control of their entire member journey.