Self-service superannuation to go mobile with next generation technologies
Wealth management and Broking technology specialist GBST (ASX: GBT) today confirmed its Australian-developed administration solution, GBST ComposerTM was the driving force behind the adoption of advanced technology for the banking sector’s direct-to-consumer superannuation offerings. Composer technology is the Australian market leader in supporting direct-to-consumer wealth management solutions that are cross-sold via banking channels. Composer will now administer direct-to-consumer offerings for two of Australia’s leading retail banks.
According to Executive Manager of GBST Wealth Management, Nick Frolich, Composer’s unmatched track record continues to fuel both industry growth and consumer awareness. “The Federal Government’s SuperStream initiative will implement an environment that produces greater visibility and awareness of superannuation accounts and savings outcomes. Superannuation investors will be able to better understand their retirement savings position with the support of mandated electronic data standards and greater efficiencies. This level of sophistication will in turn drive the demand for transparency in offerings throughout the financial services marketplace.”
He continued, “Composer is the ideal solution for superannuation investors wanting to be better informed and have greater electronic access to information regarding their funds on a daily basis. Composer’s end-to-end administration technology sits neatly beside retail savings accounts in internet banking portals, providing self-service options for account management, balance transfers, switching investments and is also able to cater for future investment options including term deposits and bonds for increasingly risk-averse investors.”
GBST expects to see the benefits of Composer across the iPhone, iPad and Android mobile platforms as banks roll out the next generation communications tool for investors within the next 12 to 24 months.
“Direct-to-consumer superannuation accounts will be fully transparent across mobile platforms within the near term and this will further drive the demand for direct-to-consumer super for Australia’s retail banks. It will become highly compelling for Australian investors to centrally manage their entire savings portfolio,” continued Frolich.
“The Composer platform has been highly successfully administering a direct-to-consumer online super offering with over 300,000 accounts for a major Australian retail bank for some time, and our latest appointment into the second Australian retail bank focusing on this area will see our technology expertise extend to mobile superannuation capabilities. We are thrilled that our technology is fuelling development and growth in direct-to-consumer superannuation and further embedding our footprint in existing valued client accounts.”
Composer offers a single fully integrated system to administer managed funds, structured products and retirement products. This client-centric solution has delivered cost-savings to fund administrators and wealth managers alike and its recent introduction to the UK financial services sector has generated sound levels of success in this demanding market.