Bravura Solutions Pty Limited (Bravura), has released a whitepaper that identifies 10 major trends in the Australian superannuation industry and assesses their impact on the future of the sector.
Bravura Solutions’ Director, Product Management & Strategy, Darren Stevens, asserts that a proactive and effective response to these trends – which comprise rapid industry growth, member centricity, continuous regulatory change, industry consolidation, business process outsourcing, scalable advice, product innovation, mobility and continued SMSF growth – will require funds to ‘bite the bullet’ and modernise their superannuation administration systems in order to remain sustainable and competitive in the marketplace.
Stevens said: “While the Australian superannuation industry has been preoccupied with responding to a raft of regulatory change, the world has not stood still. A number of forces have come into play that stand to radically shape and transform the superannuation landscape of the future.
“We are witnessing the rising importance of the member, in what has traditionally been an employer centric business, coupled with a technological revolution that has forever changed the way people communicate. Members’ increasing expectations for responsive, personalised service and real-time capabilities will play a pivotal role in future service delivery.”
The top superannuation trends identified in the whitepaper centre around consumer behaviour, operational efficiency, innovation and technology – all of which have system implications. The paper argues that continued reliance on legacy systems and old ways of doing things is a recipe for failure.
Stevens said: “In the years ahead, complacency is not an option. Savvy funds will employ modern flexible technology solutions that support simplification and rationalisation, drive operational efficiencies, and support member centric, holistic digital service delivery.
“Whichever way you look at the future of the Australian superannuation industry, all roads lead to the need for providers or funds to be operating on next generation modern platforms. It’s a trend that’s already well underway in the UK.”
Click here to download Bravura Solutions’ whitepaper ‘Top 10 trends in the Australian superannuation industry – Why funds must bite the system modernisation bullet.’