Top 10 trends in the superannuation industry – Why funds must bite the system modernisation bullet
In this whitepaper, Bravura Solutions’ Director, Product Management & Strategy, Darren Stevens, discusses 10 major trends in the Australian superannuation industry that centre around consumer behaviour, operational efficiency, innovation and technology – and assesses their future impact on funds and the sector.
While the Australian superannuation industry has been preoccupied in recent years 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.
In this paper, we assert 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 the years ahead, complacency is not an option. Continued reliance on brittle and complex ecosystems of legacy and bolt-on solutions, combined with a propensity to stick to the old ways of doing things, is a recipe for failure.
Savvy funds will employ modern flexible technology solutions that support simplification and rationalisation, drive operational efficiencies and support member centric, holistic digital service delivery. By investing in the future, rather than clinging to the past, these funds will secure themselves a sustainable, competitive edge in the superannuation marketplace.
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