Digital technology is giving superannuation members more information and oversight than ever, reducing the industry’s traditional “stickiness”. Add to that new nimble competitors and incumbents today face arguably their biggest disruptive threat. Sign up for Which-50’s Irregular Insights newsletter Nominate today for the Which-50 Digital Experience Awards. Simple. Fast. Easy.
As superannuation funds grapple with the most competitive landscape they have ever faced, the realisation is emerging that their data – the customer data they hold and the behavioural data they generate – may be the key not only to survival, but to success. Superannuation is now a consumer business.
It had to happen: like virtually every consumer market, superannuation has been blown open by competition. Superannuation fund members – like any consumers – have realised that it’s easier than ever to compare products, and that switching super funds is almost as simple as changing mobile phone providers. New technology-based
Digital transformation is taking hold in the superannuation sector as funds make more use of data to add value for members. Adam Gee, partner in KPMG’s super advisory business says there has been a change of pace in the last 12-18 months as firms invest in member analytics and market
Traditionally clunky administration and a disinterested customer base provide fertile ground for smart insurgents to disrupt Australia’s $2 trillion superannuation industry. Which-50 and ADMA are introducing a one day classroom-based digital transformation education program for senior executives lead by visiting US subject matter expert Courtney Hunt PhD. Places are strictly limited. Throw