At the heart of a mature digital transformation effort is the customer, their experiences, and the journey to saving and preparing for retirement. Clear objectives for each digital transformation initiative link directly to the business strategy, the business model and of course the operating model.
Read MoreConsumer scams, identity theft and fraud have boomed during the COVID-19 pandemic prompting superannuation funds to bolster fraud prevention strategy. Upgrading from insecure pins, challenge questions and two-step code verifications is a critical security measure in the fraud prevention framework to protect member accounts from a multitude of current and imminent threats.
Read MoreDigital to the core is a holistic, 360-degree solution that embeds technology into a fund’s DNA. Full vertical digital, not just at the usual customer touchpoints, but each member form, system, person and process that ensure the end-to-end transactions are linked. Minimal manual processes means transparent, efficient member service and significantly reduced duplication or risk of human error.
Read MoreWe've put together a brief summary of the measures in the Commonwealth Budget directly affecting superannuation trustees. While there is very little detail on some measures at this stage - it is enough to start thinking & planning!
Read MoreA Successor Fund Transfer (SFT) or merge is an opportunity for funds to create greater scale that can be readily translated to benefits for the member. In an environment of increasing investor advocacy, a merge that builds “cultural” scale could be an alternative for funds with a strong member voice.
Read MoreOne of the most important components of the due diligence process in superannuation fund mergers are cost projections and agreeing on who’s members are paying for what. There are many risks involved in mergers, but equally there are opportunity costs and risks associated with not doing it
Read MoreEven though reputable third-party providers have data governance frameworks and performance metrics in place, it is important to recognise inherent bias and that data quality governance is not often their core capability. Data quality must be independently and routinely monitored and validated. If access to the data can be obtained, an independent audit can often uncover widespread error for which regulatory breach and costly remediation is a legitimate risk.
Read MoreIn response to the ongoing COVID-19 pandemic, the Australian government has passed legislation to allow affected individuals early access of up to $10,000 from their superannuation. Due to the fast-paced nature of the crisis, superannuation funds and administrators are working vigorously provide members with the services and information they need.
Read MoreTrustees regularly put their administration up for tender and a successful bid often results in a fund migration. This may be between administrators or just platforms within an administrator. Each migration is unique and presents its own set of challenges and disruptions…
Read MoreIn the last decade, the arrival and development of the ‘cloud’ has had a profound impact on the financial services sector, both in Australia and globally. I’m not talking about the cloud Grampa Simpson is yelling at but referring to the term ‘cloud computing’.
Read MoreThe digital age of customer information opens vast opportunities for financial institutions from providing tailored solutions, omnichannel experience and innovative avenues to communicate with customers.
Read MoreThe Hayne Royal Commission rightfully and very publicly raised a question mark over the quality of customer data held by financial institutions. It also highlighted that data remediation – the cleansing, organisation and migrating of data – after costly and often lengthy investigation, warrants greater focus.
Read MoreMany data remediation programs are only started after an issue being brought to light by a customer or group of customers: often upon investigation, this gives rise to a slew of other issues that may have been impacting thousands of customers across several years.
Read MoreIn a letter sent to registerable superannuation entity (RSE) licensees on 10 April 2019, APRA and ASIC reinforced the importance of oversight to ensure fees charged to members are correct and in their best interest. This included a range of issues and ‘approaches for actions’ to address the oversight.
Read MoreTom Seel is the product lead at QMV and has been involved with Investigate since its inception. He is passionate about data and data-centric projects having been involved in numerous data migration and data remediation projects throughout the superannuation industry.
Read MoreThe 2018-19 Commonwealth Budget contains more than meets the eye when it comes to the superannuation and pensions system. Before looking at what was announced, it is worth briefly reflecting on a few anticipated announcements which were not included.
Read MoreI really enjoyed the opportunity to speak at ASFA’s Spotlight on Member Engagement Forum held this week in Sydney. My task was to discuss how trustee approaches to member engagement would be influenced by the rise of
Read More“If we had known THAT, we would have made a very different decision” – a data quality story I hear all too often when working in superannuation and wealth administration...
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