In a post on LinkedIn, AustralianSuper group executive for member experience and advice Shawn Blackmore said advances in technology are “on the verge of transforming superannuation and financial services forever” and funds have to respond to this.
“Make no mistake, the way people engage with their money has already altered radically and will continue to change as technology evolves to meet a set of customer demands that are based on ease of service and immediacy,” Mr Blackmore said.
Subsequently, Mr Blackmore said AustralianSuper is trying to “fundamentally shift” its approach to advice through the development of a “goals-based digital platform” to give members a “single view across all their financial assets” and allow them to track their progress towards financial goals.
“This move will take AustralianSuper’s offering from a basic reactive proposition to one that will proactively help educate and guide members to achieve comfort, confidence and adequacy in retirement,” he said.
Mr Blackmore added that the fund will be “piloting the use of artificial intelligence to help provide efficient and cost effective support to our members” as well as introducing chatbots, while still offering members access to real people who can answer questions either via chat or the phone.
“It was only a few years ago when industry super funds had a simple, easy-to-understand business model that involved one distribution channel – employer relations. It was paper centric, accumulation only and dealt with a largely disengaged consumer,” he said.
“Times have changed dramatically and will continue to change. This is a consumer led change for the better. They want more engagement with their finances and, as long as that remains the case, we can expect to see fintech, robo advice and digital innovation in the headlines for some time to come.”
I wonder if the 55 million new iPhone application for the year will actually be revisited more than once annually if at all?:wink: Throwing latest industry terminology “Goal Based Advice” will prove no doubt to have as much take-up as the must vaunted RoboAdvice. Please try to understand that a majority of members don’t engage as they don’t have to given they have the best guarantee of all – Govt backed age pension that’s worth 5 times what they tend to accumulate within their super.
Anything that can help people to understand and engage with their money is a step in the right direction. Would be interested to see this in action. There are a few platforms like this floating around now.
Goals based advice by showing total invested position to track goals. This is a break through that will change the industry ?
I wonder if the chat bots will provide personal advice (passed off as general advice to avoid SOA’s)