Increased member and employer expectations are challenging the heavily outsourced business models of most superannuation funds. Years of limited investment in technology and restricted access to administration data make genuine analytic insights difficult to obtain. Visions of omni-channel engagement, underpinned by paperless processes, dominate strategic plans.
New entrants targeting high-value demographics are challenging established players. Backed by new technologies, these high-engagement, marketing led businesses have potential to reshape the industry. In response, operating models must change. Today’s disaggregated member journeys need to be replaced by seamless, data-rich experiences.
Funds need to address questions around data-ownership and control of customer communication to inform future operating structures. Deferred action is not an option.