Super funds gain edge via scale and technology
New research released by KPMG has revealed the degree to which Australian superannuation funds are leveraging both their scale and technology to gain an edge in the market.
The KPMG Superannuation Fund Internet Capability Survey revealed that 42 per cent of the funds surveyed are now utilising social media such as Facebook, Linked-in and YouTube, while the average cost-per-member a year to the funds with respect to online capability is less than 65 cents.
The KPMG analysis also pointed to a continuing innovative approach, with funds delivering new functionality offerings ranging from self-assessment tools that suggest appropriate levels of insurance through to social media feeds.
The research found that a quarter of survey participants provided a mobile version of the fund's website to members, but added that this segment of the market was still considered to be in its infancy, with mobile versions providing only a fraction of what the conventional sites offered.
Where the Government's Stronger Super initiatives are concerned, the KPMG research revealed rising levels of doubt among respondents about whether the costs would be worth the benefits.
It said that three-quarters of participants were unsure of the cost and effort estimated to implement the reforms, and the change in full-time equivalent staff emanating from the reforms.
"The industry therefore remains unconvinced of the potential cost savings to be realised after considering the $467 million cost associated with the SuperStream reforms," the KPMG analysis said.
Recommended for you
Data and technology provider Novigi has acquired Iress’ superannuation consulting and managed services business from Apex Group.
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
