Digital literacy is required for super funds to transform

Superannuation funds will need business-wide digital literacy education programs if they want to digitally transform alongside artificial intelligence (AI) and cloud computing, according to a panel.

Speaking at an international business review webinar, Rest Super general manager of technology, Simon Smith, said his super fund had investigated running a business-wide digital literacy program.

“That does take time because everyone’s used to working in an old way and you know how hard it is to change people’s mindsets,” said Smith.

Microsoft’s chief of cybersecurity for the APAC region, Abbas Kudrati, said Microsoft had undertaken a similar literacy program for technology solution providers.

Kudrati said one of the most important parts of the program was helping clients through regulatory compliance check processes and providing a first port of call for queries.

He said Microsoft’s cloud system required digital literacy because it was the responsibility of the administrator to secure the data using best practice.

Shaun McKenna, senior director of product, sales and client relations at SS&C Technologies, added that digital transformation should really be called ‘continuous transformation’.

“AI has only just got started - what have we done with AI really, it’s just a bit of predictive analytics,” said McKenna.

“So, I would say with AI coming on board, how does that really change operations.”




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