Superannuation software provider Financial Synergy has announced a partnership with the Bankstown City Credit Union (BCCU), with the credit union expanding its service offering.
The agreement sees BCCU adopt a "simple, non-advice" product called CUBS Super, allowing it to enter Australia's $2.2 trillion superannuation market in a bid to "retain and attract" customers.
BCCU chief executive, Peter Mogg, said this web-based white label option has allowed the company to "rapidly" enter the market without the cost and complexity of a standalone implementation.
"Financial Synergy's CUBS Super has helped us to quickly and easily enter the superannuation market with a product that's fully integrated into our service range and our back-end systems," Mogg said.
"We now have a powerful tool to help us retain members, and attract new ones, who would previously have had to go elsewhere for super."
Earlier this month, Financial Synergy's chief executive, Stephen Mackley said superannuation funds needed genuine business intelligence and predictive analytics to help build engagement among fund members.
Financial Synergy CEO, Stephen Mackley said the partnership would help the credit union retain and grow its nearly 5000 strong member base.
"BCCU is benefitting from the power of a shared platform that has been custom built for mutuals. It can remain independent and thrive while providing an excellent and expanding offering to its members," he said.
CUBS Super has now been implemented by five institutions, including Defence Bank, Qantas Credit Union, Hunter United Credit Union, and Victorian Teachers Mutual Bank.