Slow adoption of IT holding super sector back

Australia’s superannuation sector is being held back by its slow adoption of technology, Financial Services Council chief executive, John Brogden believes. 

While super has been “working well” and “delivering huge benefits” to the Federal Government and the financial sector, Brogden said IT could boost those benefits even further. 

“By and large the superannuation sector is effectively allocating capital back into the Australian financial system,” he said.  

“Australia’s savings rate is three times higher than it would have been without superannuation. Today, Australia’s superannuation sector is worth $1.8 trillion, it will move to $3 trillion in 2025 and to $5.5 trillion by 2030. 

“Our industry hasn’t positioned itself to fully take advantage of technology. However, this is changing as super funds want to remain innovative and competitive. 

“Over the past few years, the super industry has been focused on compliance. This focus is shifting to innovating through technology.”