The ideal data model for superannuation funds would be one where data was processed on a near real-time basis and a single source could be used to drive all engagement activity, according to Rice Warner.
An analysis by the research house said more holistic and timely data allowed funds to have more specific individualised engagement with members.
However, it said many superannuation funds were unable to effectively reach their desired goals to due a lack of data or lack of ability to integrate data in an effective or timely manner.
Rice Warner noted that super funds had a small number of data points for default members which were often limited to date of birth, account balance and contribution information.
“Funds are striving to engage more effectively around particular life and activity milestones, for example engaging with a member with who has recently married or has newly-dependent children,” the analysis said.
“However, funds are often limited in their ability to so do efficiently by data which is dated and less insightful. This is often a consequence of the frequency with which data is extracted from the administration system and the time taken to run models and generate insight.”
It said the most advanced funds were using real-time data to drive the next best conversations with members as they made contact with the fund, but that this was generally in the early stages of development.
The analysis noted the key focus areas for administrators were cybersecurity, financial planning and advice, technology/ digital strategy, and pension transfer bonus.
Michael Lovett, who left the investment firm just three months after launching its Vanguard Super offering, has taken up a chief executive role at an Australian asset manager.
The Central Bank of Ireland has granted the approval of Equity Trustees’ exit from its Irish operations, with the transaction expected to be complete on 30 April.
Super returns continued to climb in March, raising hopes of delivering double-digit returns by June depending on the performance of this next quarter.
The dedicated super fund for emergency services and Victorian government employees is under fire for unpaid entitlements to transport employees, which could exceed $40 million.
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