Melbourne-based Kinetic Super has launched a mobile app to keep customers more aware of their super and assist in closing the $15 billion gap of retirement wealth sitting in unclaimed super accounts.
The app will allow members to view their account balance, update their details, and browse and change investment options on their personal mobile device.
There are also extended options to combine accounts, change account beneficiaries, nominate to take super to new jobs, and to check and change personal insurance covers.
Kinetic chief executive, Andrew Barnett, said the fund has continuously searched for innovative and digital ways to keep customers invested and aware of their super.
"We understand that Australians today want to access everything in the palm of their hand. That now includes their superannuation account," he said.
"Introducing a mobile app is the first of many innovative plans we have in our long-term digital strategy to engage with our members and make super more relevant and important to their financial futures."
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Australia faces a decade of deficits, with the sum of deficits over the next four years expected to overshoot forecasts by $21.8 billion.
APRA has raised an alarm about gaps in how superannuation trustees are managing the risks associated with unlisted assets, after releasing the findings of its latest review.
Compared to how funds were allocated to March this year, industry super funds have slightly decreased their allocation to infrastructure in the six months to September – dropping from 11 per cent to 10.6 per cent, according to the latest APRA data.