Technology creates distribution opportunities
Industry funds should use technology to forge new distribution channels, according to Sunsuper chief executive Tony Lally.
Lally said the industry funds movement could be challenged by a different government next year which might do away with the current awards system.
"For us it's really about cementing our position in the old system," he said.
But the advance of technology could open up new distribution channels for industry funds to remain relevant and competitive, he said.
While SuperStream was a given technology requirement, it was the technology requirements beyond that that would make the most dramatic changes - and they centred on members' behaviours, he said.
The requirement of funds to build up bases of capital showed an evolution of the industry funds movement from a superannuation fund to a superannuation business, he said.
Sunsuper would restructure its staff, Lally said. This would result in fewer people pushing paper and more people giving advice over the phone as member demand for advice rather than just information increased, Lally said.
He said the industry funds movement needed to integrate systems to communicate with each other and members and compete within the current environment.
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