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Technology should analyse data, not just record it
Super funds should adapt customer-centric technology that analyses data and anticipates customer needs, head of Bravura Solutions Asia Pacific Roland Slee said.
Slee said the information technology systems have traditionally recorded details of members’ investments and transactions.
But with customer-centric technology, the focus shifts from record keeping to analysing and studying data to identify patterns and opportunities.
“The opportunity now is to not only capture those records but for improving customer service, and for making relevant targeted offers; to build a more complete picture of the customer and then analyse that data to determine where there are opportunities for cross-selling and up-selling,” Slee said.
“Then you can actually act on those insights through mobile applications, websites, through event-based triggers where you can send messages to customers directly.”
Slee said funds should adapt cloud-based platforms, where they can upgrade their IT environment every three to six months instead of every two to three years.
Slee also believes the idea that super funds are waiting to finish compliance-driven activity under Super Stream in order to then focus on innovation is not an accurate one.
“The idea that we’re going to get through this phase of regulatory change and then be able to breathe a sigh of relief and innovate, I’m not sure is a correct picture,” he said.
“It seems likely that the demand for investment in compliance will be a continuous demand because the compliance environment is constantly changing.”
With the next-generation platforms still in the early stages of adoption in the industry, there is still reluctance to adopt new technology for fear of risks.
“But with the maturity and 'proven-ness’ in the solutions, those risks are rapidly mitigated and it becomes much more assured that the customers can get the benefits they’re looking for - for the cost and at a level of risk that is promised,” Slee said.
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