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Warning around super data mining
Any attempt by super funds to mine member data needs to be underpinned by a strong ethical framework, according to Deloitte leader of customer analytics Jenny Wilson.
Super funds have the opportunity to start bringing together the power of intelligence, helping members to make better decisions and give them a chance to rethink marketing to members, according to Wilson.
But such moves must be bound by ethical values, authenticity, and how super funds use that information, she said.
"The idea of empowering employees through member data has to be underpinned by some pretty strong ethical values," she said.
There is a greater risk of letting information slip because the world was moving quickly, data usage was increasing and companies were still figuring out how to manage all the information, she said.
A process of collating and analysing member data needs a policy framework around it, but super funds that use it for the right reason will have a good outcome, she added.
Super funds could broach the subject by asking members if they were amenable to the super fund analysing information they have on them in order to offer them the right services and products, Wilson said.
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