When asked how industry fund platforms compared to other institutions, EquipSuper executive officer of strategic marketing and communications Geoff Brooks told InvestorDaily banks currently have an advantage.
“If you just look at the technology platforms that provide you with an integrated view of your financial life within a bank, [they can] display super on the same screen as your credit card and other accounts and so on. I think that is a challenge that the industry funds, including us, are going to have to grapple with at some stage,” Mr Brooks said.
“These are the sort of things the banks are somewhat better positioned to deliver at the moment than we are. The flying start they have got is certainly that integrated view of your financial life.”
Going forward, younger people will expect this level of understanding of their financial situation, he added.
“[As] we move further into the future, we are going to be starting to move to a generation of people who are used to paying for service,” Mr Brooks said.
These individuals are “far more selective in what they choose to look at and download” and “their demands are on demand”.
Mr Brooks said those consumers will not necessarily move across to industry funds unless the sector can ensure their financial information is targeted and relevant to them, he added.
