Speaking at a recent DST Solutions event in Sydney, Mr Brogden said the superannuation system is “effectively allocating money”.
“Our industry hasn’t positioned itself to fully take advantage of technology. However, this is changing as super funds want to remain innovative and competitive,” he said.
“Over the past few years, the super industry has been focused on compliance. This focus is shifting to innovating through technology,” said Mr Brogden.
DST Solutions Anova solution manager in Asia Pacific David Rhind, who also spoke at the event, pointed to the increasing complexity of investment operations in Australia’s superannuation system.
“Organisations [that] take a strategic approach to the management of their investment data will gain tangible business benefit, over and above mandated regulatory compliance,” said Mr Rhind.
While accessing accurate and timely data is straight forward if it comes from a single source, the Stronger Super reporting requirements for super funds are complicating matters, he said.
“Effective investment data management can dramatically improve operational efficiencies, investment option decision-making capability, as well as greater transparency,” said Mr Rhind.
“We are finding that many financial organisations that initially engage with [DST Solutions] to resolve mandated regulatory requirements, are identifying wider, strategic business benefits they can obtain by leveraging their initial technology investment,” he said.
