The trend among superannuation providers to engage members with digital advice has gained more momentum following the successful implementation of Decimal Software’s Eqilize solution by leading super and financial advice provider Mercer Australia.
Mercer Australia, which is one of Decimal’s foundation clients and partners, now has the capability to offer the Eqilize digital advice solution to more than two million Australians through its Mercer Super Trust (MST) and over 170 funds it administers.
Decimal CEO Nic Pollock said the successful implementation, which was completed within just three-months of the scope being agreed, positions Mercer at the forefront of innovative, meaningful engagement with members.
“Superannuation today is a competitive market and funds need scale to evolve,” Mr Pollock said.
“Technology, and in particular digital advice, empowers funds regardless of size or whether they’re retail or industry focused, with an ability to better engage members more meaningfully, and to grow and retain membership.
“The latest implementation demonstrates the relevance and effectiveness of the digital advice solutions that Eqilize offers the superannuation industry.
In a statement issued in February this year, Mercer announced that its decision to offer Eqilize was driven by the organisation’s understanding that technology was key to engaging customers who did seek any form of financial advice.
Mr Pollock added that digital advice was not just about digitising traditional advice.
“The industry has an opportunity to start from a blank slate given most customers aren’t familiar with current advice models at all,” he said.
“While Eqilize is offered largely as an out-of-the-box solution, allowing fast rollout and ease of implementation, it is highly configurable to the needs of individual superannuation providers.
“This allows our clients to brand it as their own and configure their various customer journeys with integration to other required services such as phone and traditional channels,” Mr Pollock said.
“Our Eqilize solution is used by several national superannuation providers and other financial service institutions, accounting for more than $7.5 billion in Funds Under Advice.