Super industry should prepare for “open” regime, QMV says

The superannuation industry should prepare for an “open super” regime in the next few years given current moves towards “open data” and “open banking” in the information economy, consulting services provider QMV has said.

Jonathan Steffanoni, principal consultant of legal and risk at QMV said there is growing momentum towards placing power in the hands of individuals, and a greater responsibility on institutions when it comes to managing information and data.

“Trusted relationships will demand that institutions do more than merely have individuals click to agree on having their data shared without understanding the implications,” Steffanoni said.

“The superannuation industry will not be immune from this. Already we are seeing moves towards ‘open banking’ in Australia, which will give customers greater access to and control over their banking data, with utilities and telecommunications to follow.

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“Pension and superannuation funds are a logical next step.”

Steffanoni said that institutions should see the opening up of data, or the idea that some data should be freely available for use by the people it relates to in flexible ways which aren’t tied to a particular technology or organisation, as an opportunity, not a threat.

“In an environment where policy makers are looking at ways to promote greater levels of engagement and competition in the industry, innovation around the way super funds interact with members presents a significant opportunity and can add value to the services they provide,” he said.

“It is an opportunity to create better outcomes for members, and indeed to continuously improve Australia’s position as a world leader in retirement incomes.”