POWERED BY MOMENTUM MEDIA
Use big data or become extinct
Super funds need to catch up with the big data imperative or they run the risk of becoming extinct, Mercer believes.
As big data is transforming the way we live, Mercer's managing director and pacific market leader, Ben Walsh, said funds have to learn, understand, and interact with members on a new level.
"Super funds have to catch up to many other industries thriving on the age of consumerism… they need to tap into the wealth of data they're sitting on," Walsh said.
Responding to this Mercer has developed a new platform, Mercer Edge, to give funds insight and information about their members, including the likelihood that a member will switch funds.
Mercer's consumer marketing leader, Cambell Holt, said the platform can assist super funds exponentially increase their understanding of their customers.
"It brings Mercer's actuarial heritage and the analytics we've developed to help the challenge of understanding what members are going to do next" Holt said.
"We've arranged the platform that it offers meaningful insight straight out of the box."
Holt added that the platform brings insights to super fund executives that had never occurred to them before.
"For example the way we construct messages around the degree to which males and females are retirement ready, and it radically alters the way we communicate to the members. Different cohorts in terms of socio-economic state respond much differently to different types of messaging," Holt said.
Currently, NGS Super and Virgin Money have adopted Mercer Edge.
NGS Super chief executive, Anthony Rodwell-Ball, said "With Mercer Edge, our focus on customer intimacy will be further strengthened; providing the capability to undertake sophisticated analytics that will provide our customers with tailored services and offers, as well as supporting a single view of our customers."
Recommended for you
The country’s sovereign wealth fund has unveiled a flurry of changes to its leadership team, including the appointment of a key executive role.
With Damian Graham stepping into a new capacity within the $190 billion super fund ahead of his retirement, a global search is set to commence for his replacement.
Cbus has swiftly promoted Leigh Gavin to chief investment officer only months after naming him deputy, as the fund works towards growing in size and bringing its investment expertise in-house.
Bravura CEO Andrew Russell has announced he will be stepping down from the company, just under two years after his appointment.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
91.29 3 y p.a(%)
2
L1 Capital International
69.55 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
36.96 3 y p.a(%)
4
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
35.77 3 y p.a(%)
5
GAM LSA Private Shares AU I
34.22 3 y p.a(%)
