POWERED BY MOMENTUM MEDIA
DST welcomes SuperStream recommendations
DST Global Solutions has reaffirmed its support for Cooper Review recommendations around the use of technology to streamline back-office systems.
The case for investing in upgraded systems to take full advantage of straight-through-processing as defined by the Cooper Review is overwhelming, DST said.
“There is no legitimate reason why the superannuation industry cannot undergo the same revolution that the banking sector experienced with the introduction of Internet banking,” according to Martin Spedding, executive director, DST Global Solutions Bluedoor.
“We have clients implementing a single technology framework, removing multiple systems from their technology environments. In return, they are able to greatly reduce their administration costs within a short time frame,” he said.
The goal for superannuation providers should be not just to reduce costs but to advance wealth management products, according to DST.
“These improvements in efficiency have enabled our clients to focus on improvements to customer service and product innovation and, in some cases, roll out new, award-winning products to market such as investment guarantees and lifetime pensions that deal with longevity risk,” Spedding said.
Most of the systems still in use were designed well before current technology was available, according to Mark Cassar, executive director for the development of the company’s Bluedoor wealth management solution.
Electronic data transmission and processing of contributions and rollovers, and automated payment and receipting processes, are crucial to improving efficiency, he said.
“Our open, single-technology framework is now being deployed in superannuation funds and wealth management organisations. Superannuation is mandatory and we believe it [should be] administered and managed in accordance with world best practices,” Cassar said.
AUTHOR
Mike Taylor
Recommended for you
First Nations Australians have faced systemic barriers accessing super, with rigid ID checks, poor service, and delays compounding inequality.
“Slow and steady” appears to be the Reserve Bank’s approach to monetary policy as the board continues to hold on to its wait-and-see method.
AFCA’s latest data has shown a decline in complaints relating to superannuation, but there is further work to be done, it has warned super funds.
Limited exposure to fossil fuel companies has positively impacted the performance of Australian Ethical’s balanced and growth funds, the super fund says.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom 465 Calder Road Calder
99.46 3 y p.a(%)
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
78.55 3 y p.a(%)
4
BetaShares Crypto Innovators ETF
50.39 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
47.50 3 y p.a(%)
