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HESTA to undergo largest tech overhaul in funds history
The $93 billion fund is looking to support its member service with modern, secure, and “future-ready” tech.
HESTA has announced that it is planning to transition to a new member administration services provider, GROW Inc, from mid-April.
The transformation, the fund said, marks a significant part of HESTA’s work to deliver more personalised experiences for members.
Commenting on the announcement, CEO Debby Blakey said the project aims to support the future needs of the fund’s more than 1 million members.
“This is the largest technology project in HESTA’s 38-year history and we’re confident it will set our business up to deliver better outcomes for our members,” Blakey said.
“GROW’s faster, customisable technology will allow us to continually innovate and improve our services, helping us to deliver support for members’ current and future needs.”
According to the CEO, it is expected to both help keep costs down and allow HESTA to more quickly adapt to the changing super landscape.
“We’re working hard to make the changes as smooth as possible and thank our members for their patience as we complete the transition,” Blakey said.
Namely, as part of the transition, a limited services period is scheduled for 12 April and concluded on 1 June.
During the period, HESTA said that members will experience temporary disruptions to their account access and transaction, including paused processing requests and, from 18 April, temporarily unavailable access to online accounts and the HESTA app.
The announcement comes after the fund confirmed in June 2023 that it would be shifting its member administration to GROW after nine years with Link Group, which rebranded to MUFG Pension & Market Services after its acquisition by Mitsubishi UFJ Trust & Banking Corporation last year.
AUTHOR
Jessica Penny
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