According to an industry professional, there are big transformations on the radar for superannuation technology in 2024 that will redefine how Australians plan and navigate their retirement.
In a recent LinkedIn blog post, Paul Giles, the chief executive of superannuation at Iress, expressed that 2024 is poised to reshape how Australians strategise and navigate their retirement due to the “promising advancements” unfolding in superannuation technology.
Giles outlined key developments expected in 2024, including heightened personalisation, the proliferation of digital advisory platforms, and advancements driven by artificial intelligence.
“Superannuation technology is becoming more personalised, offering tailored advice and solutions to individual members,” Giles said.
“Advanced algorithms and AI-driven tools are expected to analyse data comprehensively and provide personalised retirement planning strategies based on specific member needs, goals, risk profiles, and life stages.”
Giles also forecast that superannuation technology providers will persist in navigating regulatory changes and compliance requirements while concurrently innovating to provide solutions.
“Collaborations between industry stakeholders and regulators are expected to drive responsible innovation frameworks, ensuring a balance between innovation and member-centric solutions,” Giles said.
On the expansion of digital advice platforms, Giles said he envisions these platforms evolving into comprehensive hubs featuring interactive tools, educational resources, and calculators, encouraging a deeper understanding of retirement planning.
Additionally, Giles highlighted the likely continued emphasis on enhancing mobile accessibility and user experience in superannuation technology, catering to tech-savvy consumers who prefer managing their superannuation at their convenience.
“Mobile apps and websites will provide seamless access to information and tools, catering to members who prefer managing their superannuation at their convenience,” he said.
Furthermore, he anticipates an increased focus on cyber security and data protection measures, coupled with the ongoing integration of artificial intelligence and predictive analytics into superannuation technology.
“These will enable better forecasting of retirement outcomes by helping members make more informed decisions about contributions, investments, and retirement age,” Giles said.
Finally, he opined that superannuation technology will evolve beyond retirement centricity, embracing a holistic approach and promoting financial wellness.
“Looking further than retirement planning, these platforms might offer insights into debt management, budgeting, and other financial aspects to support overall financial health for members,” Giles said.
Ultimately, according to Giles, this year is one of those pivotal times in financial tech history, with the progress of superannuation technology showing the commitment of the industry as a whole.
“Funds are moving towards a digital-first approach for greater scalability and overall efficiencies for employers, advisers, and members alike. This will empower informed decision making for financial wellbeing and a secure retirement for Australians,” Giles said.
