It is likely there will be increased personalisation of superannuation funds as members demand the same type of service provided by their bank.
Speaking at the Association of Superannuation Funds Australia (ASFA), Emily Wu, general manager for fund partnerships at MLC Life, said this reflected a wider trend in other sectors.
She said: “It is very clear there are varied views about personalisation and the extent of it. There is an untapped area of individual personalisation. The world is built on personalisation now with banking, social media and advertising and over time that is what our members will expect.
“To be able to offer that level of individual personalisation, we are going to need more data to provide that. Without that data, there will always be limitations.”
She added super funds already had data from members but this varied drastically between funds and there were ways that more could be obtained.
“Some sort of integration of ATO data with SuperStream data seems like a logical fit and a way of leveraging what we already have.
“There is definitely more we need to do, it does come back to empowering individuals to be more engaged because as time progresses, we will be more reliant on individuals to give us that data.”
