The financial services sector, including superannuation funds, is not proactively implementing digital strategies within its businesses.
The claim formed part of research by Deloitte presented by Deloitte Digital partner Katherine Milesi on the last day of the Association of Superannuation Funds of Australia's (ASFA's) National Conference in Sydney.
The research revealed which of Australia's 18 key industries (based on government classifications) were susceptible to the impact of digital technology.
"Within about three years, businesses within the financial services industry will be impacted by up to 40 per cent - so 40 per cent of the way they do business is going to change as a result of the digital [evolution]," Ms Milesi said.
"Super funds are sceptical and they think super's different as it's a product that's very low-engagement, members are very passive and there's this perception that there's a big chunk of the member base that doesn't use the internet.
"But that's not right - you are as susceptible as any other bank, insurance company or financial services organisation."
Digital technology will have an impact on the Australian economy as great as - if not greater than - the float of the Australian dollar and the introduction of compulsory super, Ms Milesi said.
It is therefore necessary to take an honest look at the super fund's board, the trustees and the executives.
"Are their minds open and have they got a sensing function in the organisation that allows them to understand what's going on in the world of financial services and super?" she said, outlining the issues that need to be addressed.
"Are they starting to get organised to act and is it on executive agendas? Are they bringing people into the organisation who understand digital?"
Ms Milesi added that the wealth industry is under-utilising mobile technology, particularly tablets; advisers should be connecting with clients via video and storing client information on a tablet to avoid having to carry paper, she said.
Nine key areas of focus for businesses to consider were people, supply chain, overhead, new segments, new geographies, new business models, asset mix, risk management and the capacity to act.
Mobile use is expected to surpass desktop usage by 2014. In addition, there are 4.8 billion people worldwide who own mobile phones and 1.2 billion are connected to the internet.
