Mercer has made several changes to its super administration business, including the addition of new technology, innovative products and enhancing its customer service capability.
The changes, known as the Super Genome Project, are intended to reshape the way Mercer interacts with and serves its customers and corporate clients, the company said in a statement.
Mercer’s financial services business leader in the Pacific Market Andrew Godfrey said: “Super administration as a record-keeping service is no longer a sustainable business plan.”
“Administrators have to partner with their clients to achieve growth in an increasingly competitive industry.”
Mr Godfrey added gaining market edge in an increasingly competitive industry means super funds could use prices to differentiate themselves in the market.
“Price wards are good for buyers in the short term, however in the long term it cuts into profit margins and threatens the survival of the business,” she said.
“A more sustainable future is developing the customer experience investing complementary new technology.
“We’ve replaced the industry one-size-fits-all approach with a completely customer-centric model where every single individual sits at the heart of the interactions and experiences we create, and we think it will differentiate us in the market.”
The project has seen the rollout of several programs, including marketing and strategy platform Mercer Edge; CRM enterprise solution Salesforce.com; a new member registry; and a new digital capability that offers a “mobile first” experience.
APRA has announced that it will watch super funds more closely and has not ruled out naming and shaming underperforming funds. ...
The head of Australia’s largest industry superfund has warned of the significant changes afoot for those working with other people’s ret...
AMP has reported seeing a spike in queries about early access to super in February. ...