In order to meet the challenges and opportunities presented by technological change, superannuation funds are set to increase their investment in the space in 2016, says Link Group.
In a recent survey conducted by Link Group, 92 per cent of funds expect to spend more on technology in 2016, up from 62 per cent in 2015.
Link Group also found that digital innovation is a key area of focus for funds in 2016, with 69 per cent indicating a willingness to increase investment in this area.
Speaking at the 2015 ASFA Conference in Brisbane yesterday, Suzanne Holden, chief executive of Link Group Fund Administration, said technology decisions are “front and centre” for chief executives.
“Businesses are often facing tough competition and cost pressures. This can require an ongoing investment in technology to deliver results,” Ms Holden said.
The survey found that 33 per cent of fund chief executives believe mobile innovations are set to be the key disruptor in 2016. This is followed by data personalisation at 25 per cent, aggregators of wealth management also at 25 per cent and online digital or rob-advice at 17 per cent.
“Technology is vital for business transformation and innovation, and we expect emerging technology, particularly mobile access for members, will become even more of a focus in the coming year,” said Ms Holden.
Ms Holden’s comments follow the recent release of a super fund mobile app by the group.
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