“Open super” will be the next movement empowering consumers in financial services, regulatory consultancy QMV has predicted.
Superannuation funds should prepare for the ‘open banking’ and ‘open data’ trends underway in the business landscape, QMV’s principal legal and risk consultant Jonathan Steffanoni said in a statement.
“We are seeing growing momentum towards placing power in the hands of individuals, and a greater responsibility on institutions when it comes to managing information and data,” Mr Steffanoni said.
“The superannuation industry will not be immune from this. Already we are seeing moves towards ‘open banking’ in Australia, which will give customers greater access to and control over their banking data; with utilities and telecommunications to follow. Pension and superannuation funds are a logical next step.”
Mr Steffanoni said the scandal engulfing social media giant Facebook over potential breaches of consumer data and privacy laws has shone a light on the need for all organisations to be conscious of how they are handling client information.
“Trusted relationships will demand that institutions do more than merely have individuals click to agree on having their data shared without understanding the implications.”
He said innovation on the client communication and data front is an opportunity for super funds to secure competitive advantage in a market that increasingly values ethical data usage.
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