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The top ten challenges for the Superannuation Industry 2013 & beyond.
The top ten challenges for the Superannuation Industry 2013 & beyond.
The top ten challenges for the Superannuation Industry 2013 & beyond.
The top ten challenges for the Superannuation Industry 2013 & beyond.
The top ten challenges for the Superannuation Industry 2013 & beyond.
The top ten challenges for the Superannuation Industry 2013 & beyond.
The top ten challenges for the Superannuation Industry 2013 & beyond.
The top ten challenges for the Superannuation Industry 2013 & beyond.
The top ten challenges for the Superannuation Industry 2013 & beyond.
The top ten challenges for the Superannuation Industry 2013 & beyond.
The top ten challenges for the Superannuation Industry 2013 & beyond.
The top ten challenges for the Superannuation Industry 2013 & beyond.
The top ten challenges for the Superannuation Industry 2013 & beyond.
The top ten challenges for the Superannuation Industry 2013 & beyond.
The top ten challenges for the Superannuation Industry 2013 & beyond.
The top ten challenges for the Superannuation Industry 2013 & beyond.
The top ten challenges for the Superannuation Industry 2013 & beyond.
The top ten challenges for the Superannuation Industry 2013 & beyond.
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The top ten challenges for the Superannuation Industry 2013 & beyond.

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QMV Super Solutions look at the ten biggest challenges that super funds will face in the coming years and how super trustees should approach them.

QMV Super Solutions look at the ten biggest challenges that super funds will face in the coming years and how super trustees should approach them.

Published in: Business, Economy & Finance
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  • 1. TOP TEN CHALLENGES  for  the  Superannuation  Industry  beyond  2013.   Level  4,  10-­‐16  Queen  St,  Melbourne,  VIC  3000   www.qmvsupersolu?ons.com  
  • 2. SUPERSMARTS   What  challenges  lie  ahead  in  the  coming   decades  that  savvy  super  fund  Trustees   should  be  planning  for?     We’re  glad  you  asked…   Level  4,  10-­‐16  Queen  St,  Melbourne,  VIC  3000   www.qmvsupersolu?ons.com   By  QMV.  
  • 3. supervision   Level  4,  10-­‐16  Queen  St,  Melbourne,  VIC  3000   www.qmvsupersolu?ons.com   Data Excellence Public Policy Data Migration The Cloud Member Engagement Exception Management Market Globalisation Big Data Account Consolidation Rethinking Retirement Top  10  Challenges  beyond  2013  
  • 4. 1.data excellence   As  custodians  of  an  enormous  (AND  growing)   amount  of  data,  Trustees  should  be  implemen?ng   sound  data  government  prac?ces  to  achieve   excellence  in  managing  data  quality  and  security.   Those  who  do,  will  be  able  to  use  predic?ve   analy?cs  to  make  beTer  informed  decisions  &  to   empower  member  engagement  &  retainment.     Level  4,  10-­‐16  Queen  St,  Melbourne,  VIC  3000   www.qmvsupersolu?ons.com   Sound  Data  Governance.  
  • 5. 2.public policy   Understand  The  Shifts   Age  distribu?on  demographics  are  changing  in   Australia…   Level  4,  10-­‐16  Queen  St,  Melbourne,  VIC  3000   www.qmvsupersolu?ons.com   The  number  of  people  aged  65+  will  rise  from  13%           in  2006  to  25%  in  2056.   The  number  of  working  age  popula?on  will      decrease  from  67%  in  2006  to  58%  in  2056.   Public  policy  will  have  to  respond  by     restructuring  the  super  industry.  But  how?  
  • 6. 2.public policy   Understand  The  Shifts   Level  4,  10-­‐16  Queen  St,  Melbourne,  VIC  3000   www.qmvsupersolu?ons.com   Funds  need  to  carefully  consider  the  impact  of  these   public  policy  shi_s  when  planning  for  growth  &   efficiency.  
  • 7. 3.data migration   Information  Transitioning   Economic  efficiencies  &  industry  consolida?on  will   combine  to  effect  a  reduc?on  of  the  number  of   super  funds.   The  funds  that  will  survive  will  have  the  best  quality   &  most  efficient  data  migra?on  systems,  that  can   easily  migrate  complex  data  from  a  variety  of   placorms.     Level  4,  10-­‐16  Queen  St,  Melbourne,  VIC  3000   www.qmvsupersolu?ons.com  
  • 8. Why?  Cloud-­‐based  data  opera?ons  allows  funds  to   save  on  fixed  costs  associated  with  in-­‐house   technical  infrastructure  opera?ons.     Cloud  service  providers  also  lend  their  exper?se  to   efficiently  manage  data  security.   Savvy  funds  will  be  capitalising  on  the  opportuni?es,   as  well  as  managing  associated  poten?al     risks    rela?ng  to  privacy  &  security  of  data.     4.the cloud   Centralising  Infrastructure   Level  4,  10-­‐16  Queen  St,  Melbourne,  VIC  3000   www.qmvsupersolu?ons.com  
  • 9. 5.Member engagement   Strategic  Segmentation   Super  funds  should  be  focusing  member   engagement  strategies  towards  a  par?cular  segment   to  ensure  products  are  developed  with  a  clearly   defined  target  market  in  mind...   Level  4,  10-­‐16  Queen  St,  Melbourne,  VIC  3000   www.qmvsupersolu?ons.com  
  • 10. 5.member engagement   Strategic    Segmenta,on   Level  4,  10-­‐16  Queen  St,  Melbourne,  VIC  3000   www.qmvsupersolu?ons.com   Member  engagement  is  now  more  meaningful  than   the  tradi?onal  categorisa?on  of  retail,  industry  or   corporate.   A  highly  engaged  member  will  demand  feature  rich   products  that  result  in  higher  costs.     Engaged  members  will  drive  demand  for  managed   accounts  that  offer  more  flexibility   A  disengaged  member  will  be  largely  serviced  by   MySuper  products.   Lost  members  will  be  managed  by  the  ATO.  
  • 11. 6.exceptionmanagement   A  New  Model   Super  Funds  must  move  away  from  data  entry  &   transac?on  processing  and  embrace  an  excep?on   management  focused  opera?onal  model  to  reduce   costs  and  increase  accuracy.     Decision  makers  will  need  to  consider  whether  to   invest  in  proprietary  technology  or  to  develop   bespoke  technology  in-­‐house.   Level  4,  10-­‐16  Queen  St,  Melbourne,  VIC  3000   www.qmvsupersolu?ons.com  
  • 12. 7.globalmarket   The  Next  Stage  of  Growth   The  domes?c  super  product  market  will  reach   maturity  at  some  stage  between  2035  and  2045,  and   growth  will  slow.   Long  term  strategies  for  expansion  of  markets   beyond  Australia’s  shores  will  be  a  prudent  measure   for  superannua?on  funds  as  the  domes?c  market   matures.   Level  4,  10-­‐16  Queen  St,  Melbourne,  VIC  3000   www.qmvsupersolu?ons.com  
  • 13. 8.big data   Filtering  Out  The  Noise   The  amount  of  informa?on  available  both  to  fund   trustees  and  to  members  is  exploding.   Super  funds  must  develop  systems  which  customise   the  flow  of  informa?on  to  employees  and  members.   This  will  enable  managers  to  make  informed   commercial  decisions  &  allow  members  to     choose  how  they  want  to  engage  with  the  fund.   Level  4,  10-­‐16  Queen  St,  Melbourne,  VIC  3000   www.qmvsupersolu?ons.com  
  • 14. 9.accountconsolidation  Contracting  Number  of  Accounts   The  number  of  superannua?on  accounts  is  set  to   contract  in  the  short  term,  with  the  mandated   consolida?on  and  lost  member  regula?ons  coming   into  effect.   Level  4,  10-­‐16  Queen  St,  Melbourne,  VIC  3000   www.qmvsupersolu?ons.com  
  • 15. 9.accountconsolidation  Contracting  Number  of  Accounts   Funds  should:   1.  Implement  systems  &  procedures  to  facilitate  &   execute  the  consolida?on  of  member  accounts   2.  Renego?ate  service  agreements  or  licences   where  revenue  is  ?ed  to  the  number  of  accounts   they  hold,  transi?oning  towards  asset   based  or  hybrid  service  agreements   Level  4,  10-­‐16  Queen  St,  Melbourne,  VIC  3000   www.qmvsupersolu?ons.com  
  • 16. 10.rethinkretirement   Transition  to  Retirement.   Increasingly,  re?rement  is  becoming  more  of  a   transi?on  period  rather  than  a  sudden  &  absolute   date  in  a  member’s  life.   Funds  should  consider  developing  income  stream   products  which  integrate  banking  services  with   income  stream  products  to  accommodate  the  shi_.   Level  4,  10-­‐16  Queen  St,  Melbourne,  VIC  3000   www.qmvsupersolu?ons.com  
  • 17. how to respond?   The  immediate  concerns  with  implemen?ng   StrongerSuper  reforms  are  undoubtedly  important.   But  those  who  move  first  in  thinking  about  what   comes  next  in  5,  10  or  20  years  are  going  to  be  the   ones  that  prosper  deep  into  the  21st  century.   Level  4,  10-­‐16  Queen  St,  Melbourne,  VIC  3000   www.qmvsupersolu?ons.com  
  • 18. want more?   Contact  QMV  to  find  out  how  we  can  help  you  turn   these  challenges  into  opportuni?es.   Marisa  Paoli   Head  of  Business  Services   mpaoli@qmvsolu?ons.com  /  9620  0707   Level  4,  10-­‐16  Queen  St,  Melbourne,  VIC  3000   www.qmvsupersolu?ons.com  

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