In an exclusive six-part series developed especially for the SMSF Association state technical conferences, Darren Stevens, Bravura Solutions’ director of product management and strategy, explains how social change and technology are driving the evolution of superannuation platforms.
Based on Stevens’ presentation to the conference, the series identifies the five key trends having the greatest impact and explores their implications for SMSFs. The five mega-trends identified by Stevens are:
1. Generational change;
2. Hyper-personalisation and customer-centricity;
3. Technology – social media, mobility, analytics, cloud computing and Internet of Things (SMACI);
4. The fintech revolution; and
5. Cyber security and privacy.
The six-part series will be released by Professional Planner and Bravura in daily instalments during the state technical conferences, concluding with an analysis of the impact of the major trends.
The white paper is also being released to attendees at the SMSFA state technical conferences. Professional Planner is media partner to SMSFA, and has produced the Daily News publication provided to attendees at the conferences.
DOWNLOAD Part 6: What does it all this mean to the SMSF sector?
Stevens drills down through the five key social and technology trends to identify, analyse and summarise the specific implications for SMSFs. He defines the key challenges for the sector in the years to come, makes some salient predictions about what the future holds and also charts a course for SMSF providers to fend off disruption, remain relevant and thrive.
DOWNLOAD Part 5: Cyber-security and privacy
Stevens explores the considerable cyber-security and privacy implications of the new digital age. He argues that while the risks associated with real-time digital transactions, third party integration and cloud based offerings are very real, they can be effectively managed by providers of all shapes and sizes, including SMSFs, when backed by strong governance and well-crafted security and privacy policies and plans. He further outlines the critical elements of an effective cyber security framework.
DOWNLOAD Part 4: The Fintech revolution
Stevens considers why the new Fintech start-ups have been so successful at disruption and identifies the four key groups that have gained the most traction in the wealth management market – aggregators, robo-advice, disintermediators and social traders. He further explores key learnings for the SMSF market, which centre upon the time old adage ‘Keep your friends close and your enemies closer’.
DOWNLOAD Part 3: Technology – SMACI
Stevens reflects on the breathtaking pace of technological change and identifies the five technology key trends – social, mobile, analytics, cloud and “internet-of-things” – often referred to as SMACI – that are transforming the wealth management and superannuation space. He challenges the notion that these innovations are beyond the reach of SMSF providers, arguing that many can be leveraged to secure sustainable competitive advantage, right here, right now.
DOWNLOAD Part 2: Hyper-personalisation and customer-centricity
Stevens discusses the second key trend impacting on the evolution of superannuation platforms – hyper personalisation and customer-centricity. He tracks the industry’s evolution from member engagement to the new Holy Grail – highly personalised customer experiences and journeys. He also outlines the responses of the larger industry and retail funds – dedicated labs filled with analytics specialists – and explores the options available to smaller SMSF providers
DOWNLOAD Part 1: Generational change
Stevens introduces the topic and puts the spotlight on the first key trend – generational change. From the perspective of an SMSF provider, he explores the effects of the Baby Boomers transitioning into retirement, the rise of the Millennials and increasing expectations of all generations to access superannuation products, services and advice anytime, anywhere from their preferred device
