Papua New Guinea (PNG) financial services provider Kina Investment and Superannuation Services (KISS) has commenced providing a range of new services to members using the specialist Acurity™ technology platform.
Developed by industry leading superannuation and investment software provider Financial Synergy, the technology delivers KISS a new front end website and fully transactional mobile app for members.
KISS is part of newly listed diversified financial services company Kina Securities, which is now PNG’s fourth largest bank, following the recent acquisition of the Maybank business. KISS provides comprehensive fund administration services and has expanded over recent years to become one of PNG’s largest superannuation administrators. With its key client, Nambawan Super, KISS was keen to reach more members and drive deeper member engagement with a refreshed digital offering.
KISS was also seeking greater administrative efficiency to align with its new strategy to offer low-cost, high-tech administration capabilities to funds located anywhere in the world. It has upgraded to the latest version of the Financial Synergy Acurity platform to deliver a new range of digital member services and a highly differentiated superannuation administration environment for members and administrators.
With mobile phone penetration use in Papua New Guinea vastly outstripping fixed line internet use, KISS forecasts around 80 percent of members will now be able to access their details in real time via its new mobile phone app for fund and investment performance, balance history and the ability to update details online and in real-time wherever they are.
For Adam Fenech, General Manager, Kina Investment and Superannuation Services, the implementation has leveraged the potential of the Acurity system and its capabilities: “We set ourselves the goal of not only being the best administrator in Papua New Guinea, we also wanted to compete with any global fund administrator – in effect when funds consider outsourcing, consider PNG. We confirmed through a detailed assessment process the Financial Synergy Acurity platform was ideal with its automation capabilities and modules that enable us to meet our service delivery goals. Their experience with digital engagement and fund membership strategies is core to our highly aligned working relationship.
Our long term collaboration and communication with Financial Synergy continues to produce positive results and with our refreshed focus and aggressive time frame for roll out, a partnership approach was our strongest option.”
He continued: “Our priorities have included being able to deliver greater levels of administrative efficiency, reduced risk and greater confidence for our clients while at the same time improving access and services for members.
The ability for Acurity to deliver transactional services across a desktop, tablet, mobile or downloadable app has seen us leapfrog existing delivery options and positions us for much deeper engagement levels with members.”
The latest version of the Acurity platform including the member online module and mobile app were implemented over 10 months. KISS has implemented a highly automated platform which will streamline administration, provide greater and more immediate access to information, cross-promote services in real time and respond to rapid changes in market circumstances.
Financial Synergy CEO, Stephen Mackley outlined the benefits for KISS for updating its Acurity platform: “This is a really unique implementation not only from a geographic perspective, but also from the competitive aspect. KISS now has the ability to tailor the Acurity platform to continue to differentiate the Fund’s administration capabilities, combined with a fully transactional website and app offering for members, which means a premium service in a greatly reduced business environment.”