The key theme for the superannuation industry in the last few years is change and it is a multi-pronged push – from new regulations to escalating demands for improved customer experience and the impact of uncertain economic conditions. As the speed of consolidation in the superannuation industry remains strong, funds are in a race against time to ensure that they are in the best possible position to benefit from mergers and strategic alignment with service providers.

The opportunities for funds to optimize their use of technology and data to drive growth – both organic and inorganic – are immense. Digital transformation is key for funds to drive growth. In particular, the need for better utilization of data, which has long been an objective within the industry, is now mission critical. Funds must expedite their data transformation plans, not only to start delivering more personalized experiences to help members achieve greater financial wellbeing – but also to make more informed and strategic investment decisions. This is particularly important as consolidation leads to the creation of far larger mega funds; data will become essential for funds to look after individual member needs.

Funds do however need to overcome significant challenges to achieve their objectives around data and digital transformation. This means tackling technical issues around legacy technologies, security, and regulatory compliance, as well as operational barriers.

As funds look to instill greater agility and resilience into their business models in readiness for mergers and strategic alignments, many indicate a switch to a hybrid model for their administration operations. Leaders are combining the best elements of in-house and outsourced capabilities, leaning on strategic partners to help navigate through M&A activities and drive accelerated innovation.

Learn more about how Infosys works with the financial services industry to accelerate transformation and share your details to organize a review of your individual needs.