Fintech firms look at smaller super funds

Fintech firms searching for new opportunities could look to smaller super funds to help integrate financial planning and super planning software as a new source of opportunity for investments, according to Bravura Solutions.

The firm’s product manager for superannuation, Scott Kendall, said one of the things that the COVID-19 period brought to the fore was the fact that many superannuation funds still lacked a digital traction of their members and most funds were still grappling with the right level of engagement with members.

“There is quite a big change coming for small superannuation funds as there is already a lot of pressure on them to justify their existence but there will be still opportunities for boutique funds or funds that have a specific niche,” he said.

“However, there is quite a few funds there that service the same types of members or funds that are relatively vanilla and these are the ones that will need to justify why they should stay. But there will be also an opportunity for funds to take more control of what is that they want to do.

“What we are trying to do is to make it easier for somebody to go through: either a digital advice journey or gone through with their financial planner.”

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Source: Fintech firms look at smaller super funds | Money Management