A survey of major super fund CEOs by Link Group has found that 92% of funds expect to spend more on technology in the year ahead compared to 2015. The survey found 62% of respondents are looking to spend an additional 20% or more next year.
The key focus of the increased spending will be enhanced member application processes and other digital innovations. A third of respondents expect mobile innovations to be the key disruptor in 2016, followed by data personalisation (25%), aggregators of wealth management (25%) and online digital or robo advice (17%).
“Technology – both in terms of internal and customer facing – and its role in change management is clearly front of mind for most CEOs. Businesses are often facing tough competition and cost pressures. This can require an ongoing investment in technology to deliver results," Link Group Fund Administration CEO Suzanne Holden said.
Super funds plan a substantial increase in their technology spend for 2016, new research suggests.