Statewide Super has moved to a software-as-a-service model for member administration, online access, reporting and compliance.
The industry fund has made the strategic decision to focus its attention on fund administration and optimising the member experience, rather than concentrating on internal software development and maintenance.
Richard Nunn, chief executive of Statewide Super, said: “Our core focus has always been our members and this is a great opportunity to take advantage of delivering one the most competitive super fund administration platforms available in the market today.
“Financial Synergy has led the market with the introduction of online and mobile app offerings and really understands what super fund members want for now and into the future. Our greatly enhanced platform capabilities will allow us to provide the highest level of customer service and product offerings possible and we are delighted to be able to do that.”
Financial Synergy will integrate its Acurity platform including OpenText solutions on a subscription basis for Statewide Super, removing the need for upfront purchases of software and ongoing maintenance contracts with multiple vendors.
For Stephen Mackley, chief executive of Financial Synergy, the launch of the new managed services division and the deal with Statewide represents a turning point for the industry.
“The market has been drifting to this platform as a service model and subscription pricing for some time. No longer do trustees and funds have the same appetite to ‘purchase’ a platform with significant upfront costs and separate maintenance agreements. Our goal is to be the early adopter of this model and actively promote this option to industry moving forward.”