Improving digital and mobile services is a top priority for Intrust Super chief executive Brendan O’Farrell in 2017.
The $2 billion Queensland-based industry superannuation fund for hotel and liquor store workers is investing in its online portal and mobile offerings in an attempt to boost member engagement and encourage more rollovers into the fund.
Intrust Super is a finalist in the Conexus Financial Superannuation Awards 2017, for the category Small Fund of the Year (for funds with less than $5 billion in assets).
Investment Magazine will feature Q&As with all the finalists, ahead of the winners being revealed at the awards dinner in Sydney on March 9.
Here, O’Farrell outlines how the fund is investing in technology and discusses fears that a lack of bipartisanship will lead to more policy uncertainty in 2017.
IM: What was the biggest development at Intrust Super in 2016?
BO: The introduction of our new SuperMatch 2 portal, which gives members an immediate view of all their super accounts and enables them to request consolidation instantly.
Members can now easily see where all their super is kept and combine their accounts, so their total balance is not eroded away by unnecessary fees.
Soon, welcoming new members to the fund will no longer consist of providing a plastic card in the post or a digital one that members need to download. Members’ details will be sent directly to their mobile device.
This is an exciting, user-friendly service that our members will be able to take advantage of in 2017.
What do you expect to be your biggest area of focus in 2017?
More innovation, and more ways in which we can help our members reach their retirement goals. We’ll again focus on [being certain] our insurance offering is still the best value in the industry, and that our investment returns stay strong during this time of market volatility.
What do you consider the most important measure of success?
The best measure is the feedback we receive from our employers and our members. We invest in customer satisfaction surveys to improve our products and services and to ensure we go above and beyond what they expect from their super fund.
What is the biggest challenge facing the industry?
The constant changes to superannuation policy. I believe this is because the major parties are unable to achieve bipartisan [accord] in Parliament at the moment.
Australia is seen to have one of the best superannuation systems in the world. But there must be a long-term vision to ensure super funds can invest more in building quality solutions, and less in addressing constant legislative changes.
The winners of the Conexus Financial Superannuation Awards 2017 will be unveiled at a black-tie event at the Ivy, Sydney, on March 9, supported by Vanguard and AIA Australia. You can purchase single tickets or tables for 10 by visiting the event website. The Conexus Financial Superannuation Awards proudly support The Wayside Chapel.