Digital to the core is a holistic, 360-degree solution that embeds technology into a fund’s DNA. Full vertical digital, not just at the usual customer touchpoints, but each member form, system, person and process that ensure the end-to-end transactions are linked. Minimal manual processes means transparent, efficient member service and significantly reduced duplication or risk of human error.
Read MoreMillions of employees have had salaries and working hours reduced or stopped suddenly due to changes in employment conditions. According to the Budget Overview the Government's JobKeeper payments have supported over 3.8 million workers with the payment of $60 billion in wages.
Read MoreEven though reputable third-party providers have data governance frameworks and performance metrics in place, it is important to recognise inherent bias and that data quality governance is not often their core capability. Data quality must be independently and routinely monitored and validated. If access to the data can be obtained, an independent audit can often uncover widespread error for which regulatory breach and costly remediation is a legitimate risk.
Read MoreThe question, “Should my fund continue to exist?” if asked three months from today, may produce different answers to the same question if asked earlier in 2020. Smaller funds with members concentrated in vulnerable industries are taking most of the heat around viability during the coronavirus crisis, but cracks are showing up across many funds.
Read MoreTo better support Investigate clients with coronavirus related measures affecting superannuation administration, QMV has released a data assurance content pack dedicated to staying on top of the Coronavirus Economic Response Package.
Read MoreMillions of employees have or will have salaries and working hours reduced or stopped suddenly due to changes in employment conditions. Current estimates indicate that the government’s proposed JobKeeper payment will help pay the wages of 6.7 million workers (source ABC).
Read MoreSix weeks ago, superannuation fund executives knew exactly what their priorities were. Today, protecting the pride while re-imagining the future is a dual task requiring serious intellectual horsepower.
Read MoreContact centre overflow at superannuation funds and third-party administrators has relied upon incredible ingenuity and innovation to manage extreme demand amid the COVID-19 crisis. Current inbound member enquiry is consistently greater than double the norm with major spikes observed tripling and quadrupling enquiry rates.
Read MoreIn response to the ongoing COVID-19 pandemic, the Australian government has passed legislation to allow affected individuals early access of up to $10,000 from their superannuation. Due to the fast-paced nature of the crisis, superannuation funds and administrators are working vigorously provide members with the services and information they need.
Read MoreThis article shares initial thoughts on what superannuation trustees should be thinking about, and what they might be able to do to best position themselves to navigate the COVID-19 pandemic (and related economic carnage) with compassion, prudence, and a sense of purpose.
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