Banks face 2014 Super Challenge

The superannuation industry has grown substantially since its mandatory introduction in 1992. Now, with a decade of growth under its belt, external forces are driving significant change in the sector, reports Andrew Starke. 

Andrew Stabback: It is very evident that the superannuation sector is going to become so much more significant because of the mandated superannuation growth. We’re all getting older, we’re hopefully getting a little bit more sophisticated, and our super funds are going to become far more influential in the overall economy in terms of how we build wealth and how we engage with our superannuation system and funds management sector in Australia today.

I think that we all share the view that funds management is going to become more important, but how is it going to deal with the incredible complexity of the regulatory environment, the global economy, the rest of the Australian economy and ambitions for growth into Asia? There’s a lot of things that are confronting our industry, which really is still quite young in years. It’s this year that it celebrates its 21st birthday. A CEO of one of the industry funds recently said: “We’re still really very much adolescents and we’ve got to grow up”. I think from her perspective, as a CEO of a super fund, that was a pretty valid comment. I think those are the sorts of issues that we need to discuss and we would like to discuss today.

Paul Franks: Probably one thing that’s really important for us, and the reason why we do this series, is to talk about making better business decisions. Hopefully technology plays a role in that, but also it’s about having the right people in the right roles, and also being informed. Certainly for me there is a personal interest and we see a big growth opportunity for our organisation – we are keen to get the views of the best people from the industry with a view to planning for 2014.

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Categories
Banking
Tags:
SAS Roundtable, superannuation, funds management,
Author:
Andrew Starke
Article Posted:
February 01, 2014

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