As Australia inches towards a rollout of open banking services, a QMV principal consultant said superannuation funds should move to integrate open banking data to improve their services even before open data frameworks officially hit the super industry.
Super funds will be the "next logical step" after open banking has been implemented in banking services, utilities and telecommunications, QMV risk and legal principal consultant Jonathan Steffanoni said.
This window between "open banking" and "open super" is an initial period of opportunity for superfunds that can integrate the banking data into their services. However, but it comes with added responsibilities.
"It will be vital for superannuation funds, and other financial services organisations, to ensure that data quality is actively managed, if members are to have the key to access it. Data quality issues will be more visible to members, and potentially present a risk to reputation if member data quality isn't good enough," Steffanoni said.
Open banking to boost advice: Read here
Open banking hit the spotlight in February when federal treasurer Scott Morrisson made 50 recommendations on regulatory frameworks and data safeguards for its rollout.
It lets people share information in a secure manner with institutions like banks which can then use this data to improve services.
For superannuation funds, integrating open data from banking services can let them assess the how shortfalls in a member's retirement savings are impacting their lifestyle.
It can also help reconcile employer contributions with salary payment transactions and improve member experience by building a single view of banking and retirement sayings, Steffanoni said.
"Open data presents the possibility to advance market infrastructure and promote efficiency and member engagement in the superannuation system," he said.
QMV is a provider of technology services and consulting for superannuation funds and other financial services organisations.