The latest move in to big data analytics by superannuation software provider Financial Synergy is being touted as one that will help transform the industry in Australia.
The firm announced a partnership with NASDAQ-listed software company OpenText yesterday with plans to increase predictive intelligence in the widely-used Acurity platform.
Financial Synergy chief executive Stephen Mackley told a media briefing in Sydney yesterday that embedding OpenText's big data analytics will allow super funds of all sizes to discover the "hidden value of their data."
"They [funds] will have far greater capacity to retain existing customers and expand potential market share as they will know what happened, what's happening, and what will happen," Mackley said.
Financial Synergy general manager sales and marketing Bruce Hassed said the big data analytics partnership will allow super funds to predict when members are about to leave, right down to knowing that someone opened a product disclosure statement - an indicator of switching super funds.
The Australian super software provider has flagged the transition to big data analytics for some time and is positioning its local wealth management client base with the capability to deliver near real time insights on members - something OpenText can do.
According to Financial Synergy, about one-third of an organisation's transactional data is currently being analysed. The remaining two-thirds of transactional data - documents, emails, drawings, social network and internet activity has been out of reach.
"Now, organisations have the ability to capture and make sense of all data, and to then take appropriate action," a Financial Synergy statement said.
The firm believes the top six trends in big data that will drive Australian super funds in 2016 include: moving analytics, discovery and prediction in to the hands of the business; capturing the power of 100% of data; big data, mobility and cloud democratising transformation; self-service; automated digital supply chains; and competitive advantages of big data interrogation.
The Acurity platform helps manage more than four billion super accounts, representing more than $250 billion in funds under administration. Financial Synergy's client base includes Pillar, ING DIRECT, Telstra Super, UniSuper, netwealth investments, QSuper, Clearview, Maritime Super and Tasplan.
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