Technological innovation is underpinning a revolution in how financial services are delivered in Australia, says Professor Deborah Ralston, Executive Director of the Australian Centre for Financial Studies (ACFS).
“Today this technology enables wealth managers to deliver financial advice to three million people annually, to oversee the administration of 20 million superannuation member accounts and to manage investments totalling $1.8 trillion on their behalf – and this revolution is still in its infancy,” she says.
“For example, how far away is the integration of advice and investment platforms, how will the regulators respond to this technological revolution, and will access to individual superannuation accounts in APRA-regulated funds lead to a decline in the growth of SMSFs?”
These are just some of several themes about the role of technology in financial services that will be teased out at morning briefing session being sponsored by ACFS and EY on 14 May in Sydney. It is titled “Riding the digital wave: are wealth platforms about to take off or wipe out?”
Speakers include former Labor Superannuation Minister Nick Sherry, EY Partner Jeroen Buwalda, ASIC Senior Executive Leader Ged Fitzpatrick, SuperIQ CEO Andrew Bloore and Colonial First State Executive General Manager, Linda Elkins.
Buwalda says wealth managers are facing unprecedented opportunities and challenges as a result of the increasing uptake and convergence of consumer technologies.
“In an environment where evolving technology makes it easier than ever to engage with customers, providers need to ensure they are making the best use of their platforms – whether collaborating with clients, advisers of platform partners in real time or managing regulatory compliance obligations more effectively,” he says.
Prof Ralston says every day we hear about new innovations in technology and how they are changing the way we live; smart phones, tablets and social media are already ensconced in our daily routines and wearable devices and 3D printing are almost upon us.
“These massive changes obviously beg the question about how wealth platforms are responding to technology innovation to better meet the needs of customers, trustees, administrators and asset managers.”
The Australian Centre for Financial Studies (ACFS) facilitates industry-relevant, rigorous research and independent commentary. Drawing on expertise from academia, industry and government, ACFS promotes thought leadership in the financial sector.
As specialists in leading edge finance and investment research, ACFS aims to boost the global credentials of Australia’s finance industry, bridging the gap between research and industry, and supporting Australia as an international centre for finance practice, research and education.
Media contact details:
Professor Deborah Ralston
Professor of Finance, Monash University
Executive Director, Australian Centre for Financial Studies
M: +61 419 650 318