Transformation has long been a byword for the superannuation industry in Australia. The pandemic has accelerated digital adoption, while also placing pressures on administration and investment management costs. The larger super funds are also seeing increasing merger and consolidation activity in the light of the reforms set forth by the the Royal Commission legislation in the sector. All of this has triggered remediation programs that are impacting the design and distribution of superannuation products to build member trust and stay competitive. A solution that can help execute transactions timely, provide investors and advisors with maximum flexibility to make decisions and pave an easy path towards regulatory compliance is fast becoming an imperative today.
TCS BaNCS’ insurance and superannuation solution powered by a strong digital core can simplify and streamline administration management and investment advice for the superannuation industry. It is an end-to-end solution that can address the complexities of merging super funds, in addition to the configuration, management and distribution of insurance through digital channels. The platform, with it’s easy configurability and flexible functionality, can also help organizations fast track regulatory compliance.
With the TCS BaNCS solution, firms can create a niche and differentiated value proposition for their members by simplifying products and operations spanning trustee services across:
- Customer remediation programs
- Life insurance, financial advice and investment management
- Tax governance and data integrity
- Fund mergers and consolidation
- Risk and regulation compliance set out by the APRA (Australian Prudential Regulation Authority)
- Distribution channels (self-advised and advisor-driven)