At the heart of a mature digital transformation effort is the customer, their experiences, and the journey to saving and preparing for retirement. Clear objectives for each digital transformation initiative link directly to the business strategy, the business model and of course the operating model.
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QMV’s superannuation digital transformation framework is a tool and common reference point that guides all levels of the organisation through the transformation journey.
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The Supreme Court of New South Wales issued a judgement in Application of MLC Investments Limited [2022] NSWSC 1541 which is relevant to the issue of whether superannuation trustees are at risk of committing offences under the Crimes Act 1900 (NSW) where it receives benefits in the course of changing trustee or giving effect to a successor fund transfer.
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Superannuation fund trustees involved in merger or successor fund transfer (SFT) discussions can breathe a little easier after a recent decision poured cool water on concerns that certain merger related dealings may have exposed parties to the risk of criminal prosecution.
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It was a busy month with the re-introduction of FAR and Compensation Scheme of Last Resort legislation to Parliament after lapsing with the calling of the election earlier this year. New measures relating to downsizer contributions were also introduced, along with the faith-based performance test.
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The focus on delivering member outcomes continues to evolve with the release of Discussion paper – Strategic planning and member outcomes: Proposed enhancements by APRA. Consultation is sought on a range of proposed changes to the current Prudential Standard SPS 515 Strategic Planning and Member Outcomes and associated guidance to incorporate the significant suite of reforms that have impacted the industry since SPS 515 was introduced in 2020.
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Consumer scams, identity theft and fraud have boomed during the COVID-19 pandemic prompting superannuation funds to bolster fraud prevention strategy. Upgrading from insecure pins, challenge questions and two-step code verifications is a critical security measure in the fraud prevention framework to protect member accounts from a multitude of current and imminent threats.
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Ongoing merger and business transformation activity in superannuation is driving a staggering rate of change and has giving rise to the most interesting transition work QMV has ever faced.
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Heightened merger, successor fund transfer and digital transformation activity in superannuation has seen QMV reach the 500 milestone in transition capability. To mark this achievement, we have interviewed a mix of our most experienced transition experts on their personal approach, important traps to be aware of and of course the secret sauce!
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Jane McKinnon has worked with an impressive portfolio of local and global financial services institutions. She holds a Masters in Technology and a Bachelor of Business, and is highly sought for complex transitions and successor fund transfers. Jane has exceptional advisory and relationship management capability.
Read MoreAfter a long wait following Treasury's initial proposal paper issued in January 2020, the Financial Accountability Regime (FAR) draft legislation has arrived, and there are a few key items that require consideration by superannuation trustees.
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The best interests duty is in many ways the cornerstone to the regulation of the superannuation system and has been the most important guiding principle for Australia’s superannuation industry.
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On the thirtieth anniversary of the announcement of mandatory super, we invite the superannuation community to reflect back on the individuals who influenced and in many cases continue to shape the industry today.
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Kenjoe Bu is rising fast as a highly sought consultant to Australia’s largest financial institutions. His reputation is built on advanced reasoning and critical thinking with a fresh and entrepreneurial perspective. Kenjoe’s uncommon attention to detail and industrious output combined with his next generation approach is very powerful.
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Digital to the core is a holistic, 360-degree solution that embeds technology into a fund’s DNA. Full vertical digital, not just at the usual customer touchpoints, but each member form, system, person and process that ensure the end-to-end transactions are linked. Minimal manual processes means transparent, efficient member service and significantly reduced duplication or risk of human error.
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QMV is delighted to announce the appointment of Joanne Schembri as chief operating officer and Wendy Colaço as general manager, consulting, effective on 1 April, 2021.
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The ability to identify, scope and remediate customer account errors has become a key regulatory item in financial services. These issues can result in breaches and are thus “non-negotiable” with regulators.
Depending on the scale of remediation events, personnel and funding tends to swell and subside. The deeper you look, the more people involved, the more money you throw at it, the more errors you will find.
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Customers expect financial institutions to correctly calculate their financial position and to know exactly who they are. No one wants to be at a loss, especially when it is someone else’s fault. A miscalculation, an administrative mistake, lack of insurance coverage, or other errors, can cause customers to feel wronged, robbed, not cared about or even marginalised.
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