Superannuation - Tecala | Digital Transformation in Superannuation

Your end-to-end and integrated technology partner for the superannuation industry.

With over $3.5trillion invested in Australia’s Superannuation Industry¹, many would argue it’s the envy of the world.

And with approximately 16 million Australians relying on their super for a safe and secure retirement, we’re all agreed that it’s our number one priority to deliver first-class member services and always act in their best interests.

The Superannuation industry is all about delivering exceptional member experiences – both through the ‘accumulation’ phase, when it’s all about building wealth, through to the ‘retirement’ or ‘draw down’ phase, when the focus shifts to enabling a safe and secure retirement.

As the leading Managed Services provider, specialising in highly regulated environments, Tecala’s role is to deliver the technology you need to deliver exceptional experiences through all these stages in your Superannuation lifecycle.

Why Tecala in Superannuation

Tecala has a strong track record partnering with Australia’s leading Superannuation providers. Our capabilities are geared towards financial services and similarly governed industries that require a focus on highly regulated IT.

Tecala is an ISO27001 Information Security Standard Accredited Managed Service Provider, with a strong heritage in providing APRA Prudential CPS 234 consulting services to highly regulated organisations.

Our approach, starting from initial design and progressing through systems development, tooling, process management, and ongoing optimisation, adheres to the highest international standards.

By keeping our focus on delivering ‘brilliant’ customer outcomes and employing robust procedures, industry-leading toolsets, and ITIL methodology, we guarantee that your Superannuation funds yield innovative results from your technology investments.

“The ongoing success of the Super industry is based on a robust retirement savings model that places security, stability, regulation and transparency front and centre. The team at Tecala is committed to enabling our clients to deliver this.”

Pieter DeGunst, Tecala Managing Director

1. ASFA; Super Statistics; March 2023

Solutions for the Superannuation Industry

Automation and AI

With Automation and AI having a huge impact on how we work in Superannuation and Financial Services generally, Tecala is partnering with organisations like HESTA and NGS Super to embrace the opportunities delivered by automation and AI.

Automating low value, repetitive, and predictable tasks is enabling employees to focus on more complex activities that have higher strategic value to the organisation.

Portfolio rebalancing can be made easier through automated assistance, be that through algorithms or improved analysis.

Customer services teams can deliver faster, more personalised, and much more valuable customer experiences when supported with generative AI, like Microsoft 365 Copilot and Tecala GPT.

Data Modernisation

The key component in an optimised IT environment is high-integrity data. The success that super funds are having in automation and AI depends on the approach they take to data modernisation.

Data Modernisation means putting in place best practices to ensure data is accurate, complete, consistent, and relevant to your analysis or decision-making process. This includes verifying the sources of data, addressing any data entry errors, removing duplicate or irrelevant data, and performing data cleansing and validation processes.

Cyber Security

With organisations like the SS&C² recommending that “funds should deeply consider compliance with even stronger standards, such as the certifiable and globally recognised ISO 27001 standard,” our Cyber team at Tecala is ensuring we integrate the principles of both ISO 27001 and the CIS18 framework into our cyber approach.

Built on the foundations of a thorough Cyber Risk Assessment, we deliver a combination of Zero Trust, cutting-edge XDR, and SIEM technology, to ensure you can detect and deal with abnormal or suspicious activities and respond to them in real time, before they become business-impacting events.

2. SS&C – The Top 10 Digital Trends in Superannuation; 2023

Hybrid and Multi-Cloud

The days of individual pieces of infrastructure handling different functions are quickly becoming a thing of the past. Mid-Market organisations in all sectors are now working towards integrated, modular, and agile architectures, that are enabled in the cloud.

The scalability, cost efficiency, accessibility, and agility of a managed cloud enables your organisation to be innovative, scalable, and – maybe most importantly – cost-efficient.

Leveraging cloud-based analytics, AI, and machine learning for enhancing investment strategies and member services is made easier with these more innovative cloud technologies.

And robust data back-up and disaster recovery capabilities ensure member data stays safe and available in the event of disruptions.

Data and Cloud Migration

What you can or can’t – and should or shouldn’t – be taking to the cloud will depend on the applications and workloads you’re running. Also, your data sovereignty, cost efficiency objectives, and a range of other imperatives that are unique to your organisation will influence your decision.

To ensure you have the right data and cloud migration strategy, Tecala’s Cloud Advantage Readiness Assessment will ensure you get the highest-performing hybrid or multi-cloud services for your business. And once this is complete, Tecala’s team will manage the migration in the most seamless way possible.

ESG Reporting

KPMG recently purported that Environmental, Social, and Governance (ESG) shouldn’t be viewed simply as a risk and compliance tool. Instead, it is an opportunity for value creation for members and stakeholders³, as well as a tool for establishing market positioning, driving member retention, and building a strong social licence.

Achieving this requires technology leaders to view IT through a different lens, in a holistic and interconnected way. Tecala will help you demonstrate your understanding of the ESG risks and opportunities, stress testing, valuation, and the governance of your investments.

These changes will enable you to drive a more robust governance approach, and put the best financial interests of your members at the centre of your investment strategies and decisions.

3. KPMG Super Insights 2022. Key Challenges and Opportunities.

Book a Technology Capability Assessment

Let’s get your Superannuation organisation on the fastest route to continual optimisation.

We use our Technology Capabilities Assessment to engage directly with you and your teams to measure how well your existing ICT solutions, services, and platforms are meeting your business objectives.

Once we fully understand your business dynamics, we’ll provide recommendations on the solutions and long-term strategies you need to ensure your people and business enjoy the very best experiences from your IT platforms, services, and applications.

A Strategic Technology Roadmap will ensure your technology is implemented effectively, is budgeted for accurately, and delivers exactly the business outcomes you need on an ongoing basis.
With quarterly STR reviews and updates, along with Customer Satisfaction surveys (CSAT), we track your progress through the roadmap to ensure your objectives are being met.
No ambiguities or misunderstandings, just absolute confidence you’re on track to getting the outcomes you need.

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Frequently Asked Questions

How important is it to have an incident response plan in place?

An APRA study on cyber resilience in the financial services industry has revealed a series of gaps in how fund technology leaders are managing security. APRA found there was limited internal audit reviews of information security protocols and limited assessment of third-party information security capability. But the finding which caught our attention was this: "Incident response plans are not being regularly reviewed or tested."
Having an incident response plan in place, and ensuring it’s regularly tested and updated, is an essential element of the cyber security approach. Click here for more information on how to approach this challenge. With real-time and proactive security management, you stay informed and firmly in control of your threat surface.

Is Cyber Security Insurance recommended for Superannuation Funds?

A Cyber Insurance Policy is highly recommended because it delivers financial assistance in the event of a successful attack. When implemented in the context of a fully assessed and managed cyber security framework, insurance can be seen as the final link in the security chain.
By thoroughly assessing the threat landscape, and implementing the most rigorous cyber security framework, we ensure the lowest possible premiums allowing you to optimise your investment in threat mitigation.
For more information on how to minimise your cyber insurance premiums by optimising your cyber security approach, read this blog.

Can you give some examples of how Automation and AI are transforming member experiences?

Artificial Intelligence (AI) and Robotic Process Automation (RPA) are enhancing customer experiences in many different ways. Here are a few examples of how they're doing this:
- Automation and AI-driven chatbots are being used in the superannuation industry to provide instant and personalised assistance to members. These virtual assistants can answer common queries, assist in account management, offer investment advice, and guide members through various processes.
- Routine, everyday member requests, such as password resets, can often be handled entirely by bots.
- Portfolio rebalancing can be made easier through automated assistance, be that through algorithms or improved analysis.
- AI-based pattern recognition in member behaviour can enable improved customer experiences. For example, high volume of clicks or views of a certain application page may prompt delivery of education content or generate a pop-up box to speak with an advisor.
- AI algorithms are transforming the way superannuation funds provide personalised financial planning to their members. By analysing members' financial data, spending habits, and life stages, AI-powered systems can offer tailored investment strategies, retirement planning advice, and savings recommendations.

How can Tecala help with APRA’s CPS 234?

APRA’s CPS 234 (information security law) is intended to ensure that regulated entities can withstand cyber-attacks. It mandates that financial services organisations maintain information security systems and implement controls to protect themselves and their clients.
With the ultimate responsibility for maintaining information security being placed on your Board, we’ll ensure you have the right framework and processes to ensure you adhere to:
- Notification to APRA of any material information security incident/breach.
- Clear definition of the information security-related roles and responsibilities of the Board, Executive Management, Governing Bodies, and individuals.
- Maintain an information security framework and capability proportionate to the size and extent of threats to the organisation’s information assets, without causing disrupting operations.
- Implement and systematically test appropriate controls to protect its information assets whilst considering the criticality and sensitivity of these assets.

We know the Superannuation Industry.