The future for super

However, its operational infrastructure has not kept pace, leading to high costs, compliance risks, and poor member experience.

The key challenges that are holding the industry back can be summarised as follows:

• Legacy systems & manual processes: Many super funds operate on decades-old technology, causing transaction delays, incorrect balance calculations and poor customer service.

• Regulatory pressures: Compliance requirements have grown significantly, but funds with inefficient processes struggle to keep up, which can lead to penalties and increased operational costs.

• Industry consolidation challenges: Fund mergers have created integration issues as funds attempt to combine different IT systems, leading to service disruptions and data inconsistencies.

• Rising member expectations: Members increasingly expect a more personalised service, proactive engagement, and realtime access to information and advice, but many funds lack the digital capabilities to deliver this.

• Cybersecurity risks: With increasing digitisation, super funds are becoming prime targets for cyber threats. For instance, a number of high-profile funds were targeted in April 2025. Many still rely on outdated security frameworks that leave them vulnerable to fraud and data breaches.

These inefficiencies create operational burdens that directly impact members. Higher fees, slower processing times, and a lack of proactive engagement lead to frustration and disengagement, weakening trust in the system. Without meaningful reform, the industry risks falling further behind at a time when regulatory scrutiny and member expectations are higher than ever.

This article explores the transformative change that can be achieved through the implementation of smart technologies, highlighting how this has been achieved by some financial services entities overseas.

What a tech-enabled super industry looks like

The future of the superannuation industry will be shaped by automation, artificial intelligence (AI), and digital experiences. In addition to solving inefficiencies, an AI-enabled super industry will be built around proactive, personalised service experiences, realtime decision-making, and stronger cybersecurity. Funds that fully embrace innovation will be well-positioned to achieve compliance standards, transform member engagement, reduce costs, and enhance trust in the system.

The transition from legacy systems and manual processes to realtime, AI-driven solutions can redefine the industry, making it more accessible, personalised, and future-ready.