Andrew Groth

Boasting assets worth A$4.2 trillion, or 150 percent of GDP, Australia’s superannuation pool is among the largest and fastest growing in the world.^[1]  There are however significant challenges the industry faces, such as integrating legacy systems and maintaining operational efficiency, often while consolidating post mergers. Funds must also navigate compliance with APRA (Australian Prudential Regulation Authority) and ASIC (Australian Securities and Investments Commission) mandates, and members’ demand for timely and hyper-personalised service.

To address these aspects, funds are increasingly turning to technology, and leveraging artificial intelligence to enhance efficiency, compliance, and member experience.

Streamlining operations, compliance, and engagement with AI

AI and machine learning tools are automating back-office functions, such as data reconciliation, member communications, and internal process management, to speed up operations, minimise human error, and increase overall productivity. This delivers direct impact to member experiences.

Cloud-native data platforms unify fragmented information, offering a single source of truth to AI applications for analytical, compliance and service purposes:  AI-powered solutions are detecting, classifying, and monitoring sensitive information to enable funds to comply with data privacy regulations; they are also identifying the reasons behind underpayments, calculating liabilities, automating reporting, etc.

Two of the most critical use-cases are fraud detection and data governance.  In March 2025, several Australian pension funds were cyber-attacked simultaneously. More than 20,000 accounts were compromised and approximately A$500,000 was drained from members’ retirement savings.^[2]

This incident underscored the need for robust cybersecurity measures, such as using AI-enabled monitoring tools, to detect and automatically respond to suspicious activities in real time. By implementing an AI-based security platform, superannuation funds can help in protecting cross endpoints, networks, and cloud environments to safeguard member data and assets.

From efficiency to trust

In the superannuation business, which is built on a foundation of trust, slow or inconsistent claims processing, customer service failures and compromised security will impact member confidence and engagement. Agentic AI tools address these issues by providing 24/7 support to help guide members to self-serve with confidence and solve problems quickly – even complex or multi-step queries.

The industry can further enhance member engagement by leveraging predictive analytics to anticipate needs and behaviours – and proactively offer appropriate investment advice. For example, a superannuation fund could identify members approaching retirement and proactively prompt them with personalised guidance on retirement readiness based on their age, contribution patterns, and engagement history. Tools can also help members explore retirement outcomes using their own income, expense, and savings data. Super funds can also use AI to refine customer segments and personalise investment strategies based on members’ financial goals, life stages, and risk profiles.

Personalised digital advice services are expanding access to tailored financial guidance, with appropriate governance and oversight. At the same time, AI and machine learning are transforming portfolio management by continuously rebalancing and optimising portfolios in response to market conditions, economic developments, and individual risk preferences.

This is not to say that AI is replacing human beings. Its role is clearly supportive – bridging the shortage of human advisors, relieving employees of tedious tasks to allow them to focus on value-adding responsibilities, proposing data-driven investment decisions for human advisors to review, etc.  For example, the agents that are part of Infosys Topaz Fabric – a composable stack of AI agents, services, and models – augment humans in performing various tasks, and execute end-to-end workflows with their supervision.

Following a Responsible AI framework is important. AI augments human judgment, with clear governance, transparency, and human‑in‑the‑loop oversight, to ensure advice remains explainable, compliant, and aligned to members’ best financial interests. This approach helps build trust, mitigate bias, and ensure accountability in an environment where member outcomes and regulatory confidence are paramount.

Collaborating to enhance all-round value

To further accelerate AI adoption, Australia’s superannuation system can consider collaborating with partners offering scalable, cloud-based platforms and AI-powered tools (for scenario modelling, personalised advice, etc.)  that integrate with traditional fund infrastructure. Many large funds are collaborating with strategic technology partners to modernise operations, improve data capabilities, enhance member engagement, and deliver compliant retirement planning solutions. The bigger picture is that – by enhancing efficiency, personalisation, and insight – AI technologies are improving the financial well-being of retirees, providing the right guidance, greater engagement, and transparent insights, such as the true performance and cost of their investments.

By Andrew Groth, Executive Vice President, Asia Pacific

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Notes:
[1] https://www.db.com/news/detail/20251010-australia-s-superannuation-a-rising-global-powerhouse-in-pension-funds?language_id=1
[2] https://seceon.com/hackers-target-australias-biggest-pension-funds-may-have-breached-over-20000-accounts/#:~:text=Seceon’s%20Role%20in%20Strengthening%20Cybersecurity,including%20those%20initiated%20from%20within

The post Prompting bold innovation and growth in superannuation appeared first on AdviserVoice.

Andrew Groth

Boasting assets worth A$4.2 trillion, or 150 percent of GDP, Australia’s superannuation pool is among the largest and fastest growing in the world^[1].  There are however significant challenges the industry faces, such as integrating legacy systems and maintaining operational efficiency, often while consolidating post mergers. Funds must also navigate compliance with APRA (Australian Prudential Regulation Authority) and ASIC (Australian Securities and Investments Commission) mandates, and members’ demand for timely and hyper-personalised service.

To address these aspects, funds are increasingly turning to technology, and leveraging artificial intelligence to enhance efficiency, compliance, and member experience. 

Streamlining operations, compliance, and engagement with AI

AI and machine learning tools are automating back-office functions, such as data reconciliation, member communications, and internal process management, to speed up operations, minimise human error, and increase overall productivity. This delivers direct impact to member experiences.

Cloud-native data platforms unify fragmented information, offering a single source of truth to AI applications for analytical, compliance and service purposes:  AI-powered solutions are detecting, classifying, and monitoring sensitive information to enable funds to comply with data privacy regulations; they are also identifying the reasons behind underpayments, calculating liabilities, automating reporting, etc.

Two of the most critical use-cases are fraud detection and data governance.  In March 2025, several Australian pension funds were cyber-attacked simultaneously. More than 20,000 accounts were compromised and approximately A$500,000 was drained from members’ retirement savings^[2]. This incident underscored the need for robust cybersecurity measures, such as using AI-enabled monitoring tools, to detect and automatically respond to suspicious activities in real time. By implementing an AI-based security platform, superannuation funds can help in protecting cross endpoints, networks, and cloud environments to safeguard member data and assets.

From efficiency to trust

In the superannuation business, which is built on a foundation of trust, slow or inconsistent claims processing, customer service failures and compromised security will impact member confidence and engagement. Agentic AI tools address these issues by providing 24/7 support to help guide members to self-serve with confidence and solve problems quickly – even complex or multi-step queries.

The industry can further enhance member engagement by leveraging predictive analytics to anticipate needs and behaviours – and proactively offer appropriate investment advice. For example, a superannuation fund could identify members approaching retirement and proactively prompt them with personalised guidance on retirement readiness based on their age, contribution patterns, and engagement history. Tools can also help members explore retirement outcomes using their own income, expense, and savings data. Super funds can also use AI to refine customer segments and personalise investment strategies based on members’ financial goals, life stages, and risk profiles.

Personalised digital advice services are expanding access to tailored financial guidance, with appropriate governance and oversight. At the same time, AI and machine learning are transforming portfolio management by continuously rebalancing and optimising portfolios in response to market conditions, economic developments, and individual risk preferences.

This is not to say that AI is replacing human beings. Its role is clearly supportive – bridging the shortage of human advisors, relieving employees of tedious tasks to allow them to focus on value-adding responsibilities, proposing data-driven investment decisions for human advisors to review, etc.  For example, the agents that are part of Infosys Topaz Fabric – a composable stack of AI agents, services, and models – augment humans in performing various tasks, and execute end-to-end workflows with their supervision.

Following a Responsible AI framework is important. AI augments human judgment, with clear governance, transparency, and human‑in‑the‑loop oversight, to ensure advice remains explainable, compliant, and aligned to members’ best financial interests. This approach helps build trust, mitigate bias, and ensure accountability in an environment where member outcomes and regulatory confidence are paramount.

Collaborating to enhance all-round value

To further accelerate AI adoption, Australia’s superannuation system can consider collaborating with partners offering scalable, cloud-based platforms and AI-powered tools (for scenario modelling, personalised advice, etc.)  that integrate with traditional fund infrastructure. Many large funds are collaborating with strategic technology partners to modernise operations, improve data capabilities, enhance member engagement, and deliver compliant retirement planning solutions. The bigger picture is that – by enhancing efficiency, personalisation, and insight – AI technologies are improving the financial well-being of retirees, providing the right guidance, greater engagement, and transparent insights, such as the true performance and cost of their investments.

By Andrew Groth, Executive Vice President, Asia Pacific

———

Notes:
[1] https://www.db.com/news/detail/20251010-australia-s-superannuation-a-rising-global-powerhouse-in-pension-funds?language_id=1
[2] https://seceon.com/hackers-target-australias-biggest-pension-funds-may-have-breached-over-20000-accounts/#:~:text=Seceon’s%20Role%20in%20Strengthening%20Cybersecurity,including%20those%20initiated%20from%20within

The post Prompting bold innovation and growth in superannuation appeared first on AdviserVoice.