This proposed acquisition aligns with MUFG Pension & Market Services’ long-term vision to offer best-in-class solutions in pension and superannuation globally, while further strengthening the overall capabilities of its MUFG Retirement Solutions business division in Australia, including adding to its technology suite.

MUFG Pension & Market Services’ CEO & Managing Director, Vivek Bhatia, said: “The proposed acquisition of GROW Inc reflects the continued evolution of the superannuation industry and the changing needs of funds for flexible administration and technology solutions. As the industry continues to evolve, funds are increasingly seeking more tailored approaches to technology, administration and member experience.

The proposed acquisition of GROW Inc would complement our existing capabilities and technology platforms. Together with our existing operational depth, governance strength and deep administration expertise, this would expand the range and flexibility that we can offer the market over time.

Importantly, we believe this would further strengthen our long-term resilience, investment capability and commitment to the administration ecosystem that supports millions of Australian superannuation members every day.”

Frank Lombardo, CEO of MUFG Retirement Solutions, ANZ, said: “The superannuation sector is increasingly looking for partners who can support a diverse range of strategies, products and member experiences, while continuing to meet rising expectations around service, data, governance and operational performance.

The proposed acquisition of GROW Inc to our organisation would enable us to support clients with greater flexibility across a wider range of operating models. Most importantly, it would strengthen our ability to bring to market the solutions and services our clients will need in the years ahead, to support the growing needs and expectations of their members.”

John Banfield, CEO, GROW Inc, said: “GROW was founded with a vision to modernise superannuation administration through technology and innovation. The proposed transaction provides GROW with the opportunity to continue that mission as part of an organisation with strong operational capability, client relationships and a long-term commitment to the superannuation sector.”

The proposed transaction remains subject to shareholder, court and various regulatory approvals, as well as customary completion conditions. Both organisations remain focused on supporting their clients, partners and employees, and will continue to operate on a business-as-usual basis while the approval process progresses.

The post MUFG Pension & Market Services adds to superannuation solutions capabilities through proposed acquisition of GROW Technology Services appeared first on AdviserVoice.

1000 Australian bill payers between the ages of 18 and 65 were surveyed in late 2016, with the findings collated by strategic research consultancy The Leading Edge. Five bill payer personalities were identified to categorise the habits and attitudes of

• Big Picture Organisers: 28 per cent
• Life Jugglers: 27 per cent
• Rigid Record Keepers: 19 per cent
• Mobile and Evolving: 19 per cent
• Novice and Emerging: 7 per cent

The findings highlight the pain-points and habits of Australians in relation to paying bills, and reveal where banks and financial institutions could better educate their customers about the options available.

Classified as Novice and Emerging due to their entry-level bill paying habits, 18-25 year-old respondents claimed that 30 per cent of their bills were received as paper bills, and a further 23 per cent were received as email attachments, direct from the biller.

When the Novice and Emerging group grow up and move out of home, many move into the Mobile and Evolving cohort. In this group, most of whom are aged between 18 and 39, there is a high amount of stress associated with making bill payments. 89 per cent of respondents in this group report feeling financial stress, often paying bills at the very last minute or even after the due date to manage cash flow.

Mobile and Evolving are also by far the most susceptible group to frustration associated with the bill paying process, with 80 per cent saying they “hate” spending time managing their bills, compared to just 18 per cent of Rigid Record Keepers.

John Banfield, CEO of BPAY Group, says Australian financial institutions could be doing more to educate younger people about convenient ways to pay bills.

“The findings emphasise the demand for streamlined, secure, mobile ways of making bill payments,” he says. “Younger Australians want flexibility, fast, on-the-go functionality, and instant notifications.”

“If banks and financial institutions can educate younger Australians about the simple bill paying options available, it will relieve their customers’ pain-points, building trust and value between the organisation and their customers,” Banfield added.

Other significant findings from the survey include:

• Only 44 per cent of the time-poor Life Jugglers keep a record of the bills and payments they make, the lowest of any group.
• 36 per cent of Rigid Record Keepers pay their bills at least one week in advance of the due date.
• Security is ranked as the highest priority by all segments except Mobile and Evolving when it comes to paying bills.
• The Mobile and Evolving cohort selected flexibility as their top priority, and customer support as their lowest.

Figure 2: Segmentation of Australian bill payers

The post 41 per cent of Australians under 25 don’t know how to pay their bills appeared first on AdviserVoice.