Drivers Of Innovation – Kina
By Bruce Hassed on Tuesday, August 30th, 2016
The next installation of our Drivers of Innovation blog series, Adam Fenech of Kina Investment and Superannuation Services talks all things Super Admin in 2016.
How would you describe the world of super admin in 2016?
The greatest change for super admin in 2016 is the impact of technology on admin processes – with innovation driving what is possible. Technology is making platforms more accessible for both the administrator and the fund client or member and this is opening up new opportunities. We have access to platforms that streamline efficiencies, control costs and create process improvements driving new standards in customer service.
As an example, we now have straight through processing for many request types which allows us to guarantee a one day service level for all other requests such as member payments, with 80 per cent actually completed in under four hours. For us here at Kina we would describe 2016 as very opportunistic for super admin – we have plenty in the business development pipe!
How will innovation drive your business?
Innovation is giving us the ability to be a borderless administrator and compete here at home in PNG and within the region. With the Acurity platform we can exceed our service level guarantees daily and this gives us the confidence to compete on a regional basis, targeting funds in Australia and the Pacific. And it means that we can bring back industry innovation into our home country, PNG with plans to launch a SuperStream equivalent processing standard for our own members and to the wider industry.
What is key for preparing for this new world?
Kina is a diversified financial services operation with both traditional banking and wealth management solutions and we realised we needed innovative partners to operate effectively in the digital world we live in today. Partners that would have a roadmap that automatically included innovation and acted on those plans, plus an eye on what the future will hold. For us it meant working with best of breed solutions that addressed how we connect all of the services we offer so that we can provide greater opportunities for our customers.
What are some of the innovations that Kina is planning for?
The big two innovations we are planning for are data science and business intelligence. We know these two capabilities can help us better understand our customers and therefore better serve them. By the way this is not a ‘would like to do’ innovation plan, this is a ‘we are doing it’ plan. We have identified the cross-over opportunities for both sides of our business and our goal is to provide better advice and help our members meet their financial aspirations throughout the whole of their life.
Do you see any changes ahead to how Papua New Guineans value their superannuation savings?
We have introduced an easy to use mobile app which solves the challenges for most Papua New Guineans. Long travel distances and time, high costs for travel and internet connection have been resolved with a mobile app for Kina Super fund clients. So once fund members become familiar with account balances, then they start to assess their contribution levels and become more aware about what is needed to live comfortably. We expect to see higher engagement levels across all age groups in the coming years and potentially an increase in super savings at hand.
Kina Investment and Superannuation Services (KISS) is part of listed diversified financial services company Kina Securities, which is now PNG’s largest wealth management business and fourth largest bank. KISS provides comprehensive fund administration services and has expanded over recent years to become PNG’s largest superannuation administrator. KISS was keen to help Trustees reach more members and drive deeper member engagement with a refreshed digital offering. A long time user of the Acurity platform from Financial Synergy, it implemented a new front end website and fully transactional mobile app for members.