Bravura expands financial tools for 6m Aussie super members

Bravura Solutions has announced the expansion of its advice tools to over 6 million Australian superannuation fund members.

Bravura collaborates with major superannuation funds to enhance its recognised technology offerings. This is part of an ongoing effort to support members as they retire.

Paul Dunn, Chief Executive Officer for the Asia-Pacific at Bravura Solutions, emphasised the industry's shift towards digital services: "The momentum behind digital advice technology is accelerating as more super funds embrace proven solutions to deliver guidance and advice to members. While this digital shift underscores a dynamic new chapter for the superannuation sector, the success in enabling better retirement outcomes hinges on delivering personalised advice at scale in a format that members want to engage with."

"We're at the early stages of the digital advice revolution within super, and funds are naturally cautious and diligent about getting digital advice right. In our experience, they want a trusted partner who deeply understands their business and their members and has a proven ability to implement enterprise programs."

Bravura is utilising its financial services Midwinter technology in its hybrid advice model. This is intended to enhance members' financial confidence, using tools that deliver guided advice and support. Bravura's partnerships with significant Australian super funds also involve continual investment in digital advice systems.

Aware Super began collaborating with Bravura in 2020 and launched the My Retirement Planner in 2023. This digital tool aims to set personal retirement income goals and action plans for its 1.2 million members. In the last 20 months, Aware Super has issued over 68,000 Statements of Advice, with an active engagement rate of over 12% of eligible members aged 45 and up, compared to the 2% industry average.

Rest Super has worked with Bravura since 2017, focusing on providing financial advice to members who might not typically seek it. Rest's digital tools are credited with simplifying the super process for its members. Recently, these tools were used approximately 30,000 times per year, accounting for most of Rest's advice interactions.

Bravura recently partnered with AMP Super to introduce the Retirement Health Check, a digital advice solution to foster better decision-making among members. AMP chose Bravura following a competitive selection process and plans to offer further digital advice options, including investment choice and super contributions, within the year.

Michelle Lusty, Product Manager for Advice at Bravura Solutions, highlighted the benefits seen by super funds: "The super funds we are engaging with have indicated they are moving forward with business cases and execution of their advice strategies. It's not just regulatory pressure that's driving this trend – there's real, tangible benefits to both super funds and their members. Bravura's clients consistently tell us that members who engage with the digital advice tools feel more confident about their retirement."

Michelle Lusty also noted the importance of adapting operational models to meet increasing demands: "The ability for operating models to adapt and deliver advice at scale as unprecedented numbers of superannuation members seek guidance and advice regarding their retirement in the next decade is critical for funds and the broader industry to achieve better member outcomes and experiences."

Bravura continues to play a pivotal role in supporting the digital transformation of the superannuation sector, providing technology solutions intended to improve member outcomes and strengthen the overall retirement system.