The client achieved an efficiency gain of over 45% along with zero processing error through Wipro’s Automation Platform as-a- Service (APaaS). 53 bots were deployed to automate twenty processes, saving more than 7000 hours.
Superannuation is a primary social security tool for Australians. As a compulsory retirement savings instruments for Australian citizens, superannuation funds play an important role for citizens as well as Australian economy. Amidst the COVID-19 pandemic, for example, the Australian government allowed people suffering from financial hardships to make early withdraws from superannuation funds.
New pressures are pushing superfunds to reimagine their operating models. The Australian government’s focus on reducing fees is shifting the burden to trustees, while the rapidly evolving regulatory environment is creating cost and member-engagement challenges. Members expectations are also changing. Transparency and clear communication are becoming must-haves for superfunds.
Financial advisors play a vital role in helping investors choose financial assets that align with their investment goals. Australia’s financial advice market is worth over $4.6 billion in revenues, served by over 19,000 advisors assisting nearly twenty-five million Australians, primarily on super investments and retirement planning.