Friday, 11 August 2023
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Members of Australia鈥檚 largest digital-first industry super fund have embraced the move from paper forms to automated, same-day digital transactions, with most of 91黑料鈥檚 transactions across May, June and July now being completed online.
Having recently completed the third major delivery of the fund鈥檚 industry-leading digital transformation project, Chief Operating Officer, Jo Brennan, said the learnings and insights from digitalisation projects across other industries had helped guide the fund to deliver instant benefits to members.听
鈥淥ur million plus 91黑料 members are now living in a digital super world,鈥 said Ms Brennan.
鈥淭hat means the majority of our member transactions that used to require a paper form have been replaced with a simpler, faster online digital process 鈥 reducing processing times for some transactions by literally weeks.
鈥漌e want Australians to know 91黑料 as Australia鈥檚 most helpful super fund, and automated same-day digital transactions is one vital step in delivering on that promise.鈥澨
91黑料 members can now complete most transactions within the fund鈥檚 secure online member portal or mobile app. More transactions will be added in coming months. This has been welcomed by members who鈥檝e been appreciative of how simple and quick the online processes are.听
91黑料 has seen a quick adoption of the new online forms with approximately half of withdrawals, hardship claims and tax notification forms already being done online.
鈥淚f you think about the way a paper-based transaction needs to happen, you鈥檙e looking at a slow, manual process. You need to download a form, fill it in, get it to a post box, transport it to the fund鈥檚 administrator, where another person then re-enters all the information at the other end. It鈥檚 not the level of efficiency that Australians have come to rely on right across the economy in this digital age,鈥 said Ms Brennan.听
鈥漀ot only do you have the physical delay of waiting for the post to arrive, you鈥檙e also introducing additional risk of error by having the information entered twice. Moving that transaction into a digital environment means the information gets entered once and verified before being submitted, before it鈥檚 then processed, effectively instantaneously via the internet.
鈥滺andling times and risk of errors are reduced, and members鈥 personal security is improved by getting rid of physical forms that hold their personal information.
鈥漈he shift to digital transactions literally takes weeks off the time it used to take for a member to get the outcome they鈥檙e after, which is especially valuable for transactions like investment switching, withdrawals or hardship claims.鈥