Auckland fintech firm, Invsta, has followed up its fund manager tech engagement checklist with another version tuned to the KiwiSaver market.
Using the same traffic-light system as per the earlier fund manager offer published in May, the newly released KiwiSaver checklist helps providers rank their current technological status against “24 key functionalities”.
The Invsta report says the list “represents the ideal state of digital functionality for a forward-thinking KiwiSaver provider”.
“It’s intended to give you a good idea of how far along or behind your business may be, and provides a great checklist to plot your digital roadmap ahead,” Invsta says.
While the KiwiSaver list has some overlap with the general managed fund production – and follows the same structure, splitting the process into ‘digital engagement’ and ‘compliance/administration’ – it also covers topics unique to the retirement savings regime.
In a release, Invsta co-founder and chief, Rachel Strevens, said: “Specific KiwiSaver tools can add immense value to investors at any point along their investment journey.
“However, they really stand out and come to the fore in times of market volatility. Not only can they help educate investors and potentially reduce adverse panic investor behaviour, but the automation can also go a long way to reduce the volume of calls and enquiries through to customer service teams.”
Furthermore, she said KiwiSaver managers are under pressure from the new regulatory ‘value for money’ guidance that requires providers to link fees to demonstrable services.
“KiwiSaver providers are having to adapt their business models in light of the new guidance regarding fees and value for money,” Strevens said in the release. “The recent shakeup of default providers indicates the seriousness of these guidelines, and KiwiSaver providers should look at new ways to improve investor engagement and make it easier for investors to improve their financial literacy.”
Founded in 2016 by Strevens and Abhy Singla, Invsta has developed a range of front- and back-end digital tools for fund managers, KiwiSaver providers and financial advisers. While it’s based in NZ, the firm has global ambitions with offices in Australia, Vietnam and the Philippines.
Mint Asset Management emerged as one of the first NZ firms to partner with Invsta in August last year.
In November 2019, NZ investment administration firm, MMC, took a small ownership stake in Invsta.