Corporate Australia has just about made the heart-rending journey back to their desks from the beach, which means it’s time once again for Novigi’s Quarterly Report. Inspired by the many happenings and discussions of Q2 FY2025, we’ve got thoughts on what’s driving change in technology, data, and wealth management. It’s no substitute for being by the ocean with a cocktail in hand, but we nonetheless hope you find it insightful and informative. And, as always, please let us know if you have any feedback – especially if you have a different view from us — we’d love to hear from you.
You may also have noticed that there’s been a bit going on at Novigi over the last quarter. We’ve had some exciting growth in our team and the scope of services we have to offer our clients. If you’re curious to know more we’d be very keen to chat about that too, so don’t hesitate to reach out.
The Quarter at a Glance
Covered in this quarter’s report are:
Lessons From an AI Proof of Concept
We wrapped up a successful generative AI proof of concept last quarter, and we’re feeling flush with lessons to share. Applying a large language model (LLM) to a contained use case in investment management got us thinking about different ways to work with LLMs, how to cope with the rapid pace of change in AI, and how to get around the accuracy and reliability issues that still afflict generative AI.
Data Management Maturation: From Spaghetti to Lasagna
In late 2024, we conducted a series of interviews with industry leaders, exploring unique data requirements of the superannuation sector. We share some of the insights we gleaned relating to where funds and service providers are at in their data management maturation process.
Death Benefits, Delays and AI Coworkers
Delays in the processing of death benefits and life insurance claims received plenty of media attention last quarter. The processes involved are complex and human dependent, but we think there are ways that technology can help. Agentic AI could be implemented to give superannuation fund staff an AI coworker that can help them through some of difficulties in death benefit and claims processing. Done right, this could lead to improvements in consistency, efficiency, scalability, and — most importantly — member experience.
Quantum Computing in Financial Services?
Sick of hearing about AI? Looking for a new cutting-edge technology to get sick of hearing about? Try quantum computing! Quantum computing has reached the stage where it’s beginning to be discussed at financial services conferences — though a useful (in any context) quantum computer is still a distance away. We give a high-level overview of the technology, what’s being said about it, and how it might eventually impact the financial services industry.
Digital ID
For some of us, being “ID-ed” is something of a compliment. Today, it’s also standard procedure, especially when it comes to online services. Digital ID has become a hot topic in recent months, with the Digital ID Act 2024 coming into effect in late 2024. Its application in the financial services industry is somewhat inevitable. In this article, we unpack the potential use-cases for the Digital ID in superannuation, and what will be required to make it a success.
Super Reg Update
This quarter’s regulatory update is brought to you by Jonathan Steffanoni of Legal & Prudential Advisors.
M&A Update
A brief update on mergers and acquisitions. During Q2 FY25, there were several transactions that were announced, progressed or concluded.
The Quarterly - Q2FY25
This article was produced as part of The Quarterly – Q2 FY25
For more information about anything you’ve read here, or if you have a more general inquiry, please contact us.
Key Contributors:
Kevin Fernandez is General Manager, Market Strategy and Propositions at Novigi, and is based in the Melbourne office.
Sophie Coianiz is an analyst in the Market Strategy and Propositions team at Novigi, and is based in the Sydney office.