In this guide
The technology advancements in financial services over the past few years have been huge. Artificial intelligence, predictive technology and open banking, along with robo advice, were mere concepts just a few decades ago, but are a reality now.
And while there are many security and ethical issues in this space that need to be ironed out, there are also many potential benefits to consumers in terms of time savings, convenience and reduced costs.
While the advantages of online banking and touchless payment systems are obvious, the benefits to self-managed superannuation fund (SMSF) trustees of technological advancements may be a little less clear.
Harry Chemay has extensive experience in the wealth management and superannuation industry and also co-founded digital advice solution Clover.
He says there are three areas where technology has the potential to help SMSF trustees and they are:
- Administration
- Auditing and accounting
- Investing.
