Fintech appoints super transition partner

Yasmine Raso

Senior Journalist, Financial Newswire

3 February 2023

Financial technology firm, Grow Inc, has appointed Australia advisory and data services provider, Novigi, as its transition partner to support the onboarding of superannuation funds on its platform.

The partnership comes as the industry has recently experienced heightened merger and consolidation activity and increased focus on data and tech-driven outcomes to deliver efficiency and value for members.

Novigi will assist Grow throughout the transitioning process, with scope to collaborate on co-designed technical solutions to streamline the system and reduce risk.

“It is a unique time in the sector. I can’t think of a fund that I engage with that is not involved in a merger, considering one, doing a technical replatforming project or again, considering one. There is a massive amount of data migration happening across the sector,” Novigi CEO, Ash Priest, said.

“Even if the fund elects to avoid a merger with a competitor, the option to ‘re-platform’ administration and data systems remains as a viable choice to help drive cost efficiencies and improved member outcomes.

“Funds are facing ever-growing demands to increase efficiencies, drive down costs to consumers as well as meeting ongoing regulatory demands.

“We see this partnership as an opportunity to work even more closely together to accelerate this industry’s development which historically has lagged behind the broader business community.”

Grow chief executive, Mathew Keeley, said the firm was pleased to have Novigi join a “strategic group of certified partners” that work together to support an “ecosystem of best-in-class partnerships”.