Member security suffers with legacy superannuation systems

For more than 30 years, superannuation administration systems have been responsible for managing the retirement savings of millions of Australians. These systems are complex and require a high level of security to protect member data. However, many of these systems are legacy and not designed to handle the modern security threats faced by today’s digital landscape. This puts member data at risk and upgrading or replacing these systems is not a simple task.

The majority of Australian superannuation funds are using legacy administration systems which have not been updated to keep pace with changing technology. These systems are typically built using outdated software that is difficult to maintain and upgrade. There is limited capability when it comes to security, leaving them vulnerable to cyberattacks and data breaches.

The problem with legacy superannuation administration systems is that they were not originally designed to protect member data. They were built in a time when security threats were not as prevalent as they are today. This means that they lack the necessary security features that modern systems have. They simply can’t cut it.

Upgrading or replacing legacy systems can be a difficult task. These systems are often deeply embedded in an organisation’s infrastructure, making it hard to replace them without causing business disruption. They also require significant resources and investment to upgrade or replace.

However, a modern superannuation administration system built on a transformed technology stack, like GBST’s Composer platform, is designed with security front and centre. It’s built using the latest software, with advanced security features to protect member data and the ability to conduct regular testing on cloud-based software and address vulnerabilities far quicker. It’s designed to be flexible and scalable, making upgrades and replacements easier to implement. Modern systems also offer better functionality and an enhanced user experience. They are naturally intuitive and easy to use, with features such as self-service portals that allow members to manage their accounts online. Coupled with the ability to successfully implement under the watchful eye of experienced superannuation, technology, and security subject matter experts – and you have a leading market proposition. At GBST, we’ve been doing this for 30 years and counting.

If your superannuation fund is still using a legacy platform, you need to start the conversation about investing in a modern system to ensure the security of your member data and the long-term sustainability of your business. We’re here to chat. Take a look at our newly transformed SaaS Composer platform just re-launched to the market.

Read more about GBST’s wealth management administration platform, Composer. 

Posted in: Wealth Management Administration