The future of super: Data, AI, and digital transformation

2 min read
2 min read

After interviewing executives at some of Australia’s largest superannuation funds, J.P. Morgan’s 2024 Future of Superannuation report highlights how data, artificial intelligence (AI), and digital transformation are reshaping the industry.

Australia’s $3.9 trillion retirement system is among the world’s most advanced. Its diverse landscape features mega-funds propelled by strong returns and mergers, as well as smaller niche funds. Yet all face similar challenges amid economic uncertainty, rising geopolitical risks, and regulatory changes.

In response, superannuation funds are continuing to focus on innovation, leveraging data insights and digital transformation to boost member engagement. As funds continue to grow and merge, improving operational efficiency becomes essential for incremental gains. And with further adoption of AI and automation, significant benefits are anticipated in the coming years.

J.P. Morgan interviewed executives at some of Australia’s largest super funds supplemented by an industry poll, to gauge their views on just how important these elements are, particularly as work practices and the pace of innovation have radically accelerated in recent times.

Following are some of the key highlights:

  1. As investment portfolios become increasingly complex, advanced data management systems are able to provide funds with up-to-date, detailed insights.
  2. Funds are constantly refining their processes and procedures to create greater ‘operational alpha’ as they manage their increasing size.
  3. Funds are investing heavily in digital transformation strategies to boost member engagement and deliver more personalised advice.
  4. Funds see enormous potential in AI but are initially deploying it cautiously to speed up simple processes
  5. Cybersecurity is the bedrock of funds’ growing digital capabilities and is crucial to protect and retain confidence in the super system.

You can read the full 2024 report here: The Future of Superannuation: How data and digital innovation are reshaping the industry.

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Daniel Mulino MP

Assistant Treasurer and Minister for Financial Services

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Born in Brindisi, Italy, Daniel was a young child when he moved with his family to Australia. He grew up in Canberra and completed his first degrees – arts and law – at the ANU. He then completed a Master of Economics (University of Sydney) and a PhD in economics from Yale.

He lectured at Monash University, was an economic adviser in the Gillard government and was a Victorian MP from 2014 to 2018. As Parliamentary Secretary to the Treasurer of Victoria, Daniel helped deliver major infrastructure projects and developed innovative financing structures for community projects.

In 2018 he was preselected for the new federal seat of Fraser and became its first MP at the 2019 election, re-elected in 2022 and 2025. From 2022 to 2025, Daniel was chair of the House of Representatives’ Standing Economics Committee in which he chaired inquiries; economic dynamism, competition and business formation and insurers’ responses to 2022 major floods claims.

In 2025, he became the Assistant Treasurer and Minister for Financial Services.

In August 2022, Daniel published ‘Safety Net: The Future of Welfare in Australia’, which aims to explore the ways in which an insurance approach can improve the effectiveness of government service delivery.