Her “appearance” on stage at Auckland’s annual Tech Week marked the event’s importance of New Zealand’s burgeoning status as a world player in technology in five key areas:
- Ingenious solutions
- Natural Collaborators
- Innovation from the edge
- Global solutions
- Open, trusted and stable
And while Tech Week was largely focussed on start-ups, New Zealand is consistently considered world class with its tech development across a range of sectors.
Kiwi Wealth, which won innovation awards locally and globally for its Kiwi Wealth KiwiSaver Scheme planning tool Future You® in 2017 and 2018 has now become the first New Zealand financial services provider to be granted approval to deliver a robo-advice offering to its customers – meaning in the future Kiwi Wealth will be able to provide members of the Kiwi Wealth KiwiSaver Scheme with personalised financial advice completely digitally, without having to speak to anyone.
Kiwi Wealth Senior Manager, Digital & Innovation Ramesh Naran says listening to members and keeping an eye on future trends is key to staying ahead.
“We’d seen this form of personalised advice gather popularity overseas – particularly in the US and UK – where robo-advice has transformed how financial advice is delivered to investors. The latest prediction is that robo-advice will cumulatively manage $4.1 trillion by 2022.
“We started on the path to getting approval to deliver robo-advice three years ago and in May this year we were excited to be the FIRST financial services provider to be approved.”
Ramesh predicts five important changes are likely to happen when robo-advice is implemented by financial service providers in New Zealand.
Future-gazing at Kiwi Wealth inspires our products and service.
Ramesh says: “The innovation team here puts New Zealanders’ needs at the heart of all the products and services we create.
A recent example is an update to Future You, which now allows couples to plan for their retirement by entering their partner’s details to obtain a combined forecast of their KiwiSaver accounts (and NZ Super if selected).
This update to Future You was based on discussions with our members. Many of them told us they not just thinking of their own retirement. They are thinking about retirement with their spouse or partner. Some are also thinking about the retirement of a parent, their children and even wider family members.
Further updates may allow members to include other investment products, such as term deposits, share portfolios or property into the tool – allowing couples to get a clearer idea of how all their finances and investments could stack up for their future.
Looking ahead keeps products and tools fresh, Ramesh says. He wants members to be involved in improving and updating future versions of Future You.
Future You® is a registered trademark of Kiwi Wealth Limited.
*The Future You tool is available to members of the Kiwi Wealth KiwiSaver Scheme who are aged between 18-65 and who have not made a transfer from an Australian complying superannuation fund.
Kiwi Wealth Limited is the issuer and manager of the Kiwi Wealth KiwiSaver Scheme. The Product Disclosure Statement for the Kiwi Wealth KiwiSaver Scheme is available at www.kiwiwealth.co.nz