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EvoTV - Interview with Adrian Lovney
With Vision Super leading the way, super funds are looking to Cuscal to enable their retirees to access their super at ATMs, EFTPOS terminals, using BPAY and online banking. Cuscal's Super Access product delivers convenience and tax benefits to retirees through super fund branded Visa debit cards linked to pension accounts.
Adrian Lovney, Cuscal General Manager, Business Development, Strategy and People recently discussed this product offering on EvoTV.
A clip of the interview is online at EvoTV. New EvoTV users will be prompted to register, which is quick, free and simple. Once registration is complete, you can log in to learn more about transactional banking for super funds.
Why is Cuscal offering products to super funds
With the number of baby boomers going into retirement growing fast, there are tremendous opportunities to service this demographic. Cuscal has strengths in the payment space and has chosen to start offering transactional banking for super.
What does Cuscal offer in this space?
The key value proposition from a super fund perspective is offering a retiree the ability to transact from super. It is tax effective and features all the convenience of a regular transactional banking account. Vision SuperVantage product has been launched and is ready to be rolled out to Vision Super members.
What industry dynamics create a market for this product?
Both legislative change and demographic change make this market attractive. But we also have a clear target. Industry super funds have 50% market share by members, 25% by funds but less than 10% market share of pension accounts. Cuscal's Super Access product will help them address this imbalance.
What is the benefit for super funds to offer this product?
Super funds can improve member retention and develop closer relationships with their members through providing Cuscal's Super Access.
Why would super funds access these services from Cuscal?
Cuscal is not a competitor to super funds for retail business. The B2B proposition and white label product is far more attractive. It allows brand consistency for super funds. Members are more comfortable with one brand rather than multiple.
Cuscal is safe as a major bank. It has a AA- rating and also shares the same cooperative values as industry super funds.
How does implementation work?
Cuscal is a specialist in system integration. We bring a strong reputation, a stable business model and history of successful and reliable execution. The Super Access product also presents a simple operational model.