THOUGHT OF THE WEEK - TO AI OR NOT TO AI IS NOT THE QUESTION!
Australian Food Super has 65,000 members, many of them young, a lot of them not native English speakers. As a smaller fund, they have the ability to make decisions far more quickly and try out new things. For instance, RetireSmart+.
RetireSmart+ is a chat-style tool (built in conjunction with InvestStream) that lets members ask about their super in plain language and get a real answer back. And the smart bit isn't the AI, it's where they didn't use it. Every projection runs through a deterministic calculation engine. AI only translates the output into words a member understands.
So, as well as all the usual calculator-style projections, members can also ask questions about any term they don't understand or anything to do with super at all, in fact.
I'm sure we'll see more of these style of apps in future, and it's fantastic to see the first one actually live!
AusFood Super looks to revitalise member engagement - Financial Standard
Super fund embraces AI for retirement planning experience - Super Review