UniSuper, one of Australia’s largest superannuation funds, has selected Google Cloud as its preferred cloud provider for data centre transformation. The partnership spearheads the fund’s migration to cloud and signals UniSuper’s commitment to driving better outcomes for its members through efficient operations and advancing future growth ambitions.
What does Google Cloud bring to UniSuper?
Australia’s superannuation funds manage $3.4 trillion in assets and are responsible for building sustainable retirement for over 16 million people — making it the fifth largest market. Australia was also the fastest-growing pension market in 2021 and the most successful pensions market in 2022 according to JP Morgan’s Future of Superannuation Report.
UniSuper has an obligation to deliver value and efficiency for its members. That said, the fund will work in collaboration with Google Cloud to modernise and fast-track its journey to cloud.
Google Cloud VMware Engine (GCVE) will underpin UniSuper’s shift to cloud as it, supported by implementation partner Kasna, part of Mantel Group, migrates VMware-based workloads from on-premises data centres to Google Cloud’s enterprise-ready, open, and secure cloud infrastructure. The ability to easily migrate VMware environments with GCVE, with minimal effort and disruption, will enable greater scale and agility, driving operational efficiencies.
UniSuper has accelerated its technology, scale, and simplification strategy through the Google Cloud partnership. This will eliminate the challenge of hardware lifecycle management and operation of undifferentiated commodity infrastructure, enabling UniSuper’s employees to focus on higher-value tasks. With Google Cloud, UniSuper will be able to augment enterprise infrastructure in minutes — a huge advantage in a highly competitive and regulated industry.
On top of generating significant operational efficiency and cost savings, the migration will also enable UniSuper to work with a cloud provider committed to sustainability — since 2017 Google Cloud has matched its energy consumption with 100% renewable energy. This alignment with UniSuper’s commitment to cutting emissions, including in achieving carbon-neutral certification, made the fund’s selection of Google Cloud an appealing strategic choice.
What does this mean for UniSuper and Google Cloud?
“Everything we do at UniSuper revolves around one simple goal: helping our members achieve the best possible retirement outcomes. With Google Cloud VMware Engine, migrating to the cloud is streamlined and easy. It’s all about efficiencies that help us deliver highly competitive fees for our members,” said Sam Cooper, Head of Architecture at UniSuper.
Commenting on the partnership, Alister Dias, Vice President, Google Cloud, Australia and New Zealand, said, “UniSuper is accelerating toward unleashing the true potential of a cloud-first strategy. This commitment to digital transformation will help UniSuper to not only serve its customers more effectively, but also scale its business more quickly than ever before.”
To aid UniSuper’s digital transformation, Google Cloud is providing training and enablement to UniSuper employees, helping the fund upskill and attract the best industry talent. This will arm employees with experience of the latest Google Cloud tech, ensuring the fund’s workforce is poised to accelerate its future innovation ambitions and support further growth and scale.
What is the wider industry context of this partnership?
The superannuation industry is facing a unique set of challenges as it undergoes digital transformation. These challenges include:
- Legacy systems. Many superannuation funds are still using legacy systems that were designed for a different era. These systems are often difficult to maintain and upgrade, and they can hinder the ability of funds to innovate.
- Data silos. Superannuation funds typically have a large amount of data, but this data is often siloed in different systems. This makes it difficult for funds to get a holistic view of their members and to provide personalized services.
- Regulatory compliance. The superannuation industry is heavily regulated, which can make it difficult for funds to adopt new technologies. Funds need to ensure that any new technology they use complies with all applicable regulations.
- Culture. The superannuation industry is traditionally conservative, which can make it difficult for funds to embrace change. Funds need to create a culture that is open to innovation and that encourages staff to experiment with new technologies.
In addition to these challenges, the superannuation industry is also facing increasing competition from new entrants, such as fintech startups. These startups are using digital technologies to offer new and innovative products and services, which is putting pressure on traditional superannuation funds.
Despite these challenges, there are a number of opportunities for superannuation funds to benefit from digital transformation. These opportunities include:
- Improved customer service. Digital technologies can be used to provide better customer service, such as by making it easier for members to access their accounts, to make transactions, and to get help.
- Increased efficiency. Digital technologies can be used to improve efficiency, such as by automating back-office processes and by reducing the need for paperwork.
- New products and services. Digital technologies can be used to develop new products and services, such as by offering robo-advice or by providing access to investment opportunities that were previously unavailable.
The superannuation industry is at a crossroads. It can either embrace digital transformation and thrive, or it can resist change and be left behind. The future of the industry will depend on the ability of funds to overcome the challenges they face and to seize the opportunities that digital transformation presents.
Here are some additional thoughts on the unique digital transformation challenges of the superannuation industry:
- The superannuation industry is a complex and regulated industry, which means that there are a lot of factors to consider when making decisions about digital transformation.
- The superannuation industry is also a large and diverse industry, which means that there is no one-size-fits-all solution for digital transformation.
- The superannuation industry is facing increasing competition from new entrants, which means that it is more important than ever for funds to be innovative and to use digital technologies to their advantage.
Overall, the superannuation industry is facing a number of unique challenges as it undergoes digital transformation. However, there are also a number of opportunities for funds to benefit from digital transformation. The future of the industry will depend on the ability of funds to overcome the challenges they face and to seize the opportunities that digital transformation presents.
Gerald Ainomugisha is a business news reporter and freelance B2B marketer with over 10 years of experience in writing high-converting copy and content for businesses of all kinds, especially SaaS providers in the niches of HR, IT, fintech, eCommerce and web3. Since joining Upwork in 2012 (back when it was still eLance), Gerald A. has delivered great results for hundreds of clients, maintaining a 98% Job Success rate as well as 5+ years of Top Rated Plus rating (and Premium Writers Talent Cloud membership). Book a meeting with Gerald A. today to get the powerful SEO content you need!