Bravura Solutions Limited Reports Strong Growth of Midwinter Digital Advice Platform

Bravura Solutions Limited, a leading Australian-based global technology provider for the financial services industry, has reported strong growth of its Midwinter digital advice platform. The company's technology is used by major global financial institutions to process and hold trillions of dollars in assets. The growth is attributed to the increasing adoption of digital advice by Australian superannuation funds and enterprises, which are improving member access to real-time financial tools and advice.

Key Takeaways:

• Bravura Solutions Limited has reported strong growth of its Midwinter digital advice platform, with Future Group and AIA Financial Wellbeing partnering with the company to offer members pre-retirement personal advice tools and a public-facing calculator.
• The Midwinter technology is designed to help members better understand their financial position as they approach retirement, with a significant reduction in member exits and an increase in contributions.
• AMP has expanded its digital advice capability with Bravura, offering members 24/7 access to personalized investment and contribution advice, lifetime retirement projections, and automated production of Statements of Advice.
• Rest Super has scaled up its digital advice for its 2 million members, building on its collaboration with Bravura that dates to 2017, and continued to uplift its digital advice offering and personal advice capabilities with automatically generated Statements of Advice.
• Michelle Lusty, Head of Midwinter Advice Products at Bravura Solutions, stated that the company is witnessing a transformational shift in how Australians access retirement planning advice, with a focus on improving retirement outcomes and strengthening trust in the system.

Statistics:

• Over 132,000 members have accessed Super's My Retirement Planner (MRP) since its launch in 2023.
• A total of 300,000 users have accessed the tool.
• Nearly 100,000 Statements of Advice have been generated.
• 84% of users report high levels of retirement confidence after using the tool.
• Future Group has initiated its digital advice rollout with Bravura, with the first phase underway.
• AIA Financial Wellbeing has been collaborating with Bravura to build an Industry-First Digital Insurance Needs Analysis Tool, which will enable advisers to provide a personalized, adviser-led insurance experience for customers.
• AMP has seen a 10-fold increase in the number of members seeking retirement guidance since launching its digital advice service on 31 January.
• Rest Super has made approximately 80% of all its advice interactions digital, with its digital tools being used by its members around 30,000 times per year.

Sources:

• Bravura Solutions Limited
• Future Group
• AIA Financial Wellbeing
• AMP
• Rest Super