Real estate industry superannuation fund REI Super has turned to data services provider Laneway Analytics to enhance its understanding of membership trends and behaviours.
The industry super fund is set to complete its production rollout of both Laneway’s ‘Provident Lane’ data insights platform and its artificial-intelligence powered analytics portal, dubbed Luci, within a four-week timeframe.
REI expects the new solution to provide its management team with more detailed and actionable data insights around evolving membership trends and behaviours, without the need for in-depth training in the use of analytics interpretation.
The scalable Provident Lane platform clocks membership changes including acquisition, retention and churn profiling, along with the impact of marketing campaigns and the propensity of members to defect to a competing fund.
The Luci portal, meanwhile, will apply an AI framework that delivers contextually-relevant analytics based on an REI staff member’s role and job context.
Given the boom and bust nature of the real estate market over the last few years and decades, a better understanding of the playing field will help REI achieve better outcomes for its members, chief executive Mal Smith said.
“We are single-mindedly focused on providing the best member outcomes we can, and that requires gaining ever deeper insights into our members,” he said.
It’s also notable that REI has chosen to go with a fledgling fund data services provider, which was only founded two years ago, rather than a more established player like ASX-listed financial software vendor Bravura Solutions or GBST (for which Bravura recently made a $200 million takeover bid).
Laneway indicated this will also be the first instance of an Australian company deploying its Luci solution.