A recent case study by Sevaka (download it here) explores how AI can help KiwiSaver providers improve customer service by automating routine tasks, offering personalised support, and ensuring compliance. The case study also highlighted how large financial institutions globally have saved millions by integrating AI into their operations, cutting costs, speeding up service, and improving scalability in the process.
That kind of success might make it seem like AI is only for the big players. But the reality is different. It’s actually mid-sized organisations, like most KiwiSaver providers, that are in the best position to benefit from this technology.
Big institutions move slow
Large financial institutions have had a head start with AI – big budgets, big data, and big tech teams. But those same things also slow them down. Layers of management, complex systems, and endless pilots that never make it into production are all common.
KiwiSaver providers, by contrast, are more nimble. Decisions can be made quickly. Small teams can test and implement changes faster. Agility matters when tech evolves as fast as GenAI.
Small enough to move fast, big enough to matter
KiwiSaver providers sit in the perfect middle ground. They don’t have to untangle legacy infrastructure whenever they want to try something new. But they’re also large enough to justify serious investment in improving how they deliver service and advice.
Thanks to AI-as-a-service models and pre-built tools, they don’t need to build anything from scratch. Even with lean teams, they can plug into powerful AI platforms and start solving real problems immediately.
GenAI tools are made for this moment
GenAI has matured to a point where it can be applied directly to real business problems without requiring in-house AI teams or complex integration projects.
New emerging tools are built specifically for financial services and designed to work with a provider’s existing content and workflows. These solutions make it possible to unlock the value buried in documents, processes, and historical communications.
The solutions surface insights, improve decision-making, and enhance service without reinventing internal systems. Proprietary knowledge, such as product guides, fund commentary, or past client emails, can now be fed securely and privately into GenAI tools.
That opens up a massive opportunity for KiwiSaver providers with rich (but often messy) internal content. These tools let them generate consistent, thoughtful responses across teams for customer support staff, advisers, or clients.
It's not just about saving time
Yes, GenAI can reduce workload and automate routine tasks. However, the more significant win is in capability.
A team member who couldn’t write SQL queries can pull insights from the database with a simple prompt.
An adviser can use AI-generated summaries and insights to prepare for a review meeting in minutes.
Support teams can give faster, more helpful answers without escalating issues.
Research has found that generalist employees equipped with GenAI could perform nearly at the level of specialists. That’s a big deal for organisations that can’t afford to hire a team of data scientists but still want to compete on experience.
How KiwiSaver providers can set themselves up
Here are five strategies KiwiSaver providers can use to make GenAI work for them:
- Start with scalable tools. Use modular AI platforms that don’t require massive upfront investment and can grow as you do.
- Think beyond efficiency. Look at parts of your business that could be fundamentally reimagined, not just made faster.
- Get the data foundations right. It’s not just about having AI. It’s about feeding it the correct information and creating feedback loops that improve over time.
- Make someone accountable. GenAI initiatives need clear leadership, not a scattergun approach across too many teams.
- Level up your team. Equip your existing people with the right tools and training to do more without hiring new hires.
This moment is made for KiwiSaver providers
The window is wide open. KiwiSaver providers have the right size, the appropriate mix of challenges and opportunities, and now, the right tools to put GenAI to work.
What was once only possible for tech giants is now within reach. Those who act fast and smart can leap ahead by improving service, scaling advice, and building more resilient businesses in the process.
