KiwiSaver providers are at a crossroads. With increasing member expectations, regulatory demands, and operational pressures, COOs and General Managers of Operations are challenged to do more with less.
Having spoken with several leaders in the industry, one thing is clear: while many recognise the potential of AI, the KiwiSaver industry is still in a learning phase when it comes to AI.
The truth is that automation and efficiency in KiwiSaver aren’t just about operational cost savings. They’re essential to delivering the customer service that Kiwis need and deserve – especially as KiwiSaver balances continue to grow and members seek greater clarity and support with their retirement savings.
This article is for leaders—COOs and operational heads—who want to understand how to strategically and practically integrate AI into their organisations. Here are five principles leaders can adopt to embrace AI effectively.
1. Think in terms of tasks, not roles
To effectively deploy AI, it’s crucial to shift focus from roles to tasks. AI excels at automating specific, repetitive activities, such as processing hardship applications or answering common member queries.
By breaking down roles into task-level components, KiwiSaver providers can identify high-impact areas where AI can augment human effort. Automating these tasks enables employees to focus on higher-value work, such as member engagement or strategic initiatives, rather than routine operational duties.
2. Re-evaluate resource allocation
AI offers KiwiSaver providers the opportunity to reimagine their operational structures. Instead of scaling through headcount alone, COOs can integrate AI solutions to handle routine processes like compliance reporting, contribution tracking, and customer service.
For example, an AI-driven chatbot might handle 70-80% of member queries, freeing up staff for more complex or personalised interactions. This not only increases productivity but also creates cost efficiencies that can be reinvested in other areas of the business.
3. Break down data silos
KiwiSaver providers often operate in environments with significant data fragmentation across compliance, customer service, and investment teams. To maximise AI’s potential, organisations must reduce these silos and make data accessible across functions.
For instance, an AI tool providing fund recommendations can only be effective if it can access historical member preferences, risk profiles, and market performance data. Building a culture of data sharing, underpinned by strong security and compliance frameworks, is essential.
4. Adopt a fast-and-slow approach
Generative AI is evolving rapidly, with new tools and capabilities emerging constantly. KiwiSaver providers must be agile in adopting solutions that bring immediate value, such as automated document processing or AI-powered member outreach.
At the same time, they should avoid overextending into areas where AI lacks maturity or clear ROI. For example, while AI may excel in customer service today, its role in complex financial planning may still require human expertise in the short term.
5. Prepare for the shift to AI workers
While current AI tools often focus on niche tasks, the future lies in agentic AI—systems capable of handling multiple complex tasks autonomously. KiwiSaver providers should start building their tech stack and organisational mindset for this eventual shift.
I hope vendors like ourselves (Sevaka), who offer scalability and versatility, such as expanding from chatbots to full-service AI assistants, will be critical partners in this transition. Forward-thinking leaders will prioritise solutions that integrate seamlessly across multiple functions, creating a unified and intelligent operational backbone.
Final thoughts
For KiwiSaver providers, the journey to leveraging AI effectively starts with a clear strategy and a willingness to rethink traditional processes. By focusing on these five principles, COOs and operational leaders can ensure their organisations remain competitive, compliant, and member-focused in an increasingly AI-driven world.
The question isn’t whether AI will transform the KiwiSaver industry – it’s how prepared you are to lead that transformation.