Australia has one of the most advanced retirement savings programs in the world, with a government-mandated plan commonly called Superannuation. The nation has the fourth largest funds management industry in the world – with a population of just 20 million.

The first company to introduce a product designed from the consumer’s point of view – attacking the problems of high fees, hidden charges, and difficult access – stood to gain substantial market share on rivals. BT Financial Group, part of Australia’s largest bank, Westpac, wanted to go even further and create a Super account that would be accessible online, easy-to-use, and integrated with Westpac bank accounts and other financial products.

With advanced web front-end work needed to make it simple and appealing for customers, and over 70 systems to be integrated on the backend, they knew they needed expert help. In partnership with ThoughtWorks, BT developed and launched its new BT Super for Life retirement savings system just nine months after work began, first to the market by a wide margin. It made an immediate impact on customers and the industry, receiving a SuperRatings Fund of the Year award within two weeks of its launch. Changes to legislation giving favorable tax treatment and allowing choice of fund management companies presented consumers with potential benefits and financial service providers with both a challenge and an immense marketing opportunity.

In Year One after launch, the BT Super for Life product garnered more than 80,000 new customers and $283M in funds under management.

Catherine Dalton, Head of Product, stated, “The agility of ThoughtWorks and their focus on delivery was fundamental to BT being able to create this revolutionary Super product.”

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