RECREO FINANCIAL
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“ What Recreo offers is a clean slate . It ’ s an attempt to build something to modern standards that comes in one whole package ”
— Dan Renoux , Head of Product , Recreo order to support manual administration practices but nowadays it ’ s about automation and admin by exception only , which is harder to achieve with older technology ” says Renoux , who would know as he ’ s been working in the superannuation business since leaving university in the late 90s .
Petros Gionis , who took over as CTO of Recreo in September 2019 , notes that , not only is the technology the superannuation industry is built on a complicated beast , but the industry itself is no picnic . “ It ’ s a complex ecosystem . There are multiple superannuation providers in Australia , ranging from industry super providers - who manage funds for a specific sector like mining , health services , retail , etc . - and then you have the big retail funds offered by the banks - which are typically run-for-profit funds ,” he explains , noting that , “ more or less every one of those providers over the last 30 or so years has built its own bespoke superannuation system or , if not , has purchased one from a legacy vendor .” He adds that these systems are still , by and large , based on old technologies that companies today
JUNE 2020