Focus on enhancing customer experience continues to deliver growth for Class
Sydney, 18 April 2023 – Cloud-based wealth accounting and SMSF software provider Class today announced a solid performance for Q3FY23, with the number of entities across Class Super, Class Portfolio and Class Trust products up 2.0% on pcp and the number of companies using Corporate Messenger, up 12.2% on pcp.
During Q3 FY23, Class has continued to invest in delivering enhanced product solutions and customer experience. This included the launch of ‘Scan and Save’ functionality which leverages machine learning to enable customers to efficiently upload bank statement data from financial institutions where there is no data feed available, and the introduction of Multi-factor Authentication to provide end-users with additional cyber security protection.
Today, Class administers more than 200,000 entities, the majority of which are SMSFs administered through Class Super.
These results reflect a continuing focus on supporting current customers and partners, building relationships and propositions for new customer segments, and positioning the business for growth.
Class CEO Tim Steele says: “This is an encouraging result, demonstrating that, together with HUB24, we remain focused on our core SMSF capabilities, supporting the growth of the SMSF market and improving the retirement outcomes for more Australians.
“With the support of a passionate, innovative and customer focused team, we are well positioned to build on the 184,000+ SMSFs we now administer on Class Super by continuing to deliver market-leading software solutions to enable financial professionals to provide superior service to their clients.
“The SMSF sector continues to grow, with millennials being the main driving force in new fund establishments as they become more engaged and interested in their financial future.
Mr Steele says: “The benefits of SMSFs for millennials is supported by the Rice Warner research into SMSF costs which found assets with a lower balance of $200,000 can be competitive with APRA regulated funds.
Furthermore, the University of Adelaide research into SMSF investment performance also found no material differences in performance patterns at this asset level.”
Class General Manager, Growth, Jo Hurley, adds that it is largely due to the loyalty and support of our clients that we have been able to achieve this 200,000 entities milestone together.
“Feedback from our clients indicate they recognise the increased focus on client support, additional training and education on Class products, higher levels of service and account management, a renewed sense of passion among the Class team and a greater focus on client engagement.
“With the support of a great team across both Class and NowInfinity, we will continue to focus on enhancing customer experiences and delivering market-leading cloud-based technology solutions that create more value, improve, efficiencies, innovation, and drive industry growth.”
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1ATO statistics: SMSF Sector continues to grow
2Class SMSF Insights: SMSF Trends (1HFY23)
3Rice Warner research: cost of operating SMSFS 2020
4University of Adelaide research: Understanding self-managed super fund performance
Class is a pioneer in cloud-based wealth accounting and is recognised as one of Australia’s most innovative technology companies, delivering trust accounting, portfolio management, legal documentation and corporate compliance solutions to financial professionals across Australia.
For further information, please visit https://www.class.com.au