Initially the company will sell Future Penny to large firms, with the idea that these firms will provide it to their staff as a perk.

Development Bank of Singapore chief innovation officer Neal Cross has also backed Future Penny, and said it could be used by large firms as a tool to attract and retain staff.

"In an increasing war for talent, companies deploying this solution will not only improve the financial health of their staff but also provide valuable financial skills that they can utilise in their current roles," Mr Cross said.

Landing clients

Mr Pettit said Future Penny was in advanced talks with three "top tier" professional services firms and hoped to announce its first client by the end of April.

Slated regulatory reforms to take default super fund selection out of the modern award system and give workers more choice could deliver a boost for Future Penny.

If corporations are no longer responsible for selecting what super fund their employees' compulsory retirement savings are directed to, there will be greater value to employees in a free service to help them choose their own preferred fund.

Super funds themselves are also potential customers for Future Penny.


Australian Institute of Superannuation Trustees chief executive Tom Garcia last month urged the industry to embrace technological disruption, particularly the growing popularity of online advice.

Fintech start-ups

Many funds are already investing more in improving their online services, while others are looking to partner with technology providers. Equip Super took a 27 per cent stake in rival robo-advice platform Clover in September.

Sunsuper chief executive Scott Hartley will participate in a panel discussion on how technology is reshaping the wealth industry at the Financial Review Banking and Wealth Summit in Sydney, April 4-5.

Future Penny is just one of a slew of "fintech" start-ups seeking to disrupt the dominance of the banks with a more affordable model of basic financial advice.

Regulators and industry stalwarts, such as former Financial Services Council boss John Brogden, are increasingly wary of how banks manage the conflicts of interest inherent in both manufacturing and distributing financial products.

"The financial services industry continues to be led by product, rather than the best interests of the consumer," Mr Pettit said.

"Existing robo-advice offerings are essentially designed to sell a product, while Future Penny is a platform for guided decision-making."