Banks and life insurers will need to work harder to maintain a share of the post-retirement money management market, a study by Deloitte on the dynamics of the Australian superannuation system concludes.The greatest challenge to banks is the drift, which may become a flood, to self-managed superannuation.Deloitte projects that self-managed super funds will match the growth rate for industry funds, with both "expected to grow significantly over the next 20 years", and the industry funds and SMSF sectors to reach A$1.93 trillion and $2.23 trillion, respectively.Overall, Deloitte projects super assets will balloon to $7.6 trillion in 2033, from $1.6 billion at present."Institutional funds, whether they are industry or retail funds, have not yet been able to compete with the attraction of SMSFs," Deloitte said. "We anticipate that this will become the real battleground over the next decade."Deloitte's projections indicate that the (largely bank-managed) retail fund sector will eventually take over from SMSFs as the largest market segment in 2019, and reach almost $2.5 trillion in assets in 2030. However, Deloitte still expect SMSFs to be the largest sector by 2032.Deloitte said that super members with larger account balances, or approaching retirement, are likely to continue to favour SMSFs.It is at this stage in the savings life cycle that banks need to devise more attractive, or SMSF-like, products, Deloitte Actuaries and Consultant partner Wayne Walker said.