Commonwealth Bank launches new investment service
The Commonwealth Bank has launched a new online investment service that brings together customer investment portfolios and trading news in one location.
This new web portal, for investment, called MyWealth, comes after extensive customer research into the desires of self-directed investors, looking for an online space that can service their needs.
Investors in shares, self-directed super funds, cash, exchange traded funds or fixed interest now have access to these investment options in the same online portfolio, using one password.
The move comes after CommSec managing director Stephen Karpin tasked his team with understanding the desires of investors in Australia. “We identified that there is a material white space that was not serving the holistic needs of self-directed investors in Australia, or around the world for that matter. At that point we determined that we we were going to create a new category in financial services.”
MyWealth.com.au, which is now live, is open for interested investors that are CommBank customers and those that aren’t. It includes sections such as community, which has a forum for users to interact and share advice, as well as ask advice from CommBank representatives and other experts. The portal also includes a news service, which caters to the companies that investors are watching or already invested in. It also includes general investment news and features across multiple categories. In order to collate this content, CBA has employed a group of in-house journalists.
Other features include a clear differentiation between sections governed by CBA and those that are part of the community, which are clearly delineated by the use of yellow tagging for CBA content and blue for community content, and an ‘invest’ section which lists the different assets you can invest in and provides information and news on each.
One section relevant for small business owners is the section looking at self managed super funds. It provides news and features on the topic to keep super investors abreast of their options.
“Prolonged market volatility has increased awareness around the impact of investment decisions and changed the relationship between investors and their wealth. Investors are more connected than ever before with where they put their money. It is a new age of investing,” said Lisa Frazier, CBA’s chief innovation officer equities and margin lending, Commonwealth Bank.