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UPDATED: CommBank launches MyWealth

UPDATED: CommBank launches MyWealth

Online hub gives users access to their wealth portfolio

CommBank's MyWealth site

CommBank's MyWealth site

Commonwealth Bank (CommBank) has unveiled MyWealth (mywealth.com.au), an online platform that enables self-directed Australian investors create and manage their financial portfolio.

According to CommBank chief information officer and enterprise services group executive, Michael Harte, this is an Australian first that will change the way new and experienced investors build and manage their wealth.

“Our customers increasingly want to go to one place where all the rich content for their financial decisions is in one place, is easily accessible, and allows them to make fast decisions.

“MyWealth is an architecture where in real-time, customers can transact across banking, brokerage, insurance and asset management,” he said.

With more than three million self-directed wealth investors in Australia, the online hub is designed to enable customers to research and invest in a range of financial products.

It aims to aid customers navigate and keep up to date on their own investments, as well as potential investments they might make.

According to CommBank, the solution was designed following nine months of customer centred design research.

“Based on the several billion dollars we spent over the last five years, we’ve enabled two things – a unified set of data that has a deeper relationship for our customers and a platform where businesses can create rich content interactivity and enrich the investment decisions they make,” Harte said.

The MyWealth platform provides Australians with a simple, informed process for creating and managing their own financial future.

It provides the following features:

  • Access to a cash and investment account, integrated with existing CommSec and NetBank accounts
  • The ability to easily invest in shares, exchange traded funds, fixed interest or cash products
  • A social community for investors to share and discuss ideas and strategies
  • Comprehensive and personalised financial news, market updates, educational reports and videos created by a dedicated team of journalists
  • A stock market watch list with regular market updates on companies of notable interest to the customer.

CommBank expects to roll out more features into MyWealth in 2013, that focus on simplifying the investing experience across asset classes, including superannuation and property.

“The customer can model a broader set of portfolios so they can make instant decisions using all of their asset and liability positions. For CommBank, it is about knowing the preferences and behaviours of its investing community and helping them make richer decisions,” Harte added.

MyWealth is available from today to Commonwealth Bank and non-Commonwealth Bank customers.

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