MyWealth platform lets the customers of Commonwealth Bank to link their investment portfolio directly with their bank accounts and view them in what the regards as a single wealth management hub.
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The bank is using the platform to aggressively target the fast-growing and highly lucrative self-managed super fund (SMSF) market.
In 2012, National Australia Bank had launched a similar trading platform, and CBA’s new platform differs from it in terms of offering targeted share and market news, plus an online community for investors to engage with one another.
Lisa Frazier, chief innovation officer equities and margin lending at CBA said: "MyWealth has been designed empower Australians who want to be in the driving seat of their own investment decisions."
The features of the platform include access to a cash and investment account, integrated with existing CommSec and NetBank accounts, 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 and a stock market watch list with regular market updates on companies of notable interest to the customer.
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