Blogs
Second generation online financial services
Friday 17th of February 2006
The Rababank move into retail financial services is really interesting as it is not just a bank offering an online call account.
It seems to me, on the face of things, this is the closest a big financial services organisation has got to selling products online since AMP tried with Liquid.
If you recall AMP spent millions on building a site that offered news, information, data and the ability to buy financial products. However, it pulled the plug after a couple of years (and if I was into puns I would suggest all the liquid was poured down the drain).
Liquid, I believe, could have succeeded, or at least done it better but for a few fundamental mistakes. One was running before it could walk (or swimming before it could paddle).
Rabobank is a much smaller proposition. It has its call account, along with competitive term deposits that will attract people.
As we reported on Good Returns it has also done a deal with three fund managers to sell their products, and it plans to offer things like model portfolios, advice etc through its site. A couple of other sites offer managed funds online, such as FundSource and Moneyonline.
Assuming Rababank is successful it may well - I suspect - add other products such as insurance to its offering.
Time will tell if this is the real birth of online financial services in New Zealand.
It seems to me, on the face of things, this is the closest a big financial services organisation has got to selling products online since AMP tried with Liquid.
If you recall AMP spent millions on building a site that offered news, information, data and the ability to buy financial products. However, it pulled the plug after a couple of years (and if I was into puns I would suggest all the liquid was poured down the drain).
Liquid, I believe, could have succeeded, or at least done it better but for a few fundamental mistakes. One was running before it could walk (or swimming before it could paddle).
Rabobank is a much smaller proposition. It has its call account, along with competitive term deposits that will attract people.
As we reported on Good Returns it has also done a deal with three fund managers to sell their products, and it plans to offer things like model portfolios, advice etc through its site. A couple of other sites offer managed funds online, such as FundSource and Moneyonline.
Assuming Rababank is successful it may well - I suspect - add other products such as insurance to its offering.
Time will tell if this is the real birth of online financial services in New Zealand.
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