Second generation online financial services
Friday, February 17th 2006, 11:59AM
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.
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