CommBank introduces online investment hub, not just for CBA customers

Would you believe that there are over three million Australians looking for information to help them self-manage their own investments? The Commonwealth Bank has picked up on this, and rather than have you rely on a variety of random DIY solutions, is throwing it all under the one roof.

Launching this week, CommBank’s “MyWealth” is a new free service aimed at giving customers a complete look at their online investment portfolios.

“MyWealth has been designed to demystify the investment process and our aim is to empower Australians who want to be in the driving seat of their own investment decisions,” said Lisa Frazier, Chief Innovation Officer for CommBank’s Equities and Margin Lending division. “We have designed MyWealth using research and feedback from customers who wanted simplicity and more resources to help them make informed decisions that speak to their investment goals and financial futures.”

MyWealth aims to help people invest by providing news about the companies you plan on buying assets in, active discussion forums, and graphs to show just how well each stock is going whether you’re looking at the past month or the past five years.

CBA's Michael Harte

“We have integrated the key elements of investing from across CommBank and CommSec as well as other media elements such as news and community, in one, always-online destination for investors,” said Stephen Karpin, Executive General Manager for Equities Margin Lending.

If you’re already a CommBank customer, the service works in conjunction with your Netbank account, taking the login from that and allowing you to see your funds connected to the portfolio. If you’re not and happen to be with another bank, you can still sign up and receive access to the stock advice, you just won’t be linking it to your bank.

As for the price, that looks to remain free, with CBA’s Chief Information Officer Michael Harte laughing while saying that the Commonwealth Bank is “giving away lots of information that I’d love to charge for.”

We’re sure there’s someone in Australia who will be excited by that.