More than 10,000 of Bendigo Bank’s customers have transitioned to its new share trading platform, the bank announced today.
Bendigo Invest Direct — BID — launched this week and leverages a whitelabel trading platform from CMC Markets Stockbroking.
BID’s features include immediate share trading, free stop loss orders to limit potential losses, unlimited numbers of watchlists of up to 200 stocks, market analytics, access to ASX managed funds, and a range of 'InvestingIQ' tutorials.
“We chose to partner with CMC Markets Stockbroking as they are an excellent cultural fit with Bendigo Bank and align closely with the levels of quality, service and innovation that our customers value so highly,” BID project sponsor Matt Smith said in a statement.
The platform includes mobile device support.
“BID is all about confidence, providing customers with the market leading research, sophisticated analytics tools and speed they need to execute trades as they identify opportunities,” Smith said.
The pace of change in the banking industry means it makes sense to seek partnerships with technology companies to help deliver customer-focussed innovations, the managing director of Bendigo and Adelaide Bank, Mike Hirst, told briefing in August on the bank’s full year results.
"From a technology point of view, we've been investing reasonably heavily in customer systems," Hirst said.
Those include the bank's mobile banking platform and payment platform, as well as customer risk management and data risk management.
"A lot of that is being done through partnering models with technology companies rather than through inventing everything on our own," Hirst said.
"I think given the pace of change that customers are driving through the industry, that's going to more and more be an approach that organisations will take going forward."