ANZ Bank is tweaking its newly launched wealth management mobile application to provide customers with a single view of all their financial holdings, even those outside the bank.
Dubbed 'Grow by ANZ', the app houses banking, investing, superannuation and insurance under one roof. Customers can view their share portfolio and trade stocks using real-time information by Morningstar.
Historical share performance and a leaderboard of the total returns and income of individual stocks are also available.
Users can plug in their ANZ Smart Choice Super fund but the app is limited to ANZ products. According to ANZ Global Wealth CEO Joyce Phillips, the bank is working to change that.
“We’re looking at plugging in an aggregation tool so you could do that in future,” Ms Phillips said.
Commonwealth Bank and Westpac have services that allow customers to view all their financial products, but not in an app.
For example, people can manage their non-Westpac/BT superannuation funds on the web and Westpac is working on this for apps.
The app is not new -- it takes different systems already available to direct clients and wraps it around a single app. It had only been available for a month and had already been downloaded 3000 times, Ms Phillips said.
The biggest challenge in winning loyal customers is being able to deliver a simple snapshot of a customer’s end-to-end financial standing, which incorporates myriad accounts, from every day banking to credit cards and insurance to managed funds.
Roy Morgan Research said banks paid close attention to the average number of products their customers held with them but the real test of customer loyalty should be based on what proportion of their customers’ products they held.
On average the big four banks hold a mere 32 per cent of their customers’ financial products.
Roy Morgan said the big four faced “considerable leakage of their customers’ business to other rivals in the same cohort”.