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Second generation online financial services

Friday, February 17th 2006, 11:59AM

by Philip Macalister

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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Co-operative Bank - Standard 8.40 7.74 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
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Heartland Bank - Reverse Mortgage - - - -
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HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.75 6.59
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Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
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