NAB launches day-to-day brokerage online
(20 September 2012 – Australia) National Australia Bank (NAB) has launched a day-to-day online broking service through its nabtrade arm, and will target investors in the self-managed superannuation fund space.
Although it is a relatively late entrant, NAB Wealth group executive Steve Tucker declared nabtrade will ''change the game'' in the online broking space.
''We've had some incumbents in there that have got some pretty big market shares and having their own way and what we've been quietly doing behind the scenes is creating a state-of-the-art technology platform,'' Tucker told BusinessDay on Wednesday.
The nabtrading platform will be integrated with NAB's customer bank accounts, so funds moving in and out of the trading account take place in real time.
Tucker said the offering of an online trading platform complemented rather than worked against the bank's existing full-service brokerage arm, JBWere.
''What we've been able to do now is complete the jigsaw puzzle in terms of the wealth battlegrounds we want to win,'' he said.
''We've had some incumbents in there that have got some pretty big market shares and having their own way and what we've been quietly doing behind the scenes is creating a state-of-the-art technology platform,'' Tucker told BusinessDay on Wednesday.
The nabtrading platform will be integrated with NAB's customer bank accounts, so funds moving in and out of the trading account take place in real time.
Tucker said the offering of an online trading platform complemented rather than worked against the bank's existing full-service brokerage arm, JBWere.
''What we've been able to do now is complete the jigsaw puzzle in terms of the wealth battlegrounds we want to win,'' he said.
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