ANZ, the Australia and New Zealand Banking Group, is making a big change. It is spending nearly AUD $ 25 million to shift its share investing clients to the CMC market. The move will entail shifting the accounts of nearly 500,000 clients. The total investment portfolio of these clients is nearly worth AUD $45 million.
The decision of ANZ is driven primarily by the need to diversify its global business presence. This move is also significant because it comes at a time when there is an increasing demand for retail stockbroker firms in Australia.
As ANZ completes the shift to CMC, it will also end its existing white label partnership with CMC. ANZ had been using the CMC white label technology since 2018 to drive all its investment operations. In 2021, ANZ has already been able to generate 39.5 million pounds in net revenue from trade with the help of its partnership with CMC.
After the shift to CMC, clients will get access to a large range of services and features. They can access many special stock market educational materials. The CMC shift will also give clients access to some state-of-the-art mobile trading applications which had hitherto been unavailable with ANZ.
But the biggest advantage for clients from this shift will be a reduction in brokerage fees charged by the four top international trading markets as well as the local Australian stock market. On the other hand, CMC can expect greater revenue from the expansion in its customer base.
The transition from CMC white label services on ANZ to full CMC service will take around 12 to 18 months to be fully executed. But this transition shows that CMC is now the undisputed leader in the finance technology sector of Australia.
The CEO of CMC has claimed that the decision to shift ANZ share investment clients to CMC was made to meet the company’s long-term diversification agenda which is simultaneously being implemented in the UK. CMC is now a major, rising fintech solution provider. Industry experts expect it to be a major player in the long run. To learn more about them read up CMC market reviews on Cryptonewz.