A new investment platform has been launched by Santander UK, which aims to consolidate customers’ holdings and enable a complete overview of finances.
The Investment Hub provides access to Santander Asset Management funds and around 2,000 others, all with an AMC of 0.35 per cent.
Customers have the facility to buy and service investments online and view all financial holdings in one place, including: mortgages, savings, insurance and current accounts.
Later this year, the estimated 250,000 customers with investments in Santander Isa Managers will be fully migrated into the Investment Hub. It will be available on all online devices, including mobile and tablets, enabling users access at all times.
Santander will also set up a specialist contact centre for top-ups and transfers. The platform will be provided in partnership with FNZ, a provider of transaction and custody services for the global wealth sector. Initial lump sum payments of £100 per fund and regular payments of £20 are required.
www.santanderassetmanagement.co.uk
Investment platforms continue to be seen as key by providers looking to enhance customer offerings. Competition in the platform space has been abundant recently, as many providers seek to exploit the huge opportunity presented by the digital space. Coupled with this, the drum has been beaten recently for the government to provide a pension dashboard to provide consumers access to all policies in one place.
In essence, that is what Santander has set out to achieve, but also incorporating other financial products. The AMC of 0.35 per cent is low, and Santander will be hoping these low costs will provide the carrot to entice investors into not only using the platform, but also its funds.
Santander clearly wants to bolster its proposition as it has also offered private banking in the UK for the first time. Banks will always have an advantage when it comes to attracting clients, seeing as 250,000 existing customers will be gradually migrated.
Therefore the success of the Investment Hub may be dependent on retention rather than new business. Although previous regulatory issues may have tarnished Santander’s reputation, if this platform proves slick and easy to use then its image may receive a much-needed boost.
