Latest / Best of Business / Chris Smith: CMC Markets managing director on ASB launching their own Sharesies-style app

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Chris Smith: CMC Markets managing director on ASB launching their own Sharesies-style app · Best of Business

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  Speaker 2: ASB Bank is planning to launch its own version as
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  Speaker 2: Shares's now. To be fair to the bank, ASB is
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  Speaker 2: the original share y sort of because customers have been
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  Speaker 2: able to trade shares through ASB since nineteen ninety nine. Regardless,
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  Speaker 2: the bank is going to offer a slick new app
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  Speaker 2: and desktop platform called ASB share Central. ASB has signed
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  Speaker 2: to deal with CMC Markets to deliver the product, and
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  Speaker 2: Chris Smith is with CMC. He's the New Zealand Managing director.
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  Speaker 1: High Chris.
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  Speaker 2: Yeah, Hi, Header, Why is this happening now? Because I mean,
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  Speaker 2: I think obviously Shares's has been around for a fair
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  Speaker 2: bit now. ASB has been doing this for twenty six years,
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  Speaker 2: so why now?
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  Speaker 3: Look, I mean ASB is a market they have been
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  Speaker 3: a market leader BECK since ninety nine, as you mentioned,
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  Speaker 3: is the first online trading option for New Zealand retail investors.
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  Speaker 3: And look, it's exciting that the bank wants to invest
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  Speaker 3: and their technology and we can certainly deliver that for
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  Speaker 3: their customers. And we've a lot of experience doing this
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  Speaker 3: with other banks. Across the tesmand and I mean the
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  Speaker 3: investment central theme is something that ASP is definitely focusing on.
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  Speaker 3: Key we save investment funds in share investing is just
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  Speaker 3: an extension of that.
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  Speaker 2: So I see you guys have a standalone desktop platform
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  Speaker 2: in an app. Why not do it within the ASB
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  Speaker 2: Bank app.
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  Speaker 3: Yeah, so this will be entirely an ASP. You know,
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  Speaker 3: the ASP owns the business, they own the customers. We
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  Speaker 3: are just a tech provider, so we will provide our
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  Speaker 3: award winning platform branded as ASP Mobile Application as well
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  Speaker 3: global market access. From a customer point of view, it
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  Speaker 3: will just be an enhancement from what their current experience is.
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  Speaker 3: So currently there's no mobile offering for the ASP customer,
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  Speaker 3: which will be something they're really really demanding. And access
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  Speaker 3: to international markets is becoming more and more common with brokers,
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  Speaker 3: so the US market, the UK market, Australia and look,
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  Speaker 3: we've got a award winning platform that we specialize in
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  Speaker 3: and we're more more than happy to provide it to
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  Speaker 3: a way to speak customers. OK.
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  Speaker 2: I think you might have misunderstood my question, which was
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  Speaker 2: there is already an ASB Bank app, so was it
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  Speaker 2: not possible to facilitate it through that app rather than
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  Speaker 2: creating a new app.
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  Speaker 3: Well, these partnerships work quite well where you just they
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  Speaker 3: can leverage off our expertise and investment in our technology.
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  Speaker 3: So it's called what's called a white label partnership where
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  Speaker 3: banks do this all the time. They have a partnership
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  Speaker 3: with black Rock, which specializes in funds management, so they
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  Speaker 3: use black Rock as is a specialist to do funds,
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  Speaker 3: so no different to us. We're a specialist and platforms,
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  Speaker 3: and they will leverage off what we've already spent millions
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  Speaker 3: of dollars building.
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  Speaker 2: I see, okay, and so take it from what you
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  Speaker 2: said earlier that this is not just you won't just
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  Speaker 2: be if you're a customer, you won't just be able
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  Speaker 2: to access the INSIDEX, but it will be markets offshore
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  Speaker 2: markets as well.
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  Speaker 1: Is that right?
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  Speaker 3: Yeah, So we offer fifteen global markets, so customers in
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  Speaker 3: twenty twenty six demand global access. So more than just
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  Speaker 3: the inside X. You want to be able to check
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  Speaker 3: your portfolio on your phone or X the markets from
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  Speaker 3: your desktop and not have to call your broker like
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  Speaker 3: we did thirty years ago. So you know this will
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  Speaker 3: this will definitely be a huge leap forward for their
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  Speaker 3: customers in something that you know, offshore markets are more
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  Speaker 3: and more accessible. It's never been easier to access you
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  Speaker 3: likes of Apple and Tesla and offshore stocks online.
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  Speaker 2: Chris, what are you seeing in terms of what people
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  Speaker 2: are doing when they are doing this, how much of
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  Speaker 2: it is DIY investing and how much of it is
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  Speaker 2: handing the money over to the experts and letting them
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  Speaker 2: do it.
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  Speaker 3: Look, I think there's it's never been easier for DIY.
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  Speaker 3: I think the cost of investing has come down dramatically,
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  Speaker 3: which is great for customers. And the access to information
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  Speaker 3: is we've had more We've got more information than we've
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  Speaker 3: ever had access to. And you know, look, some people
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  Speaker 3: who don't have time, you know, it makes sense to
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  Speaker 3: have an advisor for those who have some more time
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  Speaker 3: on their hands, who want to be a bit more DIY.
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  Speaker 3: There's no reason they shouldn't put time and do it
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  Speaker 3: themselves and save the cost. Chris, Listen, thanks very much
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  Speaker 3: for all you know.
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  Speaker 2: I sort appreciate it. Christmas cmc in z, Managing director.
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