Netwealth has further asserted its dominance – this time being named the top-ranked digital wealth application among established wealth institutions.
Netwealth gained the top ranking in Investment Trend’s inaugural Digital Wealth Report, placing it in rank order ahead of BT Panaorama CommBank, HUB 24 and ANZ.
The new Investment Trends research is significant because it has looked at 100 digital wealth applications and services launched by fintech start-ups and established wealth institutions.
The research ranked the top five fintech start-ups as being:
- Moneybrilliant
- Frollo
- Pocketbook
- Moneysoft
- Myprosperity
Commenting on the new research, Investment Trends chief executive, Michael Blomfield suggested Australian companies had been slow to recognise the direct to consumer opportunities – something that meant it was ripe for disruption, potentially from offshore.
“The ability to automate the savings behaviour of consumers is a powerful proposition, and many apps have further improved the simple roundup functionality first introduced by Acorns in the US to give consumers greater flexibility and control, providing low friction opportunities to save,” Blomfield said.
“Yet progress in the Australian D2C investing space has lagged overseas markets such as the UK and the US,” he said. “Apart from a handful of start-ups like Raiz, Stockspot and Clover, Australian investment product manufacturers have been slow to develop their D2C offering, leaving the market open for overseas players.”
