Online financial services 'super store' launched

Bendigo Bank today threw the switch on an online financial services "super store" providing customers with access to a wide range of financial services from the Bank and other product providers.

The site, at www.bendigobank.com.au, provides advice and products covering the full range of lifestyle needs - from first job and car, through marriage and mortgage, to superannuation and retirement.

"It's a virtual financial super store, where customers can compare price and features on a wide range of products - and receive personal service and advice - without leaving the shop," said Bendigo Bank's head of online services, Andrew Watts.
"Our researchers evaluate and select products and prices from a range of providers customers would otherwise need to hunt out and research themselves.

"This service is supported by a team of advisers and consultants providing customers with extensive experience in financial planning, superannuation, general insurance, risk insurance, tax advice, health insurance and loans."

Mr Watts said Bendigo Bank provides the service through a licensing agreement with financial portal operator Inch Corp, in which the bank owns a 30 per cent stake. Bendigo has licensed the Inch portal and customised it to meet the needs of its customers.

"It provides Bendigo with a quantum leap in the depth and product offering of its online business."

When announcing the agreement late last year, Bendigo Bank Managing Director Rob Hunt and Inch Corp Managing Director John O'Shea said the initiative was expected to produce strong growth for both companies.

"This agreement is a cost-effective way of leveraging the strengths of both groups to broaden customer services and grow our income streams while maintaining our strong customer focus."

Mr Watts said Bendigo Bank's user-friendly internet banking site, www.bendigobank.com.au, was already popular with customers, with e-bank usage rising by 221 per cent last year and still accelerating.

"A growing number of customers are choosing online banking and through the portal development we have vastly expanded not just transactional banking but an end-to-end fulfilment of products and services.

"Customers can now choose from a wide range of leading funds managers, health funds, insurers and other providers. We provide choice by continuing to offer products and services via our branch network and Wealth Creation division.

"Customers can therefore broaden their relationship with a company they already know and trust.

"However there are some products our Group did not offer, which we believe are essential financial services, and this is a cost-effective way in which to provide our customers with access to those products, and to advice from Inch consultants, while maintaining their primary relationship with Bendigo."

Inch Corp launched its portal in June 2000 and provides access by arrangement with some of Australia's leading financial services providers.