Commbank SmartWealth Uses "Robo Advisory" Feature, Makes It Easy for Customers to Manage Investments

Commonwealth Bank Indonesia released the investment management application "Commbank SmartWealth" to make it easier for priority customers to manage their wealth digitally. Product in collaboration with Additive, fintech company wealth management from Switzerland, this was finally brought to Indonesia, having previously been present in Australia.

Commonwealth Bank Head of Wealth Management & Client Growth Ivan Jaya said this application makes it easier for customers to monitor the growth of their entire product portfolio wealth management which includes investment products, such as mutual funds, bonds, insurance, savings, and time deposits.

There are news notifications regarding the development of the domestic and global markets on a regular basis and features messaging to communicate with relationship managers.

"This application was launched to answer the three main wishes of customers wealth management who want to know the entire investment portfolio with the latest market value at any time. Want to be informed of market news directly? real-time which can affect their investment," he explained to DailySocial.

Ivan explained that the difference between SmartWealth and other investment applications is the presence of the Robo Advisory feature. In this feature, a special algorithm is developed to provide advice to customers on variations in their investment portfolio compared to the recommended portfolio at Commonwealth Bank based on market conditions and the risk profile of the customer concerned.

In addition to providing recommendations on a regular basis, Robo Advisory can also inform you of economic news in the market that has been personalized according to the investment assets owned by customers. Thus, all information obtained by customers can be more useful and they can maximize the performance of their investment portfolio.

Like other banking applications, security is a non-negotiable factor. It provides double security ensuring that there is no leakage of customer data to outside parties. The application is equipped with additional security such as OTP and verification via customer email which is only owned by the customer concerned.

In the future, of course, there will be additional features that will be prepared to support the customer experience in the application. However, Ivan refused to reveal it.

Quoted from Republika, the presence of the application can increase the managed funds in the Commonwealth Bank to grow 20% this year. In 2018, managed funds amounted to Rp30 trillion with growth over the last two years of around 15%-20%. The number of priority customers who enter the Commonwealth Bank reaches 5% of the total.

The company is classified as active in releasing digital banking products. Previously, the company had released TymeDigital Kiosk, KTA TymeDigital, Commonwealth Bank Mobile Banking, and branch offices with digital capacities which are now available at six points in Jakarta, Surabaya and Bandung.