The long-awaited merger between Standard Bank`s Internet arm bluebean.com and Liberty Group`s e-commerce venture MyLife, has reached fruition.
The new initiative, christened MyLife@Bluebean.com, went live today. The product is expected to enhance the online financial management experience for existing bluebean.com customers, which to date number around 13 000.
[VIDEO]MyLife brings life cover and retirement products to bluebean.com users, as well as allowing do-it-yourself ability to aggregate their financial affairs online. Using these transactional and personalisation capabilities, users may define goals and determine the action required to realise them.
Right now, bluebean.com users have access to all South African domestic and offshore linked unit trusts, retirement annuities, life and disability cover, as well as wrap funds.
[VIDEO]Peter Wharton-Hood, Standard Bank director, group technology and e-commerce, is adamant that the bluebean.com slate has been wiped clean, ready for successful operations going forward.
"We`ve revised what`s gone wrong, we`re confident that we`ve met the need for an online financial services fulfilment site that is not just put together with sticky tape. The integration goes much deeper."
Gavin Came, MD at MyLife, comments: "From our point of view, the venture brings us a customer base made in heaven. In addition to the 13 000 approved cardholders which give us a rolling start, we`ll have access to the 27 500 registered bluebean.com shoppers as well as to nearly 170 000 registered Internet bankers."
[VIDEO]Came says the breakeven on the initial investment of R33 million is expected in three years.
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