Luminor has strengthened its investment platform by adding new features
The technological solutions implemented in Luminor Investor platform will allow almost complete automation of customer identification, registration and money transfer processes.
In order to improve Luminor Investor's interface and interaction with customers, Luminor has implemented FSSO (Federated Single Sign‑On) and API (Application Programming Interface) functionalities, which allow automatic identification, authentication and simple cash transfers to and from the platform. These solutions almost completely automate the related processes; employee involvement may be required only in exceptional cases.
"We have learned that time is the most valuable asset of our clients. They want a user‑friendly, fast and convenient tool that connects households and financial markets, so as we continue to improve the platform, we will remain on this path. Because of the feedback of our customers, we realized that instant cash transfers is a desirable functionality and decided to implement a system in which cash orders are executed immediately. It’s like a pleasing present for Christmas”,
Rolandas Juteika, Head of Savings and Investment Product Development for the Baltics, says.
To maintain a leading position among other investment service providers, Luminor Investor also focuses on attraction of new customers. After familiarizing with the terms of the agreement, bank’s customers can log in and start investing in less than 10 minutes. Meanwhile, those who just want to try Luminor Investor can do so instantly in a demo version of the platform, where everyone is given 100,000 virtual euros that can be traded in a variety of financial instruments.
According to R. Juteika, despite the recent trend of allegedly commission‑free investment service providers from the United States, no significant changes in pricing are planned. Except one – customers will no longer have to pay a withdrawal fee for transferring money out of the platform.
“On the one hand, we do not want to deceive our customers, offering them free cheese with expensive toppings and fine‑print terms and conditions. On the other hand, compared to similar tools in other Baltic banks, Luminor Investor already offers one of the lowest custody fees (0.01% per month) and trading fees for ETFs and shares listed in Western Europe, the United Kingdom and Scandinavia. We also do not have a minimum commission fee for investment funds, therefore, we are competitive in terms of pricing as well,” noted Rolandas Juteika.
Luminor Investor was launched last autumn. In the platform customers can trade more than 12,000 shares listed on the world's largest stock exchanges, 1,200 exchange traded funds, 400 investment funds and 1,300 bonds.