A new app has been introduced in Canada that allows smartphone users to buy and sell shares using their mobile devices.
The stock trading app is the latest evolution in the financial marketplace, and is designed to assist in the efforts to increase trading volumes within today’s volatile retail investment market.
Heading this effort, was the Canadian Imperial Bank of Commerce (CIBC), which released the very first app of this nature. It is anticipated that all of the large Canadian banks will be releasing similar products as they race to complete their own versions of stock trading apps.
This small release is forecasted to bring significant results to the banks, who are calling it the future of the marketplace. The goal is to boost revenues at discount brokerages while energizing trading volumes as investors will be able to trade stock no matter where they are.
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According to senior vice president of alternate channels Michael Martin of CIBC, the target market for the apps are the individuals who trade actively and who are continually in and out of the marketplace. He explained that “It’s just easier if you have your mobile device.”
This new app comes not even two years after the very first Canadian mobile banking app, which provided the ability to perform basic banking functions such as the management of a savings or checking account. This latest evolution, however, is being seen as the next step in appealing to customers who are time-constrained, always on the move, and who will rarely enter a bank branch.