subscribe to our newsletter

ANZ to embrace ‘barrier-breaking’ technology

The chief executive officer of ANZ, Shayne Elliott, has outlined the lender’s intention to bring about “huge changes driven by technology”.

In his address at ANZ’s Annual General Meeting in December, Mr Elliott stressed the need for ANZ, and the industry as a whole, to adapt to “rapid changes”.

Mr Elliott quoted the chief executive of General Electric, Jack Welch, who said: “If the rate of change on the outside exceeds the rate of change on the inside, then the end is near.”

The ANZ CEO added that “barrier-breaking” technologies could therefore present the industry with new opportunities.

“[Our] customers with smartphones now carry their bank in their pocket and access our services 24/7,” Mr Elliott said.


“Digitisation, mobility, cloud computing and increasingly artificial intelligence, machine learning and robotics are transforming industry after industry — breaking down barriers, creating new forms of competition, providing nimble players with new opportunities while imposing fundamental challenges to the incumbents.”

The CEO said that the “scale of changes” in the current environment is “greater than [anytime] in ANZ’s history”, and he claimed that “customer and community expectations are changing just as fast”.

“[Our] customers’ lives are changing fast, too. People work differently, buy differently, pay differently and expect more from their bank,” the ANZ CEO stated.

The ANZ executive emphasised the bank’s commitment to investing in new technologies to help sustain and accelerate its growth, saying: “The key to sustainable, profitable growth is to recognise and embrace the changes that are disrupting our business and to invest in the technology, people and relationships that are needed to provide customers with the solutions they want in this new world.

“Our strategy in this rapidly changing world is to build digital ecosystems around customer needs [and] to collaborate with technology partners and create innovative products and services.”


Mr Elliott concluded by saying that ANZ has taken appropriate steps to adapt to these changes, which he said was evidenced by the bank’s recruitments in 2017.

“[In 2017], Gerard Florian joined us from Dimension Data to rethink our technology architecture, and Kathryn van der Merwe joined us from Bain Consulting to overhaul our approach to people and culture.

“This new way of working is allowing us to respond more quickly to customer needs, create higher staff engagement and make further improvements in efficiency.”

Concluding, Mr Elliott said: “In a digital world, lower cost and better customer experience go hand in hand.”

[Related: ANZ pledges to restore confidence in banks]

ANZ to embrace ‘barrier-breaking’ technology

Are you a new-to-industry broker in the process of growing your business? Then there’s some great news: The Adviser’s New Broker Academy is back in 2021 and will provide you with essential insights into cutting-edge tools, strategies and processes to fast-track to success. Don’t miss your chance to attend. To secure your FREE place, visit newbroker.com.au now!

Charbel Kadib

Charbel Kadib is the news editor on the mortgages titles at Momentum Media.

Before joining the team in 2017, Charbel completed internships with public relations agency Fifty Acres, and the Department of Communications and the Arts.

You can email Charbel on: This email address is being protected from spambots. You need JavaScript enabled to view it.

Latest News

Reverse mortgage lenders have accessed a small fraction of the potential retiree housing market in Australia, according to Deloitte. ...

Pepper Money has priced its second I-Prime deal for the year, upsizing the figure to $850 million. ...

The LMI provider has announced a new CFO following the resignation of its current CFO, effective 24 September. ...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.