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ANZ launches digital offering to market

The group executive overseeing its Australian retail arm said that ANZ Plus reflects a “rebuild and rewiring” of the business and its future.

ANZ has launched its digital savings and financial wellbeing platform, named ANZ Plus, with the banking groups executive retail business, Maile Carnegie, coining the release as the first step in the business redevelopment. 

Speaking with Andrew Cornell, the managing editor of ANZ’s newsroom outlet bluenotes, Ms Carnegie said that the platform reflects a “fundamental both rebuild and rewiring of all of the aspects that will underpin the future Australia Retail business”.

“And so yes, it’s technology that’s obviously critical. But it’s also the data, it’s the people, it’s the culture, it’s the systems, the processes etc. So that’s why we’re referring to it as a platform,” she added. 

Ms Carnegie said that the group has put in place “about 20 new technology bits of kit” and 150 reusable business services, with 70 per cent of those having already been reused. 

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“So its a very comprehensive, as I said, rebuild and rewiring. And its all about step changing the capacity and the capability of this future of Australia Retail business,” Ms Carnegie said. 

The initial release is said to be a mix of an everyday account with no monthly account fees, a multi-goal savings account and a new banking app with features geared towards financial wellness including spending categorisation, financial planning and an in-app chat function with an “ANZ Plus Coach”. 

However, it’s expected that the app will eventually introduce increased functionality with these existing products as well as a digital home loan.

“So the reason we had to do that rebuild of the platform is so that absolutely we can be adaptable to the ongoing change that is likely going to be facing our industry and our customers. But also that includes the ability for it to be extendable and contractible or flexible to just shifts in demand or shifts in credit and stuff like that,” Ms Carnegie later said. 

“But also its going to be significantly more resilient. So absolutely, the platform itself will be able to support multiple different business models in multiple different ways to kind of look after our customers.”

Ms Carnegie added that the major banking group is aiming to introduce later in the year a “straight-through process loan that you can get in under 10 minutes”.

ANZ chief executive Shayne Elliott commented that the release of ANZ Plus “marks the beginning of a multi-year plan to provide modern, digital products and services for our customers, and significantly better systems and processes for ANZ”.

“Now we have these scalable new technology platforms in place, we can adapt to the needs of customers quickly and add new features and functionality on a regular basis, including new products,” he added. 

“ANZ Plus will enable significant improvements to the way we service customers, meet our obligations, and manage our products both now and into the future.”

[Related: ANZ appoints customer fairness adviser]

ANZ launches digital offering to market
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Sam Nichols

Sam Nichols is a journalist at The Adviser and Mortgage Business. His reporting has featured in a range of outlets including ABC News, SBS' The Feed, and VICE.

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