ANZ is bullish on the prospects for further growth in its Australian business and remains confident of a pickup in business banking, according to Phil Chronican, the CEO of ANZ in Australia.
"I think we’ve got a fair amount of time ahead of us where we can continue these sorts of gains."
Speaking to BlueNotes on video, Chronican says ANZ will be sticking to the same central strategy it has been running for years but with more intensity of focus.
“We’re in our fifth year of market share gains in the home loan market,” he says. “[We have] strong customer satisfaction and improving customer complaint levels.
“All of the things that we’ve been trying to do to get our business working right are starting to come to fruition. I think we’ve got a fair amount of time ahead of us where we can continue these sorts of gains.”
Chronican also addressed the bank’s frustration toward the business lending sector, which ANZ has been hoping for some time would pick up. Several external economic factors continue to keep confidence in the industry low.
“We know that the business sector is lowly geared,” he says. “So they can borrow more. We know that they have a lot of ideas. But it’s that confidence, that willingness to go out and make the investment that has been weak.”
Chronican says it is likely businesses are waiting for the global economic and political environment to calm down enough so they can make that commitment.
“We think that’s happening,” he says. “We’re pretty confident that we’re going see it in 2015. But it’s something we’ve been waiting for a long time.”
Chronican also talks about the importance of customer satisfaction and the banks prospects in small business lending.
Watch the video above to find out more.
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