Ron says he likes to think about fintech as consisting of two main categories: financial services technologies and new disruptive companies. The former, he explains, have been around for a long time.
“[That sector] creates the technology that banks and other financial institutions consume and utilise to develop products and services they can pass through to their customers or enablement capabilities,” he says. “New disruptive companies are trying to innovate products and services to compete with banks and other financial services companies.”
The approach for ANZi is slightly different based on Ron’s experience working in and setting up other innovative investment functions.
“The idea was to have an integrated function that would bring the venture portfolio model to innovation for corporates - investing in and partnering with leading emerging companies that have products or services we could benefit from by providing it to our customers or bankers,” he says.
“We can invest and partner [with a company] or we can just partner. In some cases, we can even acquire companies. But by taking a portfolio approach, we hope to have a lot of these initiatives in market and, over time, build up a portfolio that will start generating significant value back to ANZ, shareholders and customers.”
In competitive sailing, when making decisions they often ask: “but will it make the boat go faster?”. For ANZ, when thinking about partnering, investing, owning or building tech, we ask: “but will it make the experience of our customers or people better?”.