The internet, digitalisation, the data revolution and competition from nimble startups and huge technology and social network organisations are driving massive transformation and an existential threat – and opportunity.
"ANZx is a growth-oriented strategy and it takes the best technology and a fintech mindset and applies it to our already strong brand and customer base.”
That opportunity lies in leveraging digital solutions, data and human-centred design for a better customer – and employee – experience.
If we think back to more recent history – ten years ago to be precise – ANZ pioneered digital banking on modern-day technology in Australia with the launch of goMoney, among the first banking apps to be released in Australia.
Looking ahead, ANZ will once again break new ground in the digital banking world in Australia with the progress of the ANZx program of work set to deliver for our customers now, and well into the future.
When thinking about how to do this, traditional banks like ANZ face three broad choices if they are to hold onto their customers and drive longer term value propositions.
They can adopt a mindset of continuous improvement of existing platforms, products and services – minimising disruption but ultimately leaving themselves vulnerable to the new competitors.
They can start anew, building (or perhaps buying) a modern, digital bank from scratch, leaving legacy challenges behind in an “old” bank which is eventually allowed to wither.
Or they can modernise from within, simplifying platforms and offerings, dramatically improving customer experience, creating a fundamentally different customer proposition on modern systems that are both digital and in-person.
There are obviously pros and cons for all approaches but having now spent some years analysing these trends globally and better understanding our own business, it is this third approach we have adopted at ANZ with our ANZx program.
This program has been in progress for two years and it is not just a set of reimagined products but a better digital capability, a digital “mindset”, and a radical improvement for customers.
ANZx is a growth-oriented strategy and it takes the best technology and a fintech mindset and applies it to our already strong brand and customer base. The ANZx mission is to build a substantially better, a measurably better, Australian bank.
The ANZx program is now moving into a new phase with the adoption of a range of propositions under the brand ANZ Plus, focused on improving our customers’ financial wellbeing.
Retail customers in Australia will soon see the first product and service initiatives of the new ANZ Plus customer proposition but they are only the first, more visible signs of this multi-year program of transformation.
Our transformation goals are focused on the delivery of:
- A small number of purpose-led propositions that people love to use.
- A digital mobile and in-person distribution model.
- A simplified, high integrity, highly automated digital platform.
- A customer-centric culture and leading workplace.
We are investing heavily in this transformation, improving the use of data and analytics, innovative strategic partnerships, a refreshed brand proposition, digital solutions and a radically better user experience.
The first step – and one we believe truly captures the essence of ANZ Plus – is the launch of a new way to bank that helps people to manage their money better by spending less, saving more and building healthy money habits. It is an initial step in a multi-year roll out of what will eventually become the cornerstone of how our retail and small business customers bank with us in the future.
Initially ANZ Plus will include, among other things, an intelligent mobile banking app, two reimagined bank accounts, and access to coaches – all designed to help our customers improve their financial wellbeing over time.
As ANZ Plus rolls out, our aim is to become a more efficient, lower cost but, more importantly, a more focused and more customer-focused institution.
We are modernising and simplifying what we do, reducing the number of systems we operate, cutting the length of terms and conditions, and using the right tools and technology to build a modern, quality, automated, digital experience.
For example, the ANZ Plus app seamlessly integrates two simplified accounts while allowing customers to organise their savings and their everyday spending. Customers can set and track multiple goals without having to open additional accounts – something you cannot do today with many traditional savings accounts.
Our focus on mobile-first banking and self-service doesn’t negate the continued importance of real people. While the app is designed to allow customers to serve themselves in most circumstances, customers will be supported by “coaches” - experts in our approach to financial wellbeing who can provide support at a time convenient to our customers. Initially, this help will be available via in-app chat, video call or over the phone.
Underlying these customer-facing initiatives is a generational change in our technology platforms. Critically, we are not replacing our core systems - we are essentially making them much simpler and building a small number of modern features within.