We’ve come a long way
We are far from starting from scratch with this next phase of our growth.
We’ve made great strides over the last five years, significantly simplifying the bank well ahead of our peers. We do fewer things but do them better than ever before. We focus on the customers who value our services. Our years of simplification, of delivering on our commitments, and building a more sustainable bank, are recognised in the market.
On a range of metrics, operational metrics, productivity, balance sheet strength and returns, the things investors look at, ANZ has generally outperformed our benchmarked peers over that last five-year period.
For the first time in a long, long time, we're delivering better shareholder returns than most of our peers over one year, three years and five-years. So the market is rewarding the strategy as well, they can see it working. We are translating purpose and strategy into better outcomes, not just for our customers but actually for shareholders as well
Amplifying the strategy
But a strategy doesn’t live in a vacuum. It needs to evolve and change as the environment changes. Our customers and the market are expecting more of us, regulation is more complex and competition more intense.
We’ve done a good job reshaping our portfolio but we need to change gears if we want to continue to perform. The rules of the game are changing and that’s why we’ve refreshed our strategy.
Today the competition – from other banks, fintechs, bigtech, non-banks and neo-banks – continues to grow. Customers want the same experience in banking they can get from online shopping or travel – fast, good value, 24/7.
As I’ve said before, the “golden years” of banking, where we could rest on our incumbency to ride a growing economy with familiar competitors, are over. The industry is being reformed, and for the better, by more rigorous customer preferences, tougher regulation and shifting community expectations.
Moreover, this is happening in that lower growth environment where society and our regulators are more sensitive to banks operating in an ethical, environmentally sustainable and transparent manner.
Banks, all companies, can’t just ride the waves of change. They are rightly expected to lead change and shape the future – including climate change, technology and social equity.
Building a bank capable of leading requires a new focus. Put simply, turning purpose and strategy into better outcomes will need a fresh approach to our propositions, partnerships, platforms and people – four Ps.