It will also modernise the bank from within, simplifying platforms and products, improving customer experience and creating a fundamentally enhanced proposition built on modern systems that are both digital and in-person.
The ANZ savings and transaction products will be available via the ANZ Plus app which is currently in testing and will be available from early next year. The app is intuitive and will help customers spend less, save more and create healthy money habits using new features attached to their ANZ Plus accounts.
Following these products, new services will be released during 2022 that will transform our traditional banking model. The program will also revolutionise the experience for our staff and make it possible for them to spend more time helping customers.
But before we get to the new features within ANZ Plus, it’s worth taking a step back to look at the philosophy underpinning the program.
Savers vs spenders
When we look at a particular group of customers, we know the bulk of people who own homes and run businesses are what we describe as savers. They are likely to have a saver mindset rather than a spender mindset. We know from our research savers are also likely to have better money behaviours and be constantly looking for ways to improve their money management.
As a result, across their lifetimes they are likely to accumulate disproportionately more wealth and have a higher number of, and a higher value of, assets. They represent just under half of the Australian population and account for 70 per cent of the assets.
Research also indicates savers want to improve their financial wellbeing.
Financial wellbeing is about being in control day-to-day financially and feeling confident about the future – irrespective of what comes. Based on our data, while everyone may like to improve their financial wellbeing - especially after the last 18 months - savers are likely to want it more.
We developed nine financial wellbeing principles we want to put at the heart of everything we do. Some of these may sound obvious but they underpin the program: