Speaking with bluenotes on video, Elliott says it’s important to understand the context for where the bank is now and why these changes are being made.
"ANZ Plus really is going to lay the foundations for the future ANZ and what we will be about for the next ten years and beyond.” – Shayne Elliott
“Four or five years ago, it was pretty apparent to us when we were thinking about the future and the changing shape of banking, particularly here in Australia and New Zealand for retail and commercial businesses, that the world looked very different,” Elliott explains.
“When we identified what customers were going to want in the future, what competition was going to demand of us, what regulators were going to demand of us, we realised the infrastructure and the way we were running the business really wasn't a contemporary way of doing that and we weren't going to get to where we needed to be.”
The decision was made to undertake a fundamental rebuild of the bank however the need to maintain servicing for current customers as well as a significant program of remediation work meant the digital transformation would benefit most from being split out and given some space to grow in scale.
“Now we're on the verge of launching our first big proposition into market under a new brand called ANZ Plus and so it's entirely appropriate that we re-merge our Retail offering,” he says. “It really is going to lay the foundations for the future ANZ and what [we] will be about for the next 10 years and beyond.”