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This proposition, a savings and transaction account, is the first under the ANZ Plus banner and will provide many more services and features to customers.
“We're referring to (ANZ Plus) as a platform and a fundamental, both rebuild and rewiring, of all of the aspects that will underpin the future Australian Retail business,” Carnegie said. “Yes it's technology, that's obviously critical. But it's also the data. It's the people, it's the culture, it's the systems and the processes.
“If you think about it from a people aspect, we've actually hired over a thousand people in to help rebuild this platform. And they are largely people who come from design, engineering, data backgrounds. Over half of them come from best of breed organisations in their particular fields.
“We've put in place about 20 new technologies, Carnegie said, adding about half of those are with important organisations - like Salesforce for customer relationship management or Twilio for the contact centre. "But about half of them have been built by this new team,” she said.
Some of the new technology built in-house includes Fabric, which is a digital engagement platform, and Xplore, which helps the bank manage controls and the performance of the business.
A simpler strategy
The program has also built about 150 reusable business services, which is the functionality that comes together to create the new propositions, Carnegie said. Already about 70 per cent of those have been reused as part of the program.
This is crucial as many banks globally face challenges of huge legacy systems that require a lot of intervention and manual operation. ANZ has been simplifying its business for several years and Carnegie said while ANZ Plus fits within that strategic template of making things simpler and more efficient, it also has more to offer.
This transformation has involved the simplification of hundreds of products, systems and processes, and technology to deliver a platform that will be adaptive and responsive for years to come, she explained.
“What we've done is avoided what is very tempting to do, which is just to put a veneer of change over the top of that “spaghetti in silos” as some people call it. This is a platform that is just not fit to win in a future,” Carnegie said.
“The future is going to be won by people who know how to leverage data and technology more efficiently. So yes, it's within that broader simplification but it is a massive kind of step change in effectiveness as well.”
The ANZ Plus savings and transaction accounts are aimed at improving the financial wellbeing of customers. Carnegie conceded cynics might say that banks haven’t necessarily put customers’ financial wellbeing front and centre in the past but she is confident this is changing at ANZ.