What we’re building is a powerful new retail banking platform with entirely new systems, processes, products and customer experiences, all underpinned by modern data and technology capabilities.
But at all stages the technology is about meeting the needs of increasingly time-poor customers and ensuring we do so securely.
The cost of operating ANZ Plus is materially lower than our existing retail business. For example, the cost of acquiring a new customer is about 40 per cent lower, which is pretty remarkable.
And the cost of servicing that customer is already around 20 per cent lower and this will improve over time as we get more scale. So, it’s costing us less for our customers to have a better banking experience.
And customers have responded. In the last year ANZ Plus saw a ten-fold increase in customer use, hitting half a million users. Almost 40 per cent of these are new customers to ANZ. There are now $10 billion in deposits in ANZ Plus accounts, which is a 12-fold increase from last year.
ANZ Plus continues to be one of Australia’s fastest growing new digital banking platforms and accounts for more than 50 per cent of new ANZ deposit accounts opened each month.
The technology also allows us to understand the relationships with our customers in newer, deeper ways. For example, 36 per cent of customers on ANZ Plus are actively saving for at least one goal – a car, a holiday, a rainy day or perhaps a home.
Also significantly, ANZ Plus has one of the lowest instances of fraud across the financial services industry. But we are definitely not standing still. In the past 12 months we’ve added more than 200 new features and enhancements – some big, some small and some a first for Australian banking.
These include higher payment limits, protected by SelfieID, a first for Australian banking. In another first for major banks there is a secure in-app video chat with a “Coach” if you need assistance.
Aiding the ongoing effort to combat scams, we introduced Scam Safe – Screen Sharing controls which aims to address the risk of ‘coaching’ scams that involve remote screen takeover of a customer’s banking app. This is the first in a series of features to be rolled out in coming months to help educate and protect our customers against scams.
In a bid to provide more clarity on where their money is being spent, customers can see which merchants have their card details stored to process future transactions. This helps them to keep track of their spending and make any necessary adjustments with our “Card on File” feature.
Most importantly, we now have an ANZ Plus platform for home lending. Our first home loan is now live with customers refinancing to ANZ Plus. This month we released our new digital refinance product to eligible customers – starting with Android customers on 10 November and iOS users this week.