The bank’s ANZx program and ANZ Plus proposition are bound to take it several levels up the modernization graph:
The ANZ Banking Group had started its digital banking using high-end technology some 10 years ago. The pioneering product then was goMoney, a banking app, that is among the first such apps to be launched across the world. The bank is now at the threshold of a new phase in digital banking with a pioneering program it has introduced – ANZx. It is a program that is facilitating creation of simplified platforms and offerings, with the main aim of improving customer experience through a unique combination of digital and manual systems. Into its second year now, ANZx is described by the bank as gaining better digital capability, creating a digital mindset and offering much better and improved customer service. The second phase of the program has just begun with the introduction of several products and services under brand ANZ Plus, with the aim of ‘improving the customers’ financial wellbeing’.
The bank’s retail customers in Australia will soon see the first product and service initiatives under ANZ Plus. However, the bank claims these are just the first set of offerings under a multi-year transformation program. Among the proposals are a digital mobile and in-person distribution model, a simplified, high integrity, highly automated digital platform and a customer-centric culture and leading workplace.
DEPENDENCE OF DATA, ANALYTICS
The bank has lined up a planned investment program for the proposed transformation, which is expected to depend heavily on data and analytics, innovative strategic partnerships, digital solutions and a radically better user experience as part of its transformative program. In the initial phase, ANZ Plus is expected to have, among other things, an intelligent mobile banking app, 2 reimagined bank accounts and access to ‘coaches’, which is a unique concept intended to help customers plan their finances. As the implementation progresses, the bank is expected to become more efficient, spend less and become a more customer-focused institution.
One of the innovative proposals is to seamlessly integrate 2 simplified accounts while allowing customers to organize their savings and their everyday spending. Customers can set and track multiple goals without having to open additional accounts – something not possible today with many traditional savings accounts.
The app is designed for self-service for customers; they will be supported by ‘coaches’, who are experts in creating financial wellbeing and who can provide support at a time convenient to the customers.
CLOUD-FIRST, API
One key aspect of the transformation process is that the bank is intending to make a generational change in its technology platforms, but it will not be replacing its core systems. In fact, the aim is to build a highly automated and highly integrated technology stack utilizing both modern digital platforms and custom-built services, leveraging a simplified core. Of course, the underlying factors will be Cloud-first and Application Programming Interface (API). The bank believes that these will allow it to gain higher levels of agility, speed and safety.
Importantly, the bank has created an infrastructure that is in 8 capability layers and across these layers it will either build, buy or leverage existing platforms. The bank has built its own digital banking platform, called Fabric, which is core to the modular technology stack. It is also developing on its own the internet and mobile banking solutions in order to offer a unique banking experience to its customers thereby creating a ground for customer retention. ANZx has enabled the bank to reduce some 300 systems to about 120 and cut the number of retail banking systems from 128 to just 10 key platforms.
MIGRATING 2.4 M CUSTOMERS
One of the challenges that the bank faces is migrating its 2.4 million retail transaction customers to the new platform. It is not just a customer downloading a new app and then enjoying all the new features and functionality. Each customer will have to be encouraged to open an ANZ Plus account, which means going through the KYC routines. Although, it is made easier through the new platform through simply photographing one’s licence or passport. Until all the customers are migrated to the new platform the traditional ANZ services will be available.
The digital transformation the bank has undertaken with ANZx is in many ways unique covering many hundreds of products, processes, systems and customer segments. And central to the ANZx program and the ANZ Plus proposition is the recognition that banking is rapidly changing, competition is across multiple fronts and customers demand an experience that banks have traditionally not offered.
This article has been compiled based on publicly available information on the web, particularly the bank’s own website.