10 minutes. The new app, which is already being used by about 300 ANZ employees, will be launched this month and will be upgraded next year to include speedy home loan approvals. According to Peter Dalton, who is leading the programme, with the new digital transaction and savings account, customers will be able to save for multiple goals without having to open multiple savings accounts, which is the case in most banks.
During an exclusive briefing for The Australian Financial Review this week, ANZ’s Chief executive Shayne Elliott and digital banking head Maile Carnegie lifted the lid on the “radical renovation” of the bank’s tech transformation. “We feel like we’re on the verge of something really momentous for the organisation, which is really exciting,” Elliott noted, adding that he had been reluctant to disclose details of the initiative until the team had something to show for the first two years of the five-year project which was launched in 2019.
Under the ANZx transformation program, the banking group will be able to slash the time taken to market new products to less than three months, from the current time frame of 18 months, while it will also allow upgrading the app on a daily basis instead of every three months. The scheme has already reduced the number of systems used by ANZ from 300 to 120, with retail banking systems being slashed to 10 key platforms, from the previous 128.
