The Australia and New Zealand Banking Group (ANZ) has announced a new five-year strategy, the “ANZ 2030” plan, centered on streamlining the bank and boosting its digital capabilities.
A key focus is simplifying the Australian retail and commercial banking divisions, where CEO Nuno Matos sees major chances for growth and improved customer service. Specifically, the Australia Retail division will become significantly simpler, unifying around a “one team, one brand, one channel and one technology system” model.
A critical component of this simplification is the accelerated integration of Suncorp Bank and speeding up the rollout of the ANZ Plus digital front-end to all retail and small business customers.
ANZ has five immediate priorities, including:
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Integrating the new leadership team.
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Faster integration of Suncorp Bank to deliver value.
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Quickly deploying the ANZ Plus digital front-end.
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Reducing duplication and stopping initiatives that don’t match the strategy.
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Improving non-financial risk management for better customer results.
The bank’s overall strategy is supported by four pillars: organizational simplification (which includes selling non-core assets); enhancing non-financial risk management and accountability; raising the standard of customer interactions (both digital and human); and achieving higher-returning growth to create lasting value for stakeholders.
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