ANZ Bank has launched its new ANZ Plus app, aiming to address the challenges of open banking where customers have greater control over their data. This move comes as banks seek to maintain customer loyalty in an era where face-to-face interactions are diminishing.
In a conversation with Ross Greenwood on Sky News Business Now, ANZ's Chief Executive Shayne Elliott expressed optimism about Australia's economic condition. "Well we think the economy is in really good shape actually," he said, noting that while there is some debt, liquidity levels are high among consumers and businesses.
Elliott emphasized the importance of confidence for economic growth, stating that uncertainties such as the situation in Ukraine and potential COVID variants need resolution for confidence to improve. He noted that small businesses are holding onto cash but are ready to invest once confidence returns.
The introduction of ANZ Plus aims to provide customers with tools for better financial management. Elliott explained, "People want help in leading a better financial life... So that's why we're here today launching a new service, ANZ Plus." The app focuses on improving customers' financial wellbeing by offering insights into spending habits through artificial intelligence.
Addressing competition from open banking, Elliott stated, "We’ve made the choice to step closer to the customer... we want to use open banking to give a better experience and give customers more control over their finances."
When asked about future competition with telecommunications or energy companies due to open data access, Elliott responded positively about assisting customers beyond traditional banking services. "Yes, we’d like to help customers get the best deal on those things," he said.
Regarding technological advancements among major banks and market competition, Elliott remarked that each bank has different approaches. He highlighted ANZ's focus on financial wellbeing as distinct from other banks' strategies.
Elliott acknowledged past shortcomings in home lending market share but reiterated ANZ's commitment to long-term growth through innovation. He described efforts towards providing fully digital home loan services as part of this strategy.
Ross Greenwood concluded the interview by thanking Shayne Elliott for his insights.