ANZ Expands ANZ Plus to More Customers

ANZ is moving closer to directing all new customers to its digital banking platform, ANZ Plus, aiming for full transition within 18 months. The $2 billion project is designed to modernise banking operations and cut costs, but key features are still missing years after launch. While the bank is making progress, ensuring a smooth transition for millions of existing users remains a challenge.

Currently, ANZ Plus is only available via a mobile app, though the bank is testing a desktop version. The next big step involves migrating around one million Suncorp Bank customers to ANZ Plus before shifting its five million retail banking users to the platform. ANZ also plans to onboard all new customers through the platform, signalling a major shift in banking operations.

By moving to ANZ Plus, ANZ expects significant cost savings. Customer acquisition costs are projected to be 45% lower compared to its traditional banking systems, while ongoing service expenses could drop by as much as 35%. The bank also employs nearly 4,000 staff maintaining its legacy and retail tech infrastructure, with over 1,000 assigned to ANZ Plus. However, fully shutting down older systems isn’t an immediate option, as many customers still rely on traditional banking features.

Looking ahead, ANZ aims to modernise banking processes while maintaining support for older clients. While ANZ Plus is designed to handle digital transactions efficiently, features like cheque processing may not be included. Meanwhile, financial regulators are closely monitoring ANZ's retail banking operations, particularly its handling of financial hardship cases and savings interest payments. The bank’s shift to ANZ Plus could reshape how customers interact with their finances, but the transition needs to be carefully managed to ensure accessibility and compliance.

Source: The Australian, BankingDay, ANZ