ANZ Expands Plus Platform Amid Regulatory Scrutiny

ANZ is moving forward with its expansion of the digital banking platform Plus, with two investor briefings set for March. The bank aims to accelerate customer migration to the platform, which offers lower-cost digital services, but this push comes as regulators investigate concerns within its retail banking division.

The bank, which will see leadership transition in July, informed stakeholders about the upcoming updates. The first session on March 4 will cover Plus’s growth and its underlying technology, while a second briefing on March 24 will delve deeper into customer migration and new platform features. The platform has already attracted 850,000 users, reflecting an 84% increase over the past year, with nearly half being new customers.

With plans for full migration to Plus by 2027, ANZ faces challenges as current adoption remains relatively low. The platform now offers deposit services and mortgage refinancing, but some customers had raised concerns when new deposit conditions were introduced last October. Despite early criticism, Plus has advanced significantly since its launch in 2022, focusing on cost efficiency and improved digital banking tools.

While ANZ pushes forward with Plus, regulators are investigating multiple aspects of its retail banking operations. Authorities are reviewing potential miscalculations in interest payments on certain accounts, irregular fee charges on deceased customers’ accounts, and how ANZ manages financial hardship cases. The scrutiny follows prior penalties, including a $250 million capital requirement imposed last year due to governance risks in the bank's markets division.

Source: The Australian, IT News, Mortgage Business, ANZ