ANZ Banking Group is poised to reap the rewards of a sort of “halo effect” generated by its work on ANZ Plus, the first offering to customers of its ANZx transformation.
ANZ Plus is actually a new retail banking platform that customers can access through a mobile app. It offers financial management and coaching features, with a pipeline of around 100 features that will be added in the coming months.
Group Director, Technology Gérard Florian says iT news podcast that ANZ Plus has not only proven to be a valuable testing ground for new technologies and platform approaches, but also for equipping more than 850 employees with skills that can spill over into other areas of the bank .
“I kind of think of a ‘halo effect’ of ANZ Plus on two levels,” Florian said.
“There are the components, the procedures and the ideas that will be reusable elsewhere, but there are also the people who have acquired new skills.
“Some of these people will end up working in areas outside of ANZ Plus.
“So as an organization we will benefit significantly from the innovation taking place on ANZ Plus, just as we do from the innovation taking place in other parts of the bank.”
On the technology side, Florian called ANZ Plus “a very useful enabler for what we were doing in the cloud.”
“ANZ Plus has given us the opportunity to think differently about how we combine a number of technologies or components using the cloud as the underlying foundation, working not only with new infrastructure but also with new vendors. applications – companies specializing in financial services areas such as Zafin but also well-known organizations such as Salesforce, which have a lot of experience in delivering their solutions in the cloud,” he said.
“By bringing all of these components together, ANZ Plus has allowed us to efficiently build some key components of our stack, starting with the customer and working back.”
Strategically, ANZ Plus is also an example of an iterative approach to product development that is spreading to other parts of the bank, including ANZ’s technology function.
“I think one of the big changes for all organizations is the big three- or five-year project that is completely defined with all the funds committed up front is becoming less and less common,” Florian said.
“Too many changes in technology to have this position committed five years in advance.
“What you need is a good idea of where you’re headed, [but to adopt a] a modular approach and an iterative funding model that says, “as long as you can show that you’re continuing to add value along the way, you should continue to get your money.”
“It puts the pressure back on the tech organization to keep delivering small items of value.
“ANZ Plus is a perfect example where we went to market with a minimum viable product and then we’ll release more features quickly, and that lends itself to a more iterative approach.”
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