ANZ’s Transition to Digital Banking Under New CEO Nuno Matos
Source: Getty/ANZ
Australian and New Zealand Banking Group (ANZ) is set to transition millions of its customers to its digital platform, ANZ Plus, as part of a strategic initiative under the new Chief Executive Officer, Nuno Matos. Matos, who took over as CEO this week, aims to accelerate the migration of customers to this digital service, reinforcing it as the central hub for retail banking operations.
Background on ANZ Plus
Launched in 2022, ANZ Plus has already attracted over one million customers by offering innovative features tailored to enhance the digital banking experience. Notably, the bank has announced plans to implement a fully password-less web banking system by mid-2025.
During his first address to ANZ’s 42,000 employees, Matos acknowledged existing criticisms that the bank’s pace of change has been insufficient. “I would like to see it in front of every customer, tomorrow,” he stated, reflecting his commitment to prioritising customer engagement with the digital platform.
Future Plans for Customer Migration
In March, ANZ outlined its ambitions for digital migration, indicating that all new customers will be onboarded through the ANZ Plus platform by September 2024. The broader strategy includes transferring six million existing customers, along with 1.2 million customers from the recently acquired Suncorp Bank, by 2029.
Matos directly addressed the feedback regarding the bank’s migration strategy, admitting, “There is criticism that we haven’t delivered fast enough and that accountabilities are unclear. This will change.”
Short-Term Goals and Leadership Approach
Beyond the digital migration, Matos’ other immediate priorities involve cultivating a high-performance culture within ANZ, centred on values and behaviours, a sentiment he shared upon assuming the role. Previously the head of wealth and personal banking at HSBC, Matos is also focused on expediting the integration of Suncorp Bank and enhancing risk management frameworks within ANZ.
Remuneration Package
Matos has been appointed with a base salary of $2.5 million per year, along with potential bonuses: a $2.5 million short-term bonus and a $3.4 million long-term bonus, contingent on performance during his initial year.
Migration Details for Customers
The bank has plans to begin migrating existing customers to ANZ Plus in the coming years. However, a specific timeline for this transition has not been disclosed. Christine Linden, the general manager responsible for customer migration, assured customers that they would retain their existing BSB and account numbers, credit card details, and direct debits. The experience of moving to ANZ Plus is expected to resemble an app upgrade, making it a seamless transition.
Features of ANZ Plus
ANZ Plus is designed to provide advanced financial tools that aid customers in managing their finances effectively. These features include automatic savings round-ups and bill prediction functionalities, all aimed at improving overall user experience in digital banking.
In summary, Nuno Matos is set on reshaping ANZ’s approach to banking with a robust digital strategy that focusses on customer-centric enhancements. His leadership will be closely watched as the bank seeks to solidify its position in a competitive banking landscape while navigating the complexities of digital transformation.
