ANZ’s Digital Transformation Under New CEO Nuno Matos
ANZ’s newly appointed CEO, Nuno Matos, has set his sights on quickly transitioning millions of customers to the bank’s enhanced digital platform, ANZ Plus. His commitment marks a significant shift in how the bank aims to serve its retail clientele as it steps into a more digital-first future.
Launched in 2022, ANZ Plus has already attracted over one million customers by continuously expanding its array of features and products. One notable upcoming improvement includes the introduction of fully password-less web banking, expected to roll out by mid-2025.
Matos, who began his tenure this week, expressed a desire to expedite this platform migration, addressing previous concerns from stakeholders regarding the bank’s pace of digital transformation. In a recent address to ANZ’s workforce of 42,000, he stated, "I would like to see it in front of every customer, tomorrow," underlining the urgency he’s attaching to this initiative.
In March, ANZ announced plans for every new customer to be onboarded exclusively through the ANZ Plus platform by September of next year. The bank aims to migrate its entire retail banking operations to the platform by 2029, which will encompass about six million existing ANZ customers along with 1.2 million Suncorp Bank customers, following its acquisition last year.
Matos acknowledged the criticisms faced by his predecessor, Shayne Elliott, regarding the speed and accountability of this migration process. “There is criticism that we haven’t delivered fast enough and that accountabilities are unclear,” he noted, promising to rectifying these concerns promptly.
In addition to advancing the migration to ANZ Plus, Matos has outlined several immediate priorities. He aims to foster a high-performance culture grounded in strong values and ethical behaviours. Furthermore, he is focused on integrating the recent Suncorp Bank acquisition quickly and enhancing ANZ’s risk management practices.
Matos commands a competitive salary of $2.5 million per year, along with the potential for a $2.5 million short-term bonus and a $3.4 million long-term bonus in his inaugural year.
As the bank looks to migrate its existing customers to ANZ Plus, no specific timeline has been published concerning the sequencing or duration of this transition. However, Christine Linden, the general manager overseeing migration, reassured customers that they would retain their current BSB and account numbers, as well as credit card information and direct debits, likening the transition to an app upgrade.
The features available on ANZ Plus are designed to empower customers with advanced tools for saving and financial management, including options like round-ups and bill predictions.
In essence, Matos’s leadership heralds a new chapter for ANZ as it moves aggressively towards a more digital-centric banking experience, ensuring its services evolve to meet the changing needs of customers in an increasingly digital world.
