ANZ (ANZ) Investor Update summary

Competitive advantage and technology platform

• The new platform enables efficient operations and rapid feature development, including advanced customer features like scam prevention and salary splitting, with release speeds comparable to leading tech firms.

• The architecture is designed for scalability, resilience, and flexibility, allowing for seamless updates and integration of new technologies, including serverless and AI-driven automation.

• AI and generative AI are integrated across service, support, and migration processes, with 80% of engineers using AI tools and 11% of code generated by AI.

• Efficiency gains include faster deployment, lower onboarding costs, and improved system resilience.

• The dual-platform strategy leverages ANZ Plus for digital retail and ANZ Transactive Global for institutional clients.

Migration strategy and customer experience

• Migration is planned to be as frictionless as possible, with a focus on maintaining account numbers and minimizing customer disruption.

• Industrialised migration capabilities ensure seamless transfer of accounts, data, and services to ANZ Plus.

• Multiple migration pathways for ~6 million ANZ retail customers and 1.2 million Suncorp Bank customers.

• Vulnerable customers will remain on the core system for extended periods, while most others will be migrated and legacy systems decommissioned progressively.

• Focus on data quality, banking continuity, and customer journey testing, with extensive tech tools and hypercare.

Product rollout and investment

• Full front book migration to the new platform is targeted within 18 months, with product releases scheduled by calendar year.

• By end-2025: expanded everyday banking, money management, international transfers, and enhanced migration support.

• By end-2026: introduction of credit cards, term deposits, more financial wellbeing features, and advanced web/app experiences.

• Investment to date is about AUD 1.5 billion, with annual spend around AUD 400 million; future investment will be flexible based on migration progress.

• New features include My Accounts (open banking), Flex Saver, and joint accounts, with ongoing expansion planned.