ANZ Group (ANZ) Investor Update summary

Competitive advantage and platform development

• The new platform enables efficient operations, rapid feature deployment, and innovations like scam prevention and salary splitting, enhancing customer experience.

• Platform architecture supports fast releases, high reusability, scalability across retail and commercial banking, and leverages serverless technologies and AI-driven automation for compliance and responsiveness.

• Dual-platform strategy uses ANZ Plus for digital retail and ANZ Transactive Global for institutional clients.

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

• Transformation focuses on simplifying products, channels, operating models, and technology.

Migration strategy and customer transition

• Migration is planned in tranches, prioritizing whole customer groups, minimizing friction by retaining account and BSB numbers, and using industrialised migration capabilities for seamless transfer.

• Multiple migration pathways are in place for about 6 million ANZ retail customers and 1.2 million Suncorp Bank customers.

• Vulnerable customers remain on the core system longer, while most others are migrated and legacy systems decommissioned progressively.

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

• Migration flexibility allows for timing and approach adjustments, with new leadership input.

Cost management and investment

• Dual run costs are managed, with about AUD 1.5 billion spent on the new platform and ongoing annual investment of AUD 400 million.

• Customer acquisition and service costs are 45% and 35% lower, respectively, compared to legacy platforms.

• Investment is balanced between maintaining legacy systems for compliance and accelerating new platform investment as migration progresses.

• Cost benefits are expected from acquisition, servicing, and decommissioning, but specifics are withheld for flexibility.

• Ongoing investment in new features and migration support to scale ANZ Plus and support customer transitions.