ANZ unveils five-year plan, will simplify retail and commercial divisions

The Australian lender also plans to accelerate the integration of Suncorp Bank.

The Australia and New Zealand Banking Group (ANZ) has unveiled a new five-year plan focused on enhancing its digital capabilities and simplifying the bank.

The ANZ 2030 plan includes simplifying the bank’s Australian retail and commercial banking divisions— the two divisions where the bank sees “significant opportunities” to improve customers’ experiences and deliver growth, its CEO Nuno Matos said in a statement.

“Our Australia Retail division will be significantly simpler, with one team, one brand, one channel and one technology system, as we accelerate both the delivery of ANZ Plus front-end and integrating Suncorp Bank,” Matos said.

ANZ five key immediate priorities include embedding the bank’s new leadership team; integrating Suncorp Bank faster to deliver value; and accelerating the delivery of the ANZ Plus digital front-end to all of our retail and small business customers.

The bank also aims to reduce duplication to simplify the bank, whilst stopping initiatives that don’t align with our strategy; and to enhance non-financial risk management to improve customer outcomes.

Its four strategic pillars, meanwhile, will see ANZ “deliver organisation simplification" such as divesting non-core assets; as well as focus on non-financial risk management and a strengthened end-to-end accountability across the bank.

ANZ also seeks to raise the standard of digital and human interactions of its customers with a customer-first approach, and to create lasting value by delivering higher-returning growth and results for its stakeholders.