ANZ bets on e-bank to challenge specialists

Winning the "new game" against the new global financial services specialty players entering the Australian market is the driving force behind ANZ Banking Group's recently announced e-commerce strategy (CW, July 24,p1).

ANZ saw "either customer specialists or product specialists taking slices of the market away from the big integrated players", according to David Boyles, head of technology, e-commerce and payments.

"In Australia, Schwab is here, some of the global credit cards like American Express are here, and also people like Ing Direct with its new online place; so it is happening."

Boyles said the bank is focused on repositioning itself to win this "new game",which will not be won by generalists.

"You can't just be a traditional, stodgy, old integrated bank, and you also can't just be this stand-alone Internet bank" to succeed, he said. "We don't think either of these models works that well in the future.

"We've put a lot on emphasis on personalisation and delivering real time financial services that suit [individual] needs," he said.

Customer relationship management will be very important to the bank's future strategy. In the corporate arena, Boyles said the bank will primarily focus on two things: getting a lot of its dial up products onto the Internet and related corporate services, such as the secure access model.

Join the newsletter!


Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

More about American Express AustraliaANZ Banking GroupING AustraliaSchwab

Show Comments