ANZ has indicated it will reduce its standalone digital platform ANZ Plus, which had been promoted as the future of its retail banking model. This change is set to begin in the coming weeks through a strategic shift under the bank’s retail leadership. The decision follows significant investment in ANZ Plus over the past three years, aimed at attracting younger and more tech-focused customers.
Since its launch in 2020, ANZ has invested more than $500 million in developing ANZ Plus. The platform was designed to rival digital offerings from other major banks and was created independently of ANZ’s main banking systems. However, maintaining this separate structure has proven expensive, prompting the bank to now scale back the initiative. The restructuring may affect hundreds of positions, with initial changes expected by the end of June.
The change reflects ANZ’s efforts to manage costs by aligning its technology within a more unified retail strategy. Although this may slow the bank’s digital innovation efforts, it highlights the pressure facing the sector to balance technology investment and financial performance amid tightening economic conditions.
