ANZ’s retail banking boss Maile Carnegie says the bank’s new technology platform known as Plus will deliver “significant competitive advantage” over its big rivals and ultimately allow the company to cut the cost of mortgages.

Acknowledging the market’s impatience after the platform was launched with minimal functionality more than two years ago, Ms Carnegie said Plus was 35 per cent cheaper to run compared to ANZ’s older technology systems, and the lower costs would be passed on to customers.