ANZ digital platform a slow burner with more developments in pipeline

ANZ’s new digital banking platform has attracted more than $500m in deposits, as the bank seeks to shrug off criticism over its limited functionality.

ANZ Plus, rolled out from July, now has 40,000 customers and more than $500m in funds. Picture: NCA NewsWire / David Geraghty

ANZ’s new digital banking platform has attracted more than $500m in deposits, as the bank seeks to shrug off criticism over its limited functionality.

Called ANZ Plus and rolled out from July, the online banking offering and app now has 40,000 customers and more than $500m in funds, the bank said in a statement on Wednesday.

ANZ Plus – which took more than a year to develop – was criticised on launch given it did not incorporate key banking products such as home loans and other payments functionality.

The project’s design and delivery managing director Peter Dalton said the bank was “working hard” to broaden ANZ Plus’s services and functionality.

There is “lots in the pipeline for the next 12 months”, he said.

“We’re also offering a competitive interest rate to help our savers reach their goals faster.

“We are pleased to see strong growth in the number of customers joining over the past few months.”

Commonwealth Bank – considered the market leader among the big banks on technology – has already unveiled a digital-only mortgage that is offered directly to customers. It is marketed around a speedy application and approval process, and in August the bank said it was funding about $100m per month via the Unloan product.

Mr Dalton said thousands of customers were joining ANZ Plus each week and it had recently released “enhancements” including an increased daily payment limit, allowing transactions of up to $30,000 per day.

ANZ chairman Paul O’Sullivan this month likened the new bank platform to a major home renovation “which is taking a while” but gives the bank a longer-term edge.

“Once that’s done it’s going to be the home renovation that the neighbours all envy,” he said.

ANZ Plus is also using attractive deposit rates, as interest rates rise markedly, to lure customers.

Effective on Friday, the ANZ Plus Save rate will increase to 3 per cent on balances below $250,000. But ANZ’s more popular existing savings products are priced much lower, with its online saver paying 0.6 per cent for existing customers and its progress saver at 1.65 per cent, according to RateCity. “A cracking savings rate after this latest round of hikes will be over 3.5 per cent. Anything below 2.5 per cent should be cause for concern,” RateCity research director Sally Tindall said.

The new ANZ platform has also enabled access to a digital card for Android phone users, that Mr Dalton noted would allow customers to add a digital debit card to Google Pay immediately. That functionality is already available to customers with Apple phones. ANZ Plus services also include BPAY, PayID and providing changing Card Verification Value for better fraud protection.