ANZ Bank: Implications of Technological Innovations Report

This report examines the recent implications of technological innovations on Australia and New Zealand (ANZ) Bank. It explores ANZ's technology strategy, focusing on its digital transformation, including online offerings and agile practices. The report details the bank's investments in digital channels, such as launching live chats and mobile banking apps. It further analyzes ANZ's Customer Relationship Management (CRM) system, its functions in loan applications, and its role in knowledge-based management. The report highlights how CRM strengthens internet banking, simplifies communication, and supports effective marketing. It also discusses the use of ERP systems and the bank's new products like Money Manager, emphasizing the bank's commitment to innovation in financial services and customer engagement.

Running head: ANZ BANK- RECENT IMPLICATION OF TECHNOLOGICAL
INNOVATIONS
ANZ Bank- Recent Implication of Technological Innovations
Name of the Student
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1ANZ BANK- RECENT IMPLICATION OF TECHNOLOGICAL INNOVATIONS
Table of Contents
Australia and New Zealand (ANZ) Bank...................................................................................2
ANZ Technology Strategy Adopted..........................................................................................2
Recent Implication of Technological Developments.................................................................2
Digital ANZ Bank..................................................................................................................2
ANZ’s Customer Relationship Management (CRM) System................................................3
CRM Functions in Loan Application.....................................................................................3
CRM and Knowledge-Based Management............................................................................4
References..................................................................................................................................4

2ANZ BANK- RECENT IMPLICATION OF TECHNOLOGICAL INNOVATIONS
Australia and New Zealand (ANZ) Bank
The ANZ is a multinational banking and financial services firm whose headquarter is
established in Melbourne. ANZ Banking Group Limited is the second-largest bank in
Australia in terms of the asset under management and third-largest bank in terms of market
capitalization. Nowadays, this bank is widely popular amongst the most innovative banks.
ANZ Technology Strategy Adopted
The ANZ bank is quite active as a technology provider that brings innovative insights
as well as experience within the financial services. The organization continually evolves its
technology structural design so that to make sure that they are steadily delivering a better
product and services to their clients. In recent years, ANZ has transformed its activity with
digitalization through making online offerings.
For example, it has begun transitioning its teams leading g to a new way of
functioning in the year 2017, which is on the basis of agile practices. This period has
delivered higher value as well as quicker service to its clients (Boddy 2019). The
transformation also made a better place to work. Moreover, the bank is sincerely persistent to
sustainability and assisting businesses decreasing its environmental influence by the Qantas
Future Planet program.
Recent Implication of Technological Developments
Digital ANZ Bank
ANZ has launched several investment programs. The Banking on Australia program
consists of elevating the distribution network of ANZ, abridging products and procedures,
provided that clients with extra mobile and supple banking choices, and refining the
competence of front-line staff. In addition to this, there would be substantial investment in

3ANZ BANK- RECENT IMPLICATION OF TECHNOLOGICAL INNOVATIONS
online channels that will consist of launching live chats on anz.com as well as other services
that enhance the entire digital ANZ.
Apart from this, another main initiative of ANZ comprises the introduction of the first
Banking App of Australia and provisional ANZ mobile wallet with the use of NFC
technology on the android devices. ANZ also allows altogether day and night access to
several teller services accessing next-generation ATM into its branches, introduction of a
mobile banking app, ANZ Fast Pay that helps the small businesses to manage their cash flow
(Yang, Lin and Li 2019). This manages such cash flows with safety by securely processing it
within the same-day settlement of payment through credit and debit cards using an IPad or
iPhone.
ANZ’s Customer Relationship Management (CRM) System
The CRM system of ANZ combines several business divisions, procedures, and
managerial skills. CRM is used as a technique to sustain a reasonable position in the market,
especially in Internet Banking Services. CRM system strengthens the internet banking of
ANZ.
CRM system interlinked with the business partners of ANZ. The connectivity with
such a system allows a systematic operation amongst the workers of the front and support
office. It allows the sharing of data and knowledge amongst all the business divisions, which
tends to simplifies department-to-department communication as well as e-commerce service.
Through the E-customer service, a help desk with the phone is always open. ANZ keeps an
extensive database of its clients and utilizes those databases to develop effective marketing
opportunities.

4ANZ BANK- RECENT IMPLICATION OF TECHNOLOGICAL INNOVATIONS
CRM Functions in Loan Application
The combination of the functions of front office and back office allows quick service
to the clients. On-line processing of loan that is used by ANZ is one of the ways to sustain its
economic position. The personal loan application is used to be completed online. A loan
application prepared at any front office is processed or managed at the back office subsidiary
(Whitehead 2016). Background authorizations on clients through the internet are finished
with the Credit Bureau so that the bank can avoid delays with loan processing.
CRM is also associated with knowledge management that allows solving real
problems and in making effective decisions. It enables loan officers to recognize possible
defaulting and high-risk clients and do custom reporting or profiling. As a result, it upturns
the productivity of the employees. Employees can close more deals with improved level of
customer satisfaction, loyalty and retention.
CRM and Knowledge-Based Management
Enterprise Knowledge Portals (ERP) is the entranceways to several management
systems. The E-transformation vision of ANZ directs the bank is an essential route using its
capabilities in terms of technology. It allows employees and other uses to create and share
information (Chapman and Macht 2018). It can be done with the help of its intranet server
where the staffs' interchange and share information.
ANZ has recently launched its new products in Australia and New Zealand, such as
Money Manager that is a money-managing program, which practices social networking sites
like Facebook, as resources whereby customers, gets ability to share information with the
bank or others.

5ANZ BANK- RECENT IMPLICATION OF TECHNOLOGICAL INNOVATIONS
References
Boddy, C.R., 2019. Qualitative research for breakthrough innovation. Qualitative Market
Research: An International Journal.
Chapman, G.R. and Macht, S.A., 2018. Best Practices in Knowledge Management: A Review
of Contemporary Approaches in a Globalised World. In The Palgrave Handbook of
Knowledge Management (pp. 643-666). Palgrave Macmillan, Cham.
Whitehead, M., 2016, June. Digital technology through the supply chain. In Digital
Disruption in Agriculture Conference, Sydney (pp. 2-3).
Yang, F.J., Lin, W.R. and Li, S.Y., 2019. Factor Analysis on Customer Satisfaction, Loyalty,
and Behavior Intention Regarding Bank Apps. Journal of Accounting, Finance &
Management Strategy, 14(2).