ANZ set to offer 10-minute mortgages

ANZ Banking Group will soon offer its customers free financial coaching with a revamped digital transaction and savings account, that will eventually allow full home loan approvals in 10 minutes, in the first tangible result of a $400 million technology transformation called ANZx.

About 300 ANZ employees are already using the new app which ANZ’s digital banking head, Maile Carnegie, says will be launched this month and upgraded next year to include speedy loan approvals.

“We are doing almost a complete rebuild of our technology,” Ms Carnegie said.

The ANZ’s technology upgrade comes as the bank races to fix its paper-based mortgage approval systems, which have been the slowest in Australia at about 51 days.

Ms Carnegie admitted that “getting ANZ back in the market in home loans” was the top priority of herself and Mark Hand, the head of ANZ’s Australian retail and commercial banking.

Peter Dalton, who has been in charge of the ANZx program, said ANZ’s new digital transaction and savings account would allow customers to save for multiple goals without having to open multiple savings accounts as occurs at other banks.

Chief executive Shayne Elliott and Ms Carnegie lifted the lid on the “radical renovation” of the bank’s technology stack in an exclusive briefing for The Australian Financial Review in the bank’s Melbourne head office.

“We feel like we’re on the verge of something really momentous for the organisation, which is really exciting,” Mr Elliott said.

He said he had been reluctant to talk to the market about the tech transformation until the 850-strong team working on ANZx had something to show for the first two years of a five-year project scheduled to be completed in 2024.

The veil is being lifted on the tech transformation because of the release in the next two weeks in the app store of a new digital transaction and savings account called ANZ Plus.

Ms Carnegie said the key purpose of ANZ’s digital banking strategy was to help the bank’s 8 million retail and commercial customers improve their financial well-being.

“One of the critical decisions that Shayne and I needed to make when we were kicking off the work is, how are we going to approach getting this done?’” she said.

“To get to future ready you need to tackle two things. One of them is really obvious, which is the customer experience.

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