Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.Launch Radio player
The country’s largest banking group is bringing both its banks - ANZ and National – on to the same IT system – a sign the banks could work more closely in the future.
ANZ New Zealand will adopt the National Bank’s faster ‘systematics’ banking system by the end of next year.
The bank’s chief executive David Hisco said the shift would streamline operations and help it serve its customers better.
“Running two banking IT systems has resulted in a large amount of duplicated time and wasted effort. Importantly, it also limited our flexibility to deliver better services to customers.”
As an example of how the banks could work more closely as a result, customers with one bank would now be able to make a deposits in the sister bank, where account details could also be accessed across the counter, he said.
Savings from operating one central IT system would be reinvested in the group, he said.
National Bank, with a strong, rural base, had a bigger market share than ANZ, which focussed more on the younger business market, he said.
Mr Hisco, who has been in the job for three months, said he would not rule out the possibility one of the bank brands being phased out.
“Everything is on the table.”
Last month ANZ National revealed a significant leap in its full-year net profit as provision for bad debt almost halved.
Net profit from the bank’s New Zealand operations rose $673 million to $867 million for the year to September 30. Underlying profits rose 40% to $882 million.