ANZ Bank will flick the switch on a new core banking platform in New Zealand this weekend after a two-year training and integration effort.
The bank has been moving to adopt subsidiary National Bank's FIS Systematics platform across both of its New Zealand brands (ANZ and The National Bank) since November 2010.
ANZ today said simplification – encompassing the core banking project, restructure and adoption of a single ‘ANZ Bank New Zealand’ brand last month – cost it a total of $107 million after tax in the 12 months to 30 September, 2012.
The simplification program was expected to deliver better branches, internet and mobile banking products for customers; more efficiency; and better connections to international markets.
ANZ told investors today that the New Zealand business had reduced its product variations from 309 to 137, while enhancing automation and reducing errors and duplication.
“This [simplification program] is expected to result in lower operational and technology costs,” it said, reporting a one percent fall in its cost-to-income ratio, to 43.9 percent.
Overall, the ANZ Group announced a six percent increase in profit to $5.7 billion, which chief executive officer Mike Smith said was in line with expectations.
Earlier this month, ANZ announced plans to spend $1.5 billion on a technology-heavy “Banking on Australia” program, which included the rollout of intelligent ATMs, video conferencing and an Android NFC trial.