ANZ Bank will overhaul its workforce to adopt the scaled agile methodology in order to be able to respond faster to customer expectations.
The radical restructure will start in Australia and spread to the New Zealand and Institutional businesses throughout 2018.
It will split the bank's workforce up into autonomous, multi-disciplinary teams of about 10 employees to remove bureaucracy and hierarchies and deliver new products at speed.
It will dramatically increase up the bank's current use of the agile methodology from 20 percent, mostly in technology and digital teams.
Managing director of products and Apple Pay at ANZ, Kath Bray, will lead the agile overhaul.
ANZ Bank chief Shayne Elliot said he wanted to emulate the successful delivery of Apple Pay, using the agile methodology, across the bank.
“We were able to go from the idea of Apple Pay, the concept, to actually having something in market, that people could use, in about 10 weeks,” he said.
“That’s exactly the sort of thing we want to be able to do all the time.
“This is about self-directed teams. Teams that have total clarity about what they are doing.
“It’s about speed to market, responding to customers really quickly and it’s about empowering our people to do absolutely the very best with our resources at hand."
The impact the radical overhaul will have on staff is unclear; existing middle and senior management are likely to replaced by coaches and product owners with specific expertise, as dictated under the agile methodology.
Elliott said the overhaul was aimed "doing more with less" and confirmed it could result in staff losses.
The bank's half-yearly results published today reveal it is targeting a "simpler organisation" with lower FTE count, more efficient and lower cost operations, and more self-service options for customers.
It also said it was decommissioning 44 applications to reduce risk and complexity.