MARKETS SPECTATOR: Lauding ANZ's tech spend
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ANZ Banking Group’s five-year $1.5 billion worth of spending to upgrade and improve the bank’s technology and telecommunication portals for business is already paying off, says Philip Chronican, chief executive of ANZ in Australia.
ANZ’s mobile payment service had 2000 users who have processed $9 billion in payments as of May. The bank’s mobile banking app has more than one million users and more than one million logins a day. Its internet chat service has generated 2400 referrals as of May. The bank now has 43 video conferencing facilities so ANZ personnel can provide advice.
In the first six months of this year, ANZ has won 271 new business customers and more than 1000 since 2011, Chronican told a UBS conference today. There has been a 9 per cent reduction in customer complaints. Australian operation expenses were down 13 per cent in the 12 months to March 31.
In the first half 2013, ANZ’s cost to income ratio was 37.9 per cent compared with 41.8 per cent in the first half of 2012.
The bank’s corporate and commercial banking net loans and advances have had a 7 per cent compound annual growth rate since March 2011. They were at $63 billion as of March 2013.
Today ANZ shares fell 3 cents, or 0.1 per cent, to $28.35. The stock has gained 31 per cent in the last 12 months.
The S&P/ASX200 index today rose 47.05, or 1 per cent, to 4861.40. The index has risen 18 per cent in the last year.
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