Abstract
This Financial Insights report revisits ANZ Bank two years after the
implementation of its Internet banking system for consumer banking, presenting
key insights learned as the bank scaled up its Internet banking proposition.
Michael Araneta, senior research manager of Financial Insights Asia/Pacific IT
Benchmarking Financial Insights' Asia/Pacific IT Benchmarking Advisory Service
remarks, "There are many valid motivations for pursuing enhancements to the
Internet banking channel. ANZ Bank succeeded because it understood core to
these objectives should be the improvement in the customer experience. The
right customer experience framework will create the virtuous dynamics of higher
activity rates, improved product take-ups, higher customer loyalty, and lower
cost-to-serve."
Araneta continues, "There will be new metrics used in assessing the
effectiveness of the online channel." Citing product sales, Araneta remarks,
"The drivers of cross-sell in the online channel have to be understood. Banks
will continue to thresh out whether higher product holdings is a cause or an
effect of the customer activity online."
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