In a move to bolster its offering in Australia’s property market ANZ acquired a local startup.
ANZ Bank has announced the acquisition of REALas in a bid to offer customers broader information about the property market. The group,which will operate as a wholly owned subsidiary of ANZ, offers an algorithm which analyses and forecasts prices on listed properties.
Launched in 2011, REALas offers a unique process to predict property prices and has forged a strong reputation as the most accurate predictor of sale prices for listed properties.
Embracing Technological Change
«This is an important acquisition for our digital transformation as we know customers are increasingly turning to online resources for help,» said Peter Dalton ANZ managing director Customer Experience and Digital Channels.
Under chief executive Shayne Elliott ANZ has been keen to embrace the digitalization of the bank to turn it into a productive data and technology-centric company that uses predictive modelling to disrupt larger incumbents via radical, risk-based pricing.
To that end the bank has hired more senior executives from the IT and consumer industries than from the traditional banking ranks. ANZ is embracing the agile concept to break away from traditional bank IT development projects.
