National Australia Bank and ANZ are embracing digitization: the two banking companies are increasing their investments on financial technology expertise.
ANZ announced a strategic investment in and partnership with local start-up Data Republic to expedite innovation through secure data-sharing. National Australia Bank meanwhile has partnered with property investment startup BrickX.
The fintech investments are part of a bigger transition of the two companies into digital platforms, away from the traditional banking model.
Machines in – People out
Earlier this month, National Australia Bank said it would start cutting as many as 6,000 jobs over the coming three years. At the same time it is hiring 2,000 different staff with technology skills.
From the beginning of his tenure at ANZ, the chief executive accelerated digitization of the bank. Under a restructuring program, Shayne Elliott has hired more senior executives from the IT and consumer industries than from the customary banking ranks.
