Rather than loading up its already substantial technology debt, ANZ Bank made a strategic decision at the start of the decade to take a (mostly) greenfields approach to ANZ Plus, its app-driven mobile banking service and the future direction of the bank. Increased competition from fintechs, a banking Royal Commission that was scathing of the sector, and customers demanding more control and transparency all factored into the decision. And that choice also allows it to utilise a ‘next best action’ platform – a cornerstone of real-time decision-making – to drive adoption and engagement, says the bank’s marketing tech lead. The bet is now paying off – and attribution is up next.
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‘Home loan opportunities have tripled’: NAB, ANZ, Commbank eye huge ROI from real-time decisioning – as retail and consumer brands move in
Most of Australia’s biggest banks, along with globals like Wells Fargo, Citibank, and Rabobank are betting large on Real-Time Interaction Management (RTIM) – also called real-time decisioning. It doesn’t come cheaply: Forrester Research suggests average annual costs if circa $1.7m, sometimes running as high as $7m. But those investments are paying off – and some banks are generating returns into the hundreds of millions of dollars. Hence customers tend to pick and stick, with 80 per cent saying they are happy with their suppliers. Pega and SAS dominate – with the former in particular carving out Australia’s addressable market. But there’s also room for others in a category that extends into journey orchestration, personalisation, and cross-channel marketing – particularly as retail and consumer brands start to pile in.
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