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Corporate Responsibility September 2009

Corporate Responsibility September 2009

Financial capability

Responding to the needs of older customers

ANZ is improving its products and services for older people through research with community organsation The Benevolent Society and by better tailoring our branch services to support this growing segment.

Older customers are often identified as a financially vulnerable group. Many lack confidence with their finances and life events – such as loss of regular income or the onset of illness or disability – can lead to financial difficulty.

New branch-based initiatives aim to make banking less complicated and more relevant for this growing group of customers.

“Increases in life expectancy mean people will be funding their retirement for a longer time than ever before,” says Managing Director Strategy, Marketing and Customer Segmentation David Lindberg.

“We’ve put in place Retirement Banking Specialists in over 200 branches across Australia. These are specially trained personal bankers who can talk to older customers about their retirement plans and the financial strategies that can help them achieve their goals.”

A series of simple customer guides (PDF 212kB) are also available to help customers think through the financial decisions associated with retirement.

The ANZ-Benevolent Society research will look more deeply at measures to help improve financial understanding among older Australians. In particular, it will review opportunities to adapt ANZ’s MoneyMinded adult financial literacy program for older audiences and expand its reach through organisations that provide services to the ageing population, including governments, local community groups and health promotion agencies.

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