Speaking with ANZ Managing Director, Institutional Australia & PNG Tammy Medard on video, Elliott said insight is a powerful tool as businesses navigate the COVID environment, no matter what sector they are in.
“And a lot of that insight today comes from data,” he said. “And what's remarkable is, in the last few years, we've sort moved from theory to reality in terms of the data opportunity.”
“It was always theoretically possible we would have all this data and have it at our fingertips. But the cost of technology and data imperfection [held us back]”, he said. “Of course, now it is real.”
You can watch part two of the two-part conversation between Elliott and Medard on video below. Part one is here.
Listening to customers
The Peter Lee Associates Large Corporate and Institutional Relationship Banking Survey is an annual leading indicator of performance across wholesale banking in Australia. The survey is something ANZ “takes very seriously,” Elliott said, as it “informs our prioritisation, our investment slate and things we think about for the future.
The 2022 Peter Lee Large Corporate Relationship and Transaction Banking survey will be going into field soon. Almost 600 Australian-based large businesses and financial institutions with significant annual turnover have been selected to share their views on the performance of domestic banks and their major international peers. Only companies that meet the criteria are selected as survey respondents.
ANZ Institutional was ranked the top bank for outright and lead-bank penetration in Australia for the sixth year in a row in 2021. The bank was also ranked number one for pandemic-related support, with 80 per cent of describing ANZ’s support as ‘excellent’ or ‘above average’.
Medard said the bank spends “a lot of time reading through the anonymous responses” from the survey, before “funding projects and improvements… based on the insights provided from our customers”.
ANZ “actively uses” Peter Lee data to invest in ways to either close the gaps the survey suggests exist between ANZ and its competitors, or to strengthen the areas the survey suggests it has an advantage, Elliott said.
“We really want to understand how we can do a better job where we are not doing a good job, or where we are missing or exceeding customer expectations,” he said.
Medard said ANZ understood the demand for data from its customers, due largely to responses from the Peter Lee survey.
“They want that access to data, they want the insights from their bankers,” she said, often “at the touch of a finger”.
“And that's why surveys like Peter Lee are so important to banks and certainly to ANZ,” Medard said.
The need to adopt technology in order to build a smarter and more resilient global supply chain is undeniable.2021-10-15 03:00
Demand for green credit is growing rapidly, underpinned by improved data quality and consistent reporting as the race to net-zero intensifies.2022-02-08 00:00
This publication is published by Australia and New Zealand Banking Group Limited ABN 11 005 357 522 (“ANZBGL”) in Australia. This publication is intended as thought-leadership material. It is not published with the intention of providing any direct or indirect recommendations relating to any financial product, asset class or trading strategy. The information in this publication is not intended to influence any person to make a decision in relation to a financial product or class of financial products. It is general in nature and does not take account of the circumstances of any individual or class of individuals. Nothing in this publication constitutes a recommendation, solicitation or offer by ANZBGL or its branches or subsidiaries (collectively “ANZ”) to you to acquire a product or service, or an offer by ANZ to provide you with other products or services. All information contained in this publication is based on information available at the time of publication. While this publication has been prepared in good faith, no representation, warranty, assurance or undertaking is or will be made, and no responsibility or liability is or will be accepted by ANZ in relation to the accuracy or completeness of this publication or the use of information contained in this publication. ANZ does not provide any financial, investment, legal or taxation advice in connection with this publication.