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ANZ to overhaul banking operations in next five years

Australia & New Zealand Banking (ANZ) has launched a five-year banking infrastructure and technology overhaul program, named as ‘Banking on Australia’ with an investment of A$1.5bn ($1.53bn).

The new program aims to upgrade the bank’s existing branch-based and digital distribution channels, including the launch of in branch video-conferencing and new mobile banking and payments services.

The program has been designed to deliver considerable productivity improvements by upgrading ANZ’s distribution networks, simplifying products and processes, providing customers with additional mobile and flexible banking options, improving the capability of front-line staff, among others.

Under the program, the bank plans to introduce Cisco video conferencing at 43 remote branches to give regional customers greater access to specialist advice.

Apart from renovating 46 branches by the end of 2012, the bank has plans to install 800 ‘next generation’ ATMs into branches, which will give 24-hour access to many traditional teller services, and offer instant value for cash or cheque deposits.

Melbourne based lender said that it will launch ANZ FastPay, which processes same day credit and debit card transactions every day of the year.

Initially on a trial basis, the bank will also launch an ANZ mobile wallet among 25 of its own staff, that use near field communication (NFC) chips in mobile devices running Google’s Android operating system to conduct "tap and go" style payments.

ANZ CEO Australia Philip Chronican said aim of the whole exercise is to make it easier for more Australians to bank with ANZ, while also simplifying the way business is done.

"The upgrade also means that we will be more readily able to introduce cutting edge technology that makes banking easier such as contactless or cardless transactions," Chronican said.