Ramps up preparations for new regime.
ANZ Banking Group has ramped up its open banking preparations by running a three-day innovation challenge that generated 21 new apps ideas.
The bank held an ‘Innovation Challenge on Open Banking’ through last week, bringing together around 125 staff from across the institution to come up with new digital experiences built in Google cloud.
“The challenge was for our people to form small teams (4-7 people) to come up with ideas around open banking; to solve real customer problems and to help shape ANZ’s response to this new area of opportunity,” an ANZ spokesperson told iTnews.
“The event ran over three days (plus two preparatory training sessions). There were 21 teams and more than 125 participants.
“While no specific technical skills were required, it was important that at least one or two in each team had some key skills as a designer, diplomat or digitiser.”
A key part of the challenge was that 70 ANZ customers - 25 face-to-face and 45 online - were able to test the ideas. In addition, the ideas were put to an internal judging panel.
ANZ was officially coy on what exactly had come out of the process.
“The best ideas will be fed into how we think about our open banking roadmap, which will consider how we can incorporate open banking data into new ANZ digital experiences and services,” the spokesperson said.
But some publicly-accessible clues were provided.
One app called Supa Coach promised “a finance app that does the thinking for you”; another app offered to “find recipients you’ve paid with other financial institutions”; a third app offered to present businesses a consolidated view of banking arrangements and expenses incurred in each of those accounts; a fourth app involved some form of blockchain integration into an ANZ mobile app.