ANZ seeks innovation throne with Data Republic
Australia and New Zealand Banking Group, ANZ, has taken an equity stake in local start-up Data Republic to boost its innovation ambitions through data-sharing environments.
The investment and partnership will provide ANZ access to Data Republic’s cloud-based platform, which delivers a “data sharing control centre” for organisations to store, categorise and share data while maintaining governance and auditing frameworks.
The bank says it will be able to use the platform to share data with trusted third parties in a secure and well-governed environment.
Emma Gray, ANZ chief data officer, says using data analytics and insights is an “essential part of how we need to operate in the digital economy”.
ANZ will start using the platform from late March to develop “greater customer insights” and a series of operational improvements.
No financial details on the investment were disclosed.
ANZ CEO PDQ
By the way, a month ago and on a less happy note, ANZ’s CEO sent a long letter to his staff urging the restoration of customers’ trust in the wake of a Royal Commission on banking misconduct.
To give you some background, in the aftermath of the “Global Financial Crisis”, the Financial System Inquiry found ANZ knew more than 80,000 Australians lost billions of dollars due to the collapse of managed investment schemes, poor financial planning advice and other misconduct.