It all began in 1835 when George Kinnear, a young Scottish entrepreneur, opened the first branch of the Bank of Australasia. Nobody would have imagined then that George Kinnear’s venture would become such a large financial institution. There have been many highs and lows, numerous transformations, and fifteen mergers in the company’s history. The latest merger, on 1 October 1970, gave birth to Australia and New Zealand Bank (ANZ) we know today.
In 2022, ANZ is the largest institutional bank in Australia and a major Australian bank in the Asia-Pacific region. Globally, it serves around nine million customers. In Australia, the bank has over 570 branches, serving approximately six million customers. ANZ’s assets stand at US$ 1017 billion. By the end of 2023, Fitch expects an asset quality deterioration for ANZ. However, this deterioration would be marginal, less than 1%. It is therefore expected that ANZ’s Fitch rating will remain high, at A+.
With the launching of goMoney, one of the first banking apps in Australia, a decade ago, ANZ pioneered digital banking using modern technology. Today’s ANZ is actively adopting fintech mindsets and using all the latest technologies, too. The company aims to digitally transform its business based on two core principles—Cloud-first and API-first. With such an approach, it is possible to build a highly automated and highly integrated technology stack. The result will be enhanced security on digital platforms and the introduction of innovative features at a fast pace. The question remains, what is the status of ANZ’s digital transformation, and how advanced are its digital platforms? Our ANZ review seeks to answer these questions.
ANZ app review
ANZ offers many apps: ANZ Australia, ANZ Shield, ANZ Transactive – Global, ANZ Pacific, ANZ Plus, ANZ Direct Auth, ANZ FastPay New Zealand, ANZ goMoney New Zealand. etc. Our ANZ Review focuses only on Australian mobile banking products, as ANZ’s headquarters are located in Melbourne, Australia. The bank offers two current accounts in Australia, each requiring its own app:
ANZ mobile app (Google Play)
Category: Finance, Banking
Released: 2012
Current version: 4.57.1.0222
Latest update: 1 мая 2023 г.
Downloads: over 1 million
Rating: 4.5
ANZ Plus app (Google Play)
Category: Finance
Released: May 2022
Current version: 1.0 (44476)
Latest update: May 10, 2023
Downloads: over 100 thousand
Rating: 4.7
The latest updates fixed several bugs and enhanced the user experience.
Onboarding
Individuals with an Australian Driver’s license or an eligible passport can become ANZ customers through the app. The process is fast and simple. To apply, one must fill out a standard form with their name, address, phone number, etc. Minors and newcomers to Australia can open an ANZ account at a branch or via the bank’s official website. The app is intuitive and easy to use, even for non-tech-savvy individuals. If needed, FAQs and video tutorials are readily available on the ANZ website.
Services
ANZ bank offers two current accounts for individuals: ANZ Access Advantage (AU $5 or US $3.25) and ANZ Plus & ANZ Save (no monthly fee). Both accounts have similar terms and conditions. However, there are some slight differences. For instance, ANZ Plus & ANZ Save is a fully digital accounts. The ANZ branches aren’t serving ANZ Plus & ANZ Save account holders. These customers use the ANZ Plus app for all banking operations and consultations.
The service packages include:
- Overdrafts, mortgages, loans
- Free cash withdrawals
- No minimum opening deposit for current accounts
- Apple Pay /Google Pay / Samsung Pay
- Cardless cash from ANZ Smart ATMs
- Deposit cash and cheques at ANZ Smart ATMs
- 3.00% interest rate on daily balances (ANZ Plus)
- Real-time payments
- PayID service to send and receive payments quickly
- Payday notifications (ANZ Plus)
- Scheduled bill payments
- Categorized account statistics
- Detailed money reports
- Transaction search
- Money management tools (expenses predictor, etc.)
- Voice ID
- Cashback
- ATM/branch locator
Additionally, ANZ offers investment tools. However, they can only be accessed via the web platform.
Design & Usability
Some users describe ANZ app as very basic. The app doesn’t offer such features as QR payments or investment tools, so this is partly true. Also, the ANZ app’s design is minimalistic. However, it looks stylish and covers all the needs for everyday banking. ANZ Plus app is the better option for those who want a neobanking experience. It is a modern, newly released app that follows the latest banking and fintech trends. User-friendly, visually appealing, and offers a wide range of features. We loved ANZ Plus’ intuitive navigation system, statistical visuals, detailed money reports, and stylish gamification elements.
Reliability & Security
ANZ’s digital infrastructure is robust, modern, and well-protected. Still, ANZ is upgrading its core banking technology into a cloud-based platform. This transition will enable the bank to deliver reliable, efficient, advanced, and secure services for customers. However, such a digital transformation may affect the app’s performance. As a result, some customers complain about the app’s instability.
Meanwhile, there are no complaints about the app’s security. As a licensed bank, ANZ complies with all data security and money guarantee regulations. Customers’ money is safe there. ANZ apps use all advanced security measures such as session timeouts, push notifications, AI fraud detection, and biometric authentication (Print ID, Face ID, Voice ID). Plus, ANZ apps give customers greater control over their cards. It is also possible to activate ANZ Shield, a single-use code generator, as an additional security layer.
Support
Customers can contact ANZ’s customer service via phone hotlines, email, and in-app support chat. ANZ Plus & ANZ Save account holders can also schedule an appointment with the bank’s representatives. Remarkably, there are so few complaints about in-app chat and branch managers, but there are a staggering number of complaints about phone support. In most cases, clients are frustrated by incompetent staff members and long wait times.
Our verdict
4.8 stars out of 5. ANZ is a well-established financial group with a full range of traditional banking services and a guarantee of safe money handling. There are hundreds of branches and ATMs in its network, as well as advanced digital platforms for everyday banking. In terms of stability, reliability, and security, both ANZ Australia and ANZ Plus apps are excellent. Yet, our favorite is ANZ Plus, which has a fantastic design and offers many more useful features. In fact, ANZ deserves 5 stars, but we cannot disregard numerous customer service complaints.
What we like about ANZ:
- No minimum opening deposit
- Moderate fees for current accounts
- Free cash withdrawals
- Budgeting tools
- Expenses predictor
- Payday notifications
- Cardless cash withdrawals
- Instant payments
- Detailed money reports
- Apple Pay / Google Pay / Samsung Pay
- Scheduled payments
- Transaction search
- Cashback
- Cards control
- Branch / ATM locator
- High level of data security protection
What we dislike about ANZ:
- Poor customer support
- No in-app investment tools
- High overseas transaction fees
Why ANZ?
ANZ is a large banking group with a strong rating and positive outlook. In addition to Australia and New Zealand, it has an extensive network of branches and ATMs across the world. One can see ANZ’s three-petal logo in many countries in the Americas, Europe, and Asia. Customers can, therefore, always find a bank branch nearby if they need assistance in person. Plus, a new online banking platform developed by ANZ offers sophisticated features and functionality previously only available from fintech companies.
Value for customers:
Opening an ANZ account is fast and easy—no minimum deposits, only a few documents, and no branch visit required. The monthly fees are moderate. Moreover, the ANZ Plus & ANZ Save account is completely free. The withdrawals are also free (at ANZ’s ATMs). The bank’s apps are easy to use, secure, and full of useful features. Fintech enthusiasts looking for the security of a traditional bank would find ANZ a good fit.
Value for partnering businesses:
ANZ has a large partnership network that includes other financial organizations, insurance companies, leading retail brands, and fintech startups. Conducting our research for this ANZ review, we didn’t find any information about partnerships on the ANZ website. However, we suppose that any company or brand with a viable proposal can contact the bank’s representatives to propose a partnership.
