Develop incremental innovation in payments

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But while COVID accelerated that change, it was one that was already happening. At ANZ and in my role, we have been working for some years on an improved digital environment, simpler, better adapted to the needs of our customers, more secure.

“As many billers want to migrate to cheaper and more efficient channels, it’s equally important that they understand why their customers are so dependent on specific payment types.”

This is how the whole banking industry evolves. For example, a recent EY report noted that “digital transformation is accelerating, new risks are emerging, and banking models and reputations are being tested. The COVID-19 crisis is putting increased pressure on banks to improve their technical capabilities at a time when they are also more vulnerable to cyberattacks and consumer credit issues.

This is the overall picture. But how is it happening at the local level? From our experience at ANZ, there are some key areas and functions that we consider essential for our customers and where we can help.

Real-time payments – When COVID hit, we knew faster payments were going to be essential – yet our customers’ IT teams were focused on shifting to remote working. This is why we have developed a solution that allows us to accept a file as direct input. Using our translation capability, we can then convert this file into an Osko protocol (online network for sending money between participating banks) so that payments can be sent at any time of the day.

This feature helped pay casual staff, reimburse personal expenses, and make payments to people in vulnerable situations. Thus, we could provide an improved customer experience (faster payments) and reduce the need for our customers to use their technological resources.

Secure payments – we’ve heard horror stories about fraud and compromised systems and when it happens to your organization, your concern only escalates. We often ask ourselves, “How can we help our customers sleep at night?” “. A colleague of mine has developed a solution that alerts a customer when a new beneficiary bank account number is added to a payment batch.

This allows the customer to validate the details before authorizing the transaction, reducing the risk of fraudulent payment. It’s a simple solution that uses our matching engine and robotic processing automation to give customers peace of mind.

Working capital optimization – many customers want to automatically identify receipts and consolidate funds. They want a single account to manage their working capital or investment needs. Virtual account solutions have traditionally been used to manage reconciliation and compartmentalize balances.

These accounts also use capital more efficiently by providing immediate access to pooled funds in one physical account while maintaining the visibility and reporting benefits across multiple virtual accounts. This solves a big problem for customers as it does not require complex documentation or facilities to provide.

We use data analytics to provide in-depth insights to our customers – Understanding customer behavior is becoming increasingly important for businesses. As many billers want to migrate to cheaper and more efficient channels, it’s equally important that they understand why their customers are so dependent on specific payment types.

By using data analytics, we can provide insights to our customers about why their customers are using a particular channel. We then apply industry best practices to help customers determine the most appropriate migration strategy.

Unattended payments – our customers operate in a global environment. They expect to release payments in their time zone and in real time when triggered by an event. They often want to convert to an Osko payment funded by a foreign account with full visibility of the exchange rate at the time.

This is now possible through the use of application programming interfaces (APIs), workflow tools and translation. And it’s so much fun to use all the basics to solve these real customer needs.

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