ANZ Group Holdings Limited (ANZ) Earnings Call Transcript & Summary

Thank you for standing by, and welcome to the ANZ Plus 101 briefing. [Operator Instructions] I would now like to hand the conference over to Ms. Jill Campbell, GGM, Investor Relations. Please go ahead.

Thanks, Ashley. Hi, everyone. Welcome to our ANZ Plus 101 audiocast today. I'm Jill Campbell, ANZ's Group GM Investor Relations. Two presenters today, Mo Khalil, who's MD ANZ Plus & Digital and Brendan Wreford, who's the Technology Lead for ANZ Plus. Before I hand over to them, a couple of points. We're running 2 sessions during March on ANZ Plus. Today's session is 1:1. We know that we haven't presented to you on ANZ Plus for a little while. And so today is designed to be an overview really to catch you up on what ANZ Plus is today and what's powering that, including the technology stack. We understand that there's multiple technology offerings for Australian banks, and it gets a bit confusing. So we hope that you'll find our discussion on what we're doing and how we're approaching it, what ANZ Plus is useful. There's been a subsequent presentation in Sydney on the 24th of March, which will talk a little bit more to the ANZ Plus moving forward. Mo and Brendan will speak for about 25 minutes. We'll go to Q&A. A reminder and then we'll go to Q&A. Sorry [Operator Instructions] We'll be using slides today and if you miss those because you're listening by phone, there will be, along with the recording of the presentation itself, up on our website later today. And with that, over to you, Mo and, Brendan.

Great. Thank you, Jill, and thank you all for joining us today. Before we start, maybe a little bit more introduction. So again, my name is Mo Khalil. I'm the Managing Director of ANZ Plus & Digital. I've been at ANZ for 3.5 years now having joined from CBA, where during my time there, I led their digital experience, customer ecosystems and financial wellbeing teams. I started my career in Financial Services Management Consulting, serving clients in North America and Asia before joining Merrill Lynch and eventually Citigroup to drive product innovation in both the retail and wealth domains. I've also been the founding member of 2 different U.S.-based fintechs, one funded by Microsoft Morningstar and Citigroup that was eventually sold to Cap One and a second, that launched, one of the first mobile digital banking experiences in the U.S. As mentioned, I'm here with my colleague and partner, Brendan Wreford, who will introduce himself now.

Good morning, everyone. I'm Brendan Wreford and I'm the Technology Domain Lead and Head of Engineering for ANZ Plus. I'd love to leave my intro there, but if I were to tell you a little bit about myself. I'm currently leading one of the largest engineering teams today at ANZ. I've been involved with the ANZ Plus project since the start. Before ANZ, I did technology, consulting. I've worked across technology transformation and some of the toughest engineering projects in both the public and private sector. In my experience, I genuinely believe that we have built one of the most talented engineering teams in the country, and I'm pretty excited about what we're building and delivering with Plus. Back to you, Mo.

Thanks, Brendan. So I wanted to break today's sessions into a few -- into 3 key components. Why we built the ANZ Plus platform? What we have built? And what we've achieved so far? So if we go to the next slide, there are 4 key reasons why we decided to invest in Plus as a platform and Plus as a proposition, they are: Competition; commodification; customer expectations; and control. We saw increasing competition from bigtechs and fintechs seeking to disintermediate us from our customers, rapidly bringing innovations faster than any large bank could. Our complex product, service and technology architecture needed to be simplified and uplifted if we wanted to compete effectively. Second, we also saw greater commodification of banking services, compressing margins and reducing returns, dramatically increasing the urgency we had to reduce our cost to run and cost to change. Our platforms are comparatively slow and expensive to deliver on either of these. Third, higher customer expectations as people experience better products, services across -- and services across every industry, they interact, setting new standards for what banking needed to be, and our customer experience was in need of an improvement. And finally, a higher expectation for control and transparency demonstrate consistently that we're meeting our risk and compliance obligations and keeping our customers safe and we needed a more consistently stable, secure and efficient foundation for the innovation growth that we had in mind. In short, we realized that the legacy systems that we and practically every other major bank rely on would not allow us to win in the long run. So next slide. So with these challenges in mind, we set out to build a platform and define a proposition that could deliver on 4 critical objectives. Very simply, they are better, faster, cheaper and safer. A better customer proposition that would not only win in market, but help our customers use the right products at the right time in the right way. In every piece of research we've done, after price, the most valuable thing customer seek from a banking provider is one who can help them improve their financial outcomes. And based on our own analysis, we know that customers who improve their financial well-being use more products or better credit risk and generate more value to ANZ over time. By focusing on financial well-being as our core proposition, we are building a more engaged, more valuable, more loyal customer base for ANZ. Second, we needed faster way to deliver products, services and innovations to make ANZ the place where customers can go to make the most of their money. This meant building an elite engineering workforce and reimagining our technology architecture to give us the high impact, high-velocity delivery we needed to win. Third, we need to achieve way to drive that delivery by applying a very simple rule, build it once. Rather than having multiple origination, product management and servicing platforms, as is common at most banks, we built everything for reuse, and you'll hear more about the impact of that approach later. And finally, and quite importantly, a safer platform with automated compliance and real-time risk management built in, ensuring that we can deliver our services while meeting all of our compliance obligations consistently and transparently. Next slide. These important platform objectives also made it very clear to us that our proposition needed to be digital first, and that clarity has also allowed us to relentlessly focus on simplifying and innovating both how we acquire and how we serve our customers. And for those who can see on screen, what you see on this page is a few examples of some of the decisions that we've made based on that principle. From a fully digital end-to-end account origination experience that eliminates the need for a human-assisted interaction, to digital-only statements and the removal of checks and teller-assisted cash transactions by introducing features that make it far easier to get that supporting app to an array of self-service features that we have and will continue to deploy that are consistently driving our cost to serve lower and lower. And when we do need to provide our customers with support, it is via a lower-cost contact model that is enabled through an array of digital capabilities such as in-app call, video and chat that are scalable as we grow that volume. So the ANZ Plus platform is a strategic response designed to set us up not only to compete but to win in market for years to come with a clear set of objectives in mind that have deeply informed how we design our customer experiences. But before I dig more into the proposition that we've been able to deliver on our performance to date, Brendan is going to tell you a little bit more about the unparalleled platform that we have built.

Thanks, Mo. ANZ Plus is doing a -- sorry, next slide. ANZ Plus is building a modern technology ecosystem that delivers greater agility, speed and safety, designed to meet both the needs of our customers and our business now, and well into the future. Instead of replacing our core banking systems, ANZ Plus took a hollow out the core approach, extracting key capabilities and functionality from within the core banking systems and strategically reallocating them further up the technology stack. We've laid new systems, standards, processes and channels above the core to bring ANZ Plus to life with greater flexibility and customer focus. I'm going to briefly walk you through the 5 technology principles -- the 5 technology principle to guide our technology strategy through and decision-making. First, we've embraced cloud-native approaches. This means we're leveraging cloud platforms, not just for hosting, but their inherent capabilities that shift our engineers from infrastructure management to solving our customers' problems, by utilizing managed cloud services, serverless technologies and built-in platform features, we free up our technical talent to focus on innovations that directly benefit our users. Our API-first strategy prioritize building schema-first API contracts before implementation. This creates clear boundaries between systems, enables parallel development work and significantly reduce the integration costs. It also makes our services easier to test, maintain and evolve independently, while preserving compatibility, ensuring we can move fast without breaking things to our customers. The reusable principle has changed how we build technology by creating product agnostic platforms and services that serve multiple business needs by shifting away from siloed one-off solutions, we're developing shared capabilities that reduce rebuild, while improving quality through repeated reuse. This strategy not only ensures consistency across our technology ecosystem but significantly accelerates our ability to bring new customer propositions to market. Where possible, we build in automated control monitoring for risk management. This proactive approach helps us identify address potential issues before they impact our business or customers. I'll talk a little bit more about this approach shortly. Finally, we're committed to simplification by rationalizing our technology landscape to improve maintainability and reduce operational overhead, by thoughtfully consolidating and modernizing our systems, we're not only reducing complexity and cost, but also creating an architecture that's more responsive to changing business requirements and easier for our teams to support. These 5 principles work together to create technology foundation that's agile, efficient and ready to support ANZ's future growth. Over the past couple of years, we built and established more than a dozen critical systems and over 80 new technology assets that are now powering ANZ Plus. We found no single off-the-shelf platform to support the full range of banking capabilities with ANZ Plus. In key areas that we wanted to differentiate, we've found the market offered no suitable solutions. This led us to build platform like Fabric, our digital banking platform in-house, while partnering with specialists like Zafin to move our project management and pricing out of our core systems. All these systems seen here are now running in production, serving as foundations not only for our retail ambitions but for commercial banking and beyond. Our approach combines building what makes us unique, while partnering for what's best-in-class capabilities where it makes sense. This enables us to focus our engineering talent on true differentiation and avoid reinventing the wheel. Lex is our home-grown lending services platform, handling everything from application to settlement. We built this in-house because lending is critical to our business. The result of the platform speaks for themselves. We've seen loans go end-to-end through Lex at speeds we've never seen before ANZ, possibly setting new industry benchmarks. We'll share more about prime lending in the session on the 24th of March. The CRM, we work with Salesforce. And we've also done minimal customization. It seamlessly integrates with our API ecosystem so our coaches and operations teams see exactly what our customers see, no disconnects, no translation issues. Fabric is the digital banking platform we built account. It is a real-time engine powering all of our customer daily interactions while also plugging to Salesforce to support our coaches and operation staff. This gives us control over our most critical touch points. For identity and security, we chose Ping formerly ForgeRock. Instead of reinventing authentication, we're trying to leverage industry standards like OAuth 2, and WebAuthn without customization. When we need something little different, our engineers build outside of Ping and avoid customizing the product, allowing simpler upgrades, lowering ongoing costs with our identity stack. While the approach sounds simple, we don't see many others taking this approach in the industry. All of these systems feed into Cosmos, our internal data mesh running on Google Cloud. Everything flows here in near real time, creating a rich data environment for insights and analytics. This comprehensive data foundation enables Xplore, our nonfinancial risk management platform. Where possible, explores automated bots, constantly monitor our control and can detect issues within minutes after a change, allowing to do quick fixes. Every control maps directly to the relevant regulatory obligations, giving us complete traceability end-to-end. This ecosystem doesn't just work. It delivered concrete advantages in creating raising products and features, which you'll see shortly from Mo. Let's briefly talk about our dramatic improvement in delivery velocity over the past few years. As you can see from this graph, we're now averaging 3 to 4x as many production deployments compared to when ANZ Plus first launched with Transact and Save in 2022. Behind this acceleration is a robust testing infrastructure. The team runs over 20,000 automated tests daily to ensure quality while maintaining the speed. We have strengthened this with SLOs, service level objectives, which means automated instant records are raised within minutes when these SLOs detect any issues. Another key enabler has been decoupling our production releases from feature activation, allowing our product teams to release features constantly through pilot programs, reducing risk and collecting feedback before making them generally available to our customers. We constantly measure ourselves against the Google DORA metrics, which is an industry standard worth looking up if haven't heard of it. We're proud to rate as elite for deployment frequency and change failure rate while achieving high performance in other measures. What's remarkable is all of these production releases are invisible to our customers. Their ANZ Plus experience updates nearly 40 times a day continuously improving without any interruption or disruption to their banking. The ANZ Plus website, our mobile app and our internal workbenches for coaches and operations teams all leverage the same underlying services and platforms we established earlier. This architectural approach has delivered a significant advantage in speed and consistency. A perfect example is our upcoming ANZ Plus web banking platform, show here, which is currently in internal production pilot testing. What's remarkable is that we didn't need to build a single new back-end service to create this experience. We simply built the web interface on top of our existing platforms and APIs. This demonstrates the flexibility and the accessibility of our architecture. Now I'm going to hand you back to Mo to talk about the ANZ Plus customer proposition.

Great. Thank you, Brendan. So as you can see, we've built a phenomenal platform that is allowing us to operate at a pace and deliver impact that is scale, that I think something the team is very proud of, particularly when you keep in mind that the customer experience is updating 40 times a day in the background, without them ever having any sense of interruption or disruption. But what is the customer proposition that we are building on top of this? Well, what we recognize is that with this phenomenal new set of capabilities, we needed to double down and understand what we had to deliver as a proposition to not only compete but win in market. And so we focused on, as mentioned earlier, really delivering on 3 financial wellbeing principles. First is helping customers solve the challenge of being able to spend mindfully, helping them become much more intentional about their spending habits and making better informed decisions so that they can live within their means and enjoy their life. The second was really helping them to save more regularly, so that they could buy that home, start that business or achieve whatever ambition they've set out for themselves. And third was building experiences that allow them to borrow responsibly, so they can choose the right product and use it as attended and hopefully repay that home loan or debt off faster. Again, we know from our research and analysis that by focusing on this as our core proposition, we would increase customer trust, engage with them more frequently, and have more opportunities to provide them with the right products and help them use more of those products more effectively so that they become better customers and better credit risks over time. If you haven't tried ANZ Plus, I highly recommend you sign up. It literally takes minutes, and you can do it all on your phone today. Next slide. What's that process look like? Well, first, once you've downloaded the app, you simply scan your license and/or passport, take a selfie to verify your identity, we use biometrics with the photo that you take to match your selfie to your ID, and then in the background, we complete all of the KYC requirements to ensure that you can be digitally verified. Within minutes, you can not only order your physical card but load it on to your digital wallet, fund your account and begin transacting immediately. Now again, this is a phenomenal experience, but it's not the entire set of things that we've been delivering. And so with that, we're going to take a minute to show you some of those features that we've delivered on ANZ Plus 40 times a day for the past 2 years. Let's move on to the video. [Presentation]

Hopefully, that gave you a bit of a taste of what Plus has today. Here's a little bit more. There are 3 key things that we've been able to deliver. One is really focusing on delivering that fully digital end-to-end experience. And not only have been able to do it for customers who are opening up an account for themselves. But now we are able to do that for customers who want to open a joint account, which if you understand the process is quite a complex and challenging thing to deliver, to have a fully digital joint account experience. And again, it takes minutes and both individuals will have access to their digital card and fund the account and start using it very quickly. And then second, when it comes to faster change of delivery, One of the features that we have from a financial wellbeing perspective that can be underestimated if you don't understand how challenging it can be is roundups. We allow customers to roundup transactions to the nearest $1, $5 or $10. And it sounds simple enough, but no other major bank can deliver this feature without a major -- without tremendous expense because of challenges related to how legacy systems work. But given our far simpler technology stack with best-of-breed solutions designed with high reusability and cost-efficient scalability. This innovation took weeks rather than years and caused magnitudes less than what would typically be the case. In addition, we also are deploying some really powerful safety features for our customers. Scam Safe, a suite of extra controls that provide educational content to help you protect -- to help customers protect themselves and their cash. Not only the tips and tools, but it's also features that allow us to ensure that no one is spying on your screen or keeping a closer eye on cryptocurrency and digital wallet transactions to make sure that they're being used directly. And then My Accounts, an opportunity for us to demonstrate that this platform not only is something that we can use, but allows us to integrate really well with partners. And so we're the only major bank actively leveraging open banking data to provide customers with a complete view of their finances across all of their account relationships in the industry. And finally, Add Ons. Another way for customers to better manage their financial being by keeping track of the value that they are generating with things like frequent flyer points at Qantas and other partners that we're working very quickly with to deploy onto the platform. So when you build something this brilliant, you would expect brilliant results. And so if we move on to what that has delivered, what you can see is that as communicated in some prior updates, in comparison to the current ANZ experience, the ANZ Plus cost to acquire and cost to serve is dramatically lower. And we have more work underway to continue driving these costs down even further. And while we -- and we see highly addressable opportunities to do even better, what we can share publicly thus far is that we've been able to reduce our cost to acquire by 45% and our cost to serve by 35%. And again, I want to reinforce these are FY '24 numbers. And so we'll have more to share in time about our progress against this objective. And when it comes to customer growth, we are now one of Australia's fastest-growing banking services with 1 million customers and growing. This is not only a testament to the platform and to the proposition, but a real demonstration that we've been able to deliver on the customer promise of providing people an experience that they truly love. And if you want to see what that looks like, if we move on to the next slide, what you'll see is that customers love the joint experience with an NPS rating of plus 58, and they love interacting our coaches when they need that human-assisted support with an NPS of plus 44, again, exceptionally high satisfaction ratings when you compare them to our major bank peers. We're now at over 1 million customers with nearly $20 billion in deposits and over half of them consider us their main financial institution, and half of those are engaging with our financial well-being features. When you look at us in-app, our digital experience also rates extremely highly with a 4.7 in the Play Store and a 4.8 in the iOS app store. I think, and I hope that you've got an understanding of why we had an imperative to build out a Plus platform with a new customer-centric proposition. I hope you understand by now the decisions and principles that we applied to how we built out that platform to really ensure that we can deliver on the objectives of better, faster, cheaper and safer. And I hope you have a good understanding of why we've chosen the proposition that we've chosen because we believe it is one that will not only allow us to win in market but create a synergistic relationship with our customers, where when they succeed, we succeed, and ultimately, the performance that allowed us to deliver in terms of our products that have been market for the past few years, are demonstrated in these numbers, both in customer growth and their satisfaction, and fund growth and their engagement with us. We hope that by now, you see that this platform will allow us to deliver the ambitions that we have for the future of retail and in time commercial. For now, we'll shift to customers -- sorry to question and also see you on 24th.

Thank you, Mo, and thanks, Brendan. Ashley, I'll hand over to you in a sec for Q&A. Just a reminder, we today deliberately 101, there are things -- there are aspects that future for ANZ Plus we deliberately haven't covered today, today is about helping you understand in a better way what we've got now and what got us to that point. So with that caveat I'll hand over to you, Ashley, to open for Q&A, please.

[Operator Instructions] Your first question comes from Matthew Wilson with Jarden.

Team, Matthew Wilson, Jarden. Just sort of standing back, based on your experience and research with customers, are apps a retention or acquisition strategy? Are customers clearly captivated enough by banking such that they will switch to the perceived best digital experience or does it just lower the sort of entry barriers associated with it, apps essentially become homogeneous while the old branch footprint weren't necessarily? So in essence, is it an advantage for ANZ? And then I've got one other question, if I may.

Yes. Certainly, there's available research on the percentage of customers who are switching within any even year, and it's not a substantially high number. We think that the opportunity here at really is with -- and we sort of glossed over it when we showed the customer growth slide, is that we're definitely winning with the younger customer cohorts. And so it is building that future MFI population for us and ensuring that we're able to retain the existing customer population that might switch for a better experience.

Matt, about half the customers that we've got on the site now are new to bank, relative to...

Yes.

Yes, half are ANZ Classic customers as well. But certainly, the team has got an equal amount of focus on -- it can't just be about cheaper, et cetera, the offers got to be good. So the retention, as you've heard Mo talk about, is a key factor. So equal focus on both and the retention has been really strong.

Okay. And then Secondly, it's a cheeky question, but you pointed it out in your biography, Mo. Could you compare and contrast ANZ with CBA from a digital perspective?

Carefully.

Carefully, yes. Actually, I would also welcome Brendan's thoughts on this because I know from a tech perspective, there's probably some insights there as well. I think that we are -- we have gone down a path that really sets us up for the coming decade in terms of the platform capability and flexibility, whereas CBA has certainly made substantial investments in the technology capabilities, but has some underlying challenges that will constrain them going forward, particularly given sort of the way that they can better integrate across their complex set of systems. So they've got a really good tool kit but they haven't gone through the level of simplification and reusability that we've been able to drive in Plus. And I think that will be the advantage that we can rely on in terms of being able to deliver innovation, more efficiently and with higher velocity.

Are you referring to the fact that CBA never transferred the retail bank by and large on to SAP. So they're still running very old ledgers with respect to home loans and retail and unsecured consumer loans, et cetera. I think it's still on the deposit system.

I'd always urge caution when we're comparing and contrasting to peers, Matt. So we'll probably with what -- I mean there's no question. They've done an amazing job on the technology front, and it's an incredibly well run back. So not for us to really critique what they have or haven't done and how they might approach anything.

Your next question comes from Jonathan Mott with Barrenjoey.

Two questions, if I could. The first one is on products and then the second one just on some of the financial data that you've put out. The first one, theres a little thing that you say no cash telling. It's going to be fine for those first customers that come over, but you'll probably be left with the tail when you source migrate some of the people. How are you going to deal with the blowback with the elderly, disadvantaged and some of the people in rural areas, especially given the focus that the Treasurer has on access to physical presence and distribution as you move off Classic and move everyone essentially on to digital?

There's quite a bit of thought going into that and how we -- obviously, we have regulatory requirements and we've got every intention of fulfilling those. So it's notwithstanding, it gets trickier when you have some of the smaller cohorts and there's a lot of thinking going into that. But for now, the vast majority of the customers we think will be comfortable with the offer. We've got no intention of, for example, not having branches or anything like that. So we'll get more into -- and in fact Maile -- can answer that question on 24th about how we're thinking about some of those. If we're thinking about more bespoke cohorts, but today, with the current offering, you can -- and people are going into our branches and discussing ANZ Plus and that conversation is going really well.

Okay. And the second question, just on the financials. On Slide 23, you talk about the cost to acquire and cost to serve. And I always like reading footnotes and it says, the cost of service based on variable costs, including distribution, operations and product costs, if you fully costed including the fixed costs as well, how would those numbers look? Obviously, not down 35%. What is it on a fully costed basis?

It's almost, look again, a it's almost impossible to do that, and we have to look at it on the basis that we've done it because effectively for right now, we've got 3 platforms really, we've got ANZ Classic, ANZ Plus and Suncorp. So really, this is a way of how we think about it internally and understand the economics of it. And again, Maile can talk a little bit more to this on the 24th. But we look at it this way for a reason. I know that doesn't answer your question, but we have to think about what is this platform delivering? And how should we think about it as a stand-alone? And then obviously, over time, as we drive more volume on to ANZ Plus then the -- you can translate or think about the costs in a different way. I know that doesn't really give you what you want, but that's probably the best way I can answer it today.

The next question comes from Brian Johnson with MST.

Mo, I'd just like to question one thing or 2 questions. But the first one is UBank, I can actually see other -- as far as I can work out, I can see other bank accounts that aren't NAB, aren't UBank. I can also see my superannuation. Did I incorrectly hear what you said on the presentation because I think other banks do offer that.

We're the only bank that uses the secure open data -- open banking data. UBank and others that you see in market are continuing to use screen scraping, which we know is less secure and puts customers at risk. And so while it's available, it's not only that it is a bit less safe, it's also not real time. And so we are uniquely able to do a very safe and secure and real-time view of all of your accounts across all institutions at ANZ Plus. And that is, I think, what makes us stand out from the others.

Mo, do you reckon the customer actually realizes that thought?

Some do. But I think unless they're actually specifically comparing those experiences to Plus, they may not be aware. So we'd have to do research to understand that, to be honest.

The second one is, at the last ANZ Plus briefing that we had, you actually spoke about -- well, I can remember someone speaking about home loans. And I see on the slide that it's coming soon. It's been coming soon for quite a while. But last time we spoke, you said that there'd be no differential between the pricing between the branch and the broker channel. Can we just get some feeling on what is the intention there with this new home loan to come? Will it be available on the app? Will it be available through the broker channel with ANZ Plus? Will there be a pricing differential between it?

Yes. So again, as I've said a couple of times, some of the -- we're talking about what's there today and Maile can talk a bit about it, Maile and Mo will talk a bit more to this. but there is a home loan and has been home loan for a while now in market. I'll hand to Mo to talk about that. And we deliberately started -- as you can imagine, you start with something that's 80% or LVR or below refinance, the kinds of stuff, I guess, that Macquarie does. And so that's actually in market. And more importantly, what it does offer and we realize that customers -- not every customer will use this version of it, but it is a genuine end-to-end digital. So from application to draw down digital, not a front-end apply, digital and someone frantically running around in the background, which is what some of the offers are in the market. So look, in terms of the pricing, I don't remember us saying that, but I can go back and check. But ultimately, a really compelling offering for brokers, you'll see in the next 12 months or so. They're a super important audience for the sector, not just for us. And then in terms of how you differentiate or don't differentiate on pricing and the compelling thematics that you get when you do an ANZ Plus home loan, we'll make that decision in due course. But obviously, this is -- it's a massive jump forward in terms of what we'll be offering. It's already there, but do you want to talk a little bit to what currently...

Yes. So we have home loan refinance in market today. And again, have built a lot of it for reuse. And what that means is not only will additional home loan products be able to be put rather rapidly in quick succession over the next 1.5 years so that we can move all of our front book acquisition to ANZ Plus. It will be a very dramatic acceleration, and I'm sure we'll share more on the 24th in terms of the momentum we're already seeing of that volume moving. On top of that, I want to highlight that it's, again, a lot of reusability. We leverage the -- My Account experience to allow customers to create a digital statement of position so they can complete that process in minutes. A lot of actually -- the vast bulk of what we've built for home loans today will underpin that broker experience, meaning that there is very limited incremental builds required to deliver on that again. Again, it's build once, reuse many, many times. The origination experience that we've built for home loans will be reusable for other lending products as well, where there will only be small incremental build. So the fact is we do have a home loan product in market, we will be rapidly deploying more. And again, we're building the foundations in such a way that they are actually allowing us to move even faster on things like broker and additional lending products in time.

Fair question, BJ, and we realized that part of this is we haven't yet done a big marketing push on it because it has -- we've still gone -- we've gone through pretty rapidly that test and learn, but you'll certainly hear and see more of it over the next few months or so. But we're really pleased with what we've seen so far.

And Jill, just a final one, if I may. ANZ Plus at the moment. There's a -- one of the slides you referred to web banking and sorry -- so I can't see the slides in front of me. Could you just reiterate the point that you're making on that? Is it available online banking at the moment or is that something that's coming?

Yes, we've had a website that gives you all the information on ANZ Plus, but in terms of the online banking side, that's kind of close.

Yes. That's coming soon. So we -- I mentioned that that's in pilot now. So we're testing that internally, and that will come out very shortly. So that's why we're happy to mention it today.

Yes. And again, a really good example of reuse. There was minimal incremental build as we were able to reduce all of the APIs and services that supported the app experience and just put a different wrapper.

The next question comes from Carlos Cacho with Macquarie.

Mo, I'd be interested, given your background in wealth and obviously, the focus on financial well-being from your time at CBA and now at ANZ. If you're looking at -- if you are looking at or you do have the capability to add other kind of savings and investment products to the platform like the roundup feature is great, but I presume the customers who are most interested in that feature are probably also interested in other forms of investments, be it -- kind of fractional shares or ETFs or something like that. So -- is there scope down the line to expand this to offer other things? I know that you're going to have a partnership with CMC Markets for share trading with ANZ now?

Yes, absolutely. Absolutely. And that's why I wanted to highlight in that ecosystems bit around the fact that we've built our platform to make it really easy for partners to integrate. And so that is certainly of the plan because, to your point, we recognize that helping customers accumulate and even decumulate wealth is something that they need help with. And so we're going to ensure that we can bring on and integrate some of those experiences when the time is right.

Great. And the second question, in the slides, it's been noted the cost to acquire and cost to serve the deposits. You do have a home loan product, obviously, not the full suite yet, that is currently in there. Can you give us any indication of how that is comparing in terms of the cost to serve and the cost to acquire versus ANZ Classic? Now, is it tracking as good as the deposit side or maybe not quite there yet?

We can't give specifics, I think and we'll talk more, I think, on the 24th and beyond. But what I can tell you is we're seeing extremely pleasing results.

Yes. And I think fair that it's fair to say that with home loans, it's more about the cost to acquire.

Yes.

With other products, it's more about the cost to serve if you think about it that way. So getting a meaningful difference in the cost to acquire is something we expect we're already seeing. But obviously, it's small at the moment, but we'll talk more to you about that, subsequently.

Your next question comes from Andrew Triggs with JPMorgan.

Mo, I'm just interested in your thoughts on the suitability of ANZ Plus for ANZ's commercial customers. Noting that it can't do cash telling, when do you think it'd be ready to serve customers at the smaller end of commercial? I think that's the strategy from Clare Morgan?

I'll leave the when to the side for the moment. I think the point I would make is that when we've spoken with our commercial partners around their needs, again, what we found is this tremendous amounts of reusability. They are basically coming in with the vast majority of the core capabilities and functional experiences required to deliver ready and it is incremental elements that are related to some of the more complex arrangements and relationships that occur within small business and other banking that needs to be solved for. As for timing, I think we'll leave that for sort of at a later date to talk to.

So just to be clear, Mo, it would be a different iteration of ANZ Plus or would they see the same thing that a retail customer would?

In terms of the experience itself, well, it will be within the ANZ Plus app experience, but there will be a distinct flavor of commercial -- or commercial experience in there. So customers will be able to effectively toggle between personal and business accounts very simply in app.

Okay. And can I just get your perspective, please, on how important turning off ANZ Classic is to drive efficiencies within the bank. I mean, that was always, I guess, the end goal was to say that avoid the dual run costs, but the gain is probably making more of the lower cost to serve and acquire over recent times. So just your perspective on how important turning off Classic is to driving those efficiencies?

Yes. I'll save Mo from that one. Probably a good question for Maile on the 24th Triggsy, but look there's no question that, that adds quite a bit of value when you get to that point. But nevertheless, being able to have more and more customers on a platform that's substantially cheaper to acquire and serve is also valuable. As I said, today is really more about a one-on-one. What we're building up to is more subsequent conversations that we get into that level of detail. We know that you want that and it's important to understanding the value componentry. Not really a question for today. So sorry to cut you off on that one, but I'll give Maile, a heads up that she should expect that question on the 24th.

Next question comes from Matt Dunger with Bank of America.

An interesting comment you just noted half of the customers are Classic as well on ANZ Plus.

Yes.

I'm just wondering, as you're running multiple systems with Plus and Classic? How do you get a single customer view, both from a KYC perspective but also from a sales perspective and customer insights?

If they're on both.

From the business side, not from the customer side. Because on the customer side, customers who are -- what we call cross that today can actually view all of their ANZ Accounts on ANZ Plus as well. We do have a single one customer view of all of our customers' data, which makes it possible to do that. And so that data is actually being shared consistently across our legacy and our new capabilities. So we do have that view that you're speaking to.

And Ashley, I'm sorry to do this, too. I love that there's so many questions and you're so engaged. Thank you so much for that. I can say that there's -- and sorry, Matt, I didn't want to cut you off, but just maybe you've got follow-up, that's fine. But I can see Ed, Richard, Nathan and John, that you're sitting in the queue with questions. The team and I will come back to you. So sorry about that, but we did have 45 minutes for the call and we're kind of at that time. So Matt, did you have a follow-up, and then I will need to stop questions.

Just if I could ask one last question on the customer proposition and the Suncorp migration looming. What features need to be switched on at the moment to ensure a seamless migration of these customers? What are you most focused on developing in the meantime?

It's -- Matt, and we can talk to you a bit more about that also on the 24th but it is -- everything that's being developed today and continues to be developed, will ultimately benefit the Suncorp customer base when they come across. So don't think about it as being necessarily different. There's work to be done on lining up the terms and conditions and functionality of products across those platforms so that we are able to migrate, and it's more about that rather than there's nothing -- one of the great things about the Suncorp bank that we acquired, it looks and feels a lot like ANZ. So there's nothing unusual about their product base that would require us to develop anything exotic. In fact, exactly the opposite. It's more about lining up terms and conditions and features and that's what lets you simplifying products is the most important thing, but there's nothing strange on their platform that would require us to do anything different. So I think that sounds like we're done, Ashley, I'll just thank, everybody, for attending, and I'm really sorry for not being able to get to the last few questions, but we will ring you. We're looking forward to seeing everyone on the 24th.

Thank you. That does conclude our conference for today. Thank you for participating. You may now disconnect.