In a world where the big banks are facing competition from FinTech and BigTech, ANZ group is leveraging its investment arm 1835i to forge next-generation partnerships with disruptive players. Although this is similar to the initiatives of CBA’s X15 or NAB Ventures, ANZ Group believes it is preparing for the future of banking with these investments.
1835i is ANZ Group’s external innovation and venture capital partner. Originally known as ANZi, it was rebranded as 1835i (ANZ Bank was founded in the year 1835).
“External Investments transforming businesses through Data, Analytics and Digital Technologies”
ANZ Group has launched four new businesses in the last year:
- OneTwo Home Loans (a challenger lender that has simplified home loans)
- Propps (a digital real estate offer management platform)
- The LandingPad (a real estate platform that has simplified home buying)
- DataCo Technologies (a new technology platform to address how organisations safely test and realise the value of collaborating on data)
- Cashrewards is the leading cashback company in Australia. Cashrewards credits its members a percentage of what they spend when shopping, which can then be withdrawn as cash directly to their bank account.
ANZ has 12 companies in its portfolio including AirWallex, Lendi, Slyp and Valiant among others.
Other Big Banks are not behind
CommBank X15 Investments – “Reimagining Banking”
CBA “reimagines banking” with new product launches including “Yello”, “Kit” and “Unloan”.
In an update on CBA’s digital strategy and investments, CEO Matt Comyn announced a number of new initiatives aimed at delivering a more rewarding and personalised experience for customers.
Introducing Unloan, CBA’s new digital home loan product, Mr Comyn said “As customer expectations continue to change, we know a growing number of Australians are ready to consider a digital home loan that’s easy to get and more rewarding to live with.
CBA also introduced a new bank for the younger customers – Kit pilot built with the help of kids and parents.
Although the partnerships are aiming for disruptive innovation, there seem to be no new developments or investments in distributed ledger technologies or web3 by the big banks yet. The space is only going to get more interesting.
More to come
