ANZ branches continue to be displaced by technology

ANZ Bank has revealed plans to further consolidate its branch network as part of its ongoing digitization efforts. The bank announced $274 million in opex savings due to “productivity and regulatory investment reprioritization” in its investor presentation. CEO Shayne Elliott stated that customers are “voting with their feet” and “nobody wants to go to the branch anymore.” ANZ has around 400 branches in Australia and will not need the same branch footprint in the future. ANZ’s opex savings also included updated network and software contracts and simplified infrastructure. The bank reported a cash profit of $3.8 billion, up 12 percent from the previous year, and a statutory profit of $3.5 billion. ANZ’s institutional business had just over $3 billion in revenue for the first half of the year, up 35 percent from the same period in 2022.