ANZ branches continue to be displaced by technology.

ANZ Bank has indicated that it plans to further reduce its branch network in response to increasing digitisation. The bank reported $274 million in opex savings from “productivity and regulatory investment reprioritisation”, with investments in digital channels and a decreased physical presence contributing significantly to the reduction. CEO Shayne Elliott said that while ANZ currently operates around 400 branches in Australia, customers are increasingly choosing digital channels over in-person banking. As a result, the bank will not require the same branch footprint in the future and will likely reduce its number of branches. Additionally, ANZ reported that non-lending products, such as international transaction processing, represented 53% of the income for its institutional banking division, which generated over $3 billion in revenue for the first half of the year.