ANZ bank to focus more on Bangalore operations

Mike Smith, CEO of the ANZ Bank, has said that the bank will further integrate and expand its operations in Bangalore in order to double its profit and provide better service to customers.

Melbourne, Dec 19 : Mike Smith, CEO of the ANZ Bank, has said that the bank will further integrate and expand its operations in Bangalore in order to double its profit and provide better service to customers.

"We will do more to further integrate and expand our operations in Bangalore ... to reduce cost and foster innovation and improve service. This will free up time for staff in Australia and New Zealand to focus on taking care of our customers," Smith said.

"We don't aspire to just be equal, but attempt to better some of what the global leaders in this field have achieved. We'll get there by sharpening our focus on segment base marketing and making changes in the way we use technology," he added.

Smith said that the ANZ has set a goal of doubling its profits in five years, and added that a big part of this would be achieved by growing earnings from Asia.

Speaking at an investor briefing before the bank's annual general meeting in Perth on Wednesday, Smith said that 2008 will be more about putting in building blocks for the next few years.

ANZ will continue to pursue higher levels of customer service by giving its representatives access to all instances of a customer's interaction with the bank, he said.

The Australian quoted Smith as saying that there would also be more emphasis on the online world.

"To become truly customer centric requires continual investment in technology so that it becomes a source of competitive advantage for us rather than just a means for keeping the doors open," he said.

ANZ's institutional business has lagged its competitors in recent years, and Smith identified poor investment in technology as one of the reasons behind this.

"We really should have done better than what we have. Our growth in 2007 was six per cent, compared to a peer average of 15 per cent.

ANI