ANZ Global Wealth is focusing on digital innovation through its online and mobile avenues to connect customers.
Global Wealth is investing in strategic growth initiatives on digital platforms for solutions for the self-directed customers and programs to leverage capabilities across the region to deliver scale efficiencies.
ANZ reported strong growth for its Global Wealth division, with its funds management showing an 88 per cent growth since 2012, ANZ’s annual 2013 report said.
ANZ’s income statement showed funds management jumped $128 million in revenue from last year’s $68 million, further strengthening the core retail superannuation and investment offerings.
Total global wealth was up 36 per cent at $469 million, up from $346 million from 2012.
ANZ’s Smart Choice Super product also grew, with higher levels of insurance take-up.
The report showed strong growth in in-force premiums across direct and retail channels. Insurance revenue jumped 9 per cent to $221 million, up from $203 million in 2012.
“In an environment that is challenging, continued investment in claims management processes and targeted retention activities have contributed to an improvement in claims experience and a stabilising of lapse rates over the past 12 months,” the report said.
Operating costs were down 2 per cent, with productivity and simplification activities offsetting increased investment in strategic growth initiatives.
