Meanwhile, a Tech Research Asia survey, Understanding the AI Opportunity, reveals 66 per cent of companies have engaged third-party technology partners to help them with their AI initiatives.
Fifty per cent of small-to-medium businesses are looking for partners who will help them with AI, particularly when it comes to AI digital strategy and change management.
ANZ is one organisation already helping its largest customers in these areas by providing technological solutions to help meet evolving needs.
Head of innovation and industry for transaction banking Hari Janakiraman says the bank also involves customers in its innovations.
“When we co-create with our customers, they not only get a look under the hood at how we do things but they get the chance to be part of projects that impact their industries more broadly,” he says.
ANZ’s Institutional Transaction Banking business established an innovation and industry team three years ago to research, identify and respond to global trends and technologies that are disrupting payments and cash management as well as trade and supply chain sectors.
Janakiraman’s team hosts customer immersion sessions, enabling them to be involved in research and development on financial services trends.
How ANZ works with clients to solve tech needs
Artificial intelligence is a particular focus and this year ANZ established its AI Centre for Experimentation, encouraging all staff to consider how AI can deliver better outcomes for customers.
“There is a real need for us to ensure what we are doing is the best quality and delivering the best for our customers,” Janakiraman says. “We need to think about how we keep doing that, particularly when the world is moving very fast and there is a lot of disruption.”
Janakiraman’s team also canvasses its customers to determine what they need help with and involves them in devising, developing and trialling its innovations to ensure the best outcomes.
He says a part of that is also realising customers are at different stages of their technology journey.
“Some customers are first adopters of new innovations and are using more advanced technologies, while others will access it once the technology has been developed for use at a broader scale,” he says.
Select customers will pilot new products or initiatives to ensure they are ready to be commercialised.
For example, the innovation team has already been considering the federal government’s proposed Payday Superannuation legislation, which will require employers to align the payment of employee superannuation contributions with the payment of salary and wages.
“We started workshopping with our customers, in terms of how that product will operate, and we ended up being able to successfully demonstrate how this new technology can help the entire superannuation ecosystem,” he says.
“We enable our customers to not just identify a problem but also be involved in providing and creating a solution.”
Channelling tech innovation
ANZ also involves employees from across its divisions and product areas to be involved in innovation, hosting forums for them to express their technology ideas or share common customer problems.
These programs are sponsored by senior executives within ANZ.
“They act as an innovation accelerator for our people because they can come and pitch ideas for endorsement and funding,” Janakiraman says.
“The open and accessible nature allows people to speak out on trends and call out ideas that they believe ANZ should be responding to.
“We know that innovation doesn’t just happen in one part of the bank, so we invite staff from across ANZ to volunteer as contributors in ‘virtual squads’.
“It’s win-win because staff get the opportunity to work hands-on with technology or interact with colleagues they wouldn’t otherwise have exposure to in their day-to-day work, while the industry and innovation team is able to leverage specialised skills and experience from other parts of ANZ.
“If the innovation is successful, our customers will benefit from it.”
Indeed, the CPA Australia report also reveals profitability benefits for businesses that increase their investment in new technologies.
Almost eight in 10 of businesses using AI reported increased profitability compared to 34 per cent that did not in the last financial year.
“It’s crucial for Australian businesses to embrace technologies that are appropriate for them as quickly as possible to ensure they keep pace in a tough business environment,” says Gavan Ord.
“Embracing technologies – and finding out what they can and can’t do for your business – is crucial. AI won’t work for every business, but it could prove revolutionary for some.”