ORGANISATION
Australia and New Zealand
Banking Group Ltd (ANZ)
ESTABLISHED
1835 as Bank of Australasia
LOCATION
Operates in more than 30 countries across Australasia, the Pacific, Europe, Dubai, USA and Asia
SPECIALISING IN
Banking and financial services.
EMPLOYEES
> 35 000 worldwide
OPERATING INCOME
$12.16b
MARKETS
Globally integrated company
www.anz.com
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‘SIMPLICITY IS THE KEY’
Peter Dalton, ANZ Group General Manager, Innovation, ANZ
THE CRITICAL IMPORTANCE
Peter Dalton admits that the banking and finance industry is not known as one of the most innovative in the world. The industry has traditionally been risk averse, Peter says, and hasn’t done a lot in the last few years. ‘This is, in part, because of the culture of large organisations. Things can get too comfortable, and so there is’, Peter says, ‘a risk that we don’t do enough.’
‘If we don’t do enough other organisations from overseas or smaller organisations can actually come in and do the innovation that organisations such as ANZ should be doing,’ he says. With Peter’s recent appointment ANZ has acknowledged the critical importance of innovation.
WOW!
Peter describes several tests that ANZ applies to its own innovation practices. The first is: how many good ideas do we have in our pipeline, because if the cupboard’s bare then we’re really not innovating; the second is: how many great ideas do we actually bring to market; and the third one is: are our customers saying, ‘wow! This is a great product that we want to use.’
‘What I’ve discovered in my journey is that what I really want to do with innovation is to make people’s lives simpler and richer so that they can spend more time on the important things.’
Peter Dalton, ANZ Group General Manager, Innovation, ANZ
A SIMPLE DEVICE
Peter describes the art of innovation as saying no to a thousand ideas so that efforts can be concentrated on the one or two that will really make a difference in people’s lives. Simplicity, in Peter’s view, is a key to innovation. ‘Customers don’t want more complexity in their lives’ he says, ‘take the light bulb as an example. It took many, many years and many experiments to get it right. It has changed our lives, it changed whole industries. And, at the end of the day, it’s actually quite a simple little device.’
MORE INFORMATION
For more information about Industry Innovation Councils:
WEB www.innovation.gov.au/industryinnovationcouncils
EMAIL innovationcouncils@innovation.gov.au
PHONE +61 2 6213 7221
Manager
Industry Innovation Councils Team
Department of Innovation,
Industry, Science and Research
GPO Box 9839
Canberra ACT 2601