ANZ is New Zealand’s largest retail bank and it also runs New Zealand’s largest wealth management company that operates in the country’s highly regulated superannuation industry.
The opportunity:
ANZ’s wealth management division was performing badly and losing market share to specialist wealth management providers. It was looking for ways to improve its products in ways that would get it back onto a growth trajectory and reverse its long term decline within the sector. It had put some initiatives in place to address its poor funds management performance but it understood that these initiatives would at best create performance parity and would not necessarily drive strong growth. As one of New Zealand’s most successful innovation consultancies, Purple Shirt was engaged to bring new ways of thinking to ANZ and help it uncover new growth opportunities for its regulated superannuation products.
Our approach:
Our New Zealand based consultancy, Purple Shirt, worked with ANZ to implement a best practice innovation approach for this engagement. This process had been developed and refined over the last ten years and was anchored in the leading methods and approaches that are now widely used by the world’s most innovative organisations e.g. Jobs To Be Done, Lean Startup Methodology, Behavioural Economics. This work included primary customer research to understand what was driving customer choice in the sector and using these insights to develop highly innovative new offerings that leveraged ANZ core competitive advantage of market scale.
The results:
Our New Zealand based consultancy, Purple Shirt, developed a number of new value propositions that were largely targeted at first home buyers as this cohort had been identified as being underserved by the current providers with significant challenges to participating in home ownership. They developed and validated a new value proposition that would help these younger savers to save faster whilst also setting themselves up to get a better, more affordable home loan. Having helped the ANZ team develop and validate the new value proposition, Purple Shirt have now transitioned implementation over to ANZ in line with their best practice innovation process.
