Australia and New Zealand Banking Group (ANZ) plans to ‘speed up innovation’ by entering into a partnership with Sydney-based startup Data Republic.
Although financial details of ANZ’s investment are yet to be disclosed, it will provide the bank access to the Data Republic platform, a ‘data sharing control centre’ for organisations to store, categorise and share data while maintaining strict governance and auditing frameworks.
It will allow ANZ to securely share data with third parties.
ANZ’s Chief Data Officer Emma Gray said: “Using data analytics and insights to deliver better customer outcomes more often is an essential part of how we need to operate in the digital economy. This partnership allows us to get more out of the data we already have, but in a safe and secure environment that provides the highest levels of governance.”
It is thought that ANZ will start leveraging the platform from late March, from which it will base a wider programme of operational improvements.
Data Republic CEO Paul McCarney added: “This partnership is about ANZ investing in the right technology to future-proof their data collaboration capabilities and will ultimately position ANZ to overcome many of the challenges and potential risks associated with open data, data sharing and the Federal Government’s recently announced Open Banking reforms.”
ANZ joins Westpac and NAB in having a financial interest in Data Republic, the latter taking part in its Series A investment round in 2016.