Planning takes a long-term turn at ANZ

ANZ's origins in English and Scottish mercantilism - and with a colonial founding date of 1835 - appear to be an insufficient legacy to institutionalise a culture of long-term planning at the bank. Apparently the bank lacked this focus, at least recently, or so the bank's long-serving chair now says.

Charles Goode, chair of the board, almost engaged in some self-criticism at his final annual meeting before retiring in the new year.

Talking up the bank's investment credentials, Goode declared the bank was shifting from "short-term performance to longer term performance" and from "tactical to strategic planning".

Goode also said the bank shifted "from seeing risk management as being a barrier and a cost to it being the key part of the way we do business".

He did not elaborate, though he did leave his CEO to drop a second twist in rhetoric.

Mike Smith, managing director of ANZ, said that "part of our plan is not just about acquisitions but about creating a bank that has a quality on par not just with the best banks in Australia but the best banks in the world."

This bank would be, he said, one "that provides customers with a significantly higher level of service than they are used to … that unlocks the value of the ANZ brand."

Smith said this was "not the old customer focus line: this is about having better customer insight and better understanding of our customers' needs."