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​ANZ boosts data analytics capability with Google Cloud

The blue bank has implemented Google Cloud in a bid to accelerate the delivery of data-driven business insights to its Institutional customers.

The Australia and New Zealand Banking Group (ANZ) has turned to Google Cloud in a bid to boost its data and analytics capability.

According to ANZ, the initiative is expected to accelerate the delivery of data-driven business insights to its Institutional Customers.

It comes after a proof-of-concept was conducted, which ANZ said used Google's secure cloud tech to analyse aggregated, de-identified data sets for customer insights, instead of performing the task manually.

The announcement follows the bank earlier this month opening some of its ATMs to accept cash withdrawal via smartphones and smartwatches, and adopting Atlassian's range of software as it continues its push into agile ways of working.

"Increasingly, our Institutional customers are looking to us for strategic partnership in addition to the financial products and services we offer. The cloud-based platform can give our bankers meaningful data insights instantly -- as it allows us to process data 250 times faster," ANZ Head of Data and Digital, Institutional Joss Raines said on Wednesday.

"Over time we can help customers make informed business decisions more quickly on issues like liquidity, risk, and cash management, or strategic calls like store locations, inventory, and market positioning."

The announcement from ANZ comes as a report from the Australian Securities and Investments Commission (ASIC) highlighted an "unacceptable" delay in financial institutions reporting a "significant" breach, asking banks to remedy this by improving its data collection and the operation of their business and compliance IT systems.

The report [PDF] found that ANZ in addition to the Commonwealth Bank of Australia (CBA), the National Australia Bank (NAB), and Westpac are taking an average of 150 days to investigate and lodge a breach report to ASIC.

Under the law, all financial institutions are required to have a process that effectively identify breaches and then reports significant breaches to ASIC within 10 business days of becoming aware of them. Failure to do so is a criminal offence.

"The identified instances of non-compliance with the 10 business days reporting requirement are unacceptable, especially when the legal requirement is to report 'as soon as practicable' but no later than 10 business days from awareness," ASIC wrote in its report.

The major financial groups also took an average of 1,726 days to identify an incident that was later determined to be a significant breach.

ASIC also found that some of the IT systems used by financial providers had limited search functionality, which the regulator said, in combination with a fragmented approach to recording information over many databases, inhibited the identification and investigation of a number of significant breaches.

The report from ASIC follows CBA in June entering into an agreement with Austrac to end civil proceedings initiated in August 2017.

The agreement sees the bank admitting to 53,750 breaches of the Anti-Money Laundering and Counter-Terrorism Financing Act (AML/CTF), which included failing to hand over 53,506 threshold transaction reports (TTRs) for cash transactions over AU$10,000 to the regulator through intelligent deposit machines (IDMs) for almost three years between November 2012 and September 2015; and for a period of three years not complying with its AML/CTF program across 778,370 transactions.

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