Here’s how ANZ plans to keep ‘decision making fair’


Australia and New Zealand Banking Group Ltd (ASX: ANZ) has appointed a new customer fairness advisor.

ANZ shares climbed 0.41% on Tuesday, finishing at $26.69 at market close. The S&P/ASX 200 Financials Index (ASX: XFJ) also finished ahead today, up 0.99%. For perspective, the S&P/ASX 200 Index (ASX: XJO) fell 0.73%.

Let’s take a look at what ANZ announced on Tuesday.

New appointment

ANZ has appointed Evelyn Halls as its customer fairness advisor, the bank announced. Halls will report to the company’s CEO Shayne Elliott. Commenting on the appointment, Elliott said:

This is a crucial role for ANZ that we first established in 2016 and I’m confident Evelyn will build on the legacy of Colin Neave who served as ANZ’s inaugural Customer Fairness Advisor.

As ANZ’s services become even more digital, we’ll be particularly looking to Evelyn to help us use data responsibly and ensure our decision making is fair.

Halls recently served as lead ombudsman at the Australian Financial Complaints Authority. She has more than 25 years of experience in the legal and financial services sector.

In early March, ANZ also restructured its executive team to prepare for future growth. The retail and digital divisions of the bank have been combined, while a new commercial division has been created.

The ANZ share price also climbed yesterday amid concerns of rising inflation, as my Foolish colleague Sebastian reported.

The US Federal Reserve is due to meet this week when it is widely predicted interest rates will rise by 25 basis points, CNBC reported. The Australian Reserve Bank of Australia (RBA) often takes its lead from the US Federal Reserve, as my Foolish colleague Bernd has noted.

The other three of the Big 4 banks also finished higher on Tuesday. National Australia Bank Ltd (ASX: NAB) climbed 0.86%, Westpac Banking Corp (ASX: WBC) jumped 1.12%, while Commonwealth Bank of Australia (ASX: CBA) gained 1.75%. Macquarie Group Ltd (ASX: MQG)bucked the trend, finishing 0.44% lower.

ANZ on the ASX snapshot

The ANZ share price has shed 6.02% in the past 12 months but in the past week alone, it has jumped 6.76%.

In comparison, the benchmark financials index has leapt 7.26% in the past 12 months, gaining 7.47% in a week.

ANZ has a market capitalisation of about $74.8 billion based on its current share price.

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