ANZ Banking Group is reducing the number of technology vendors it works with and has challenged the remaining ones to work more “effectively” to curtail “unnecessary” costs.

CEO Nuno Matos said that as part of a 2030 strategy, the bank would be “embedding a far more disciplined approach to our external spend, including strengthening procurement practices, and significantly reducing the number of vendors” it works with.

“In technology, we are challenging our vendor partners to work much more effectively with us, to avoid and remove unnecessary expenditure on technology,” Matos said.

“The productivity of every dollar we’ll invest in technology is being increased significantly. Our observation is we can be much more successful in squeezing outcomes [out] of each dollar we spend on technolo

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