ANZ says it will be able to use the platform to share data with trusted third parties in a secure and well-governed environment.
The bank says the partnership will provide it with access to the Data Republic platform, which delivers a “data sharing control centre for organisations to store, categorise and share data while maintaining strict governance and auditing frameworks”.
ANZ 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.
“Through the cloud-based platform we will now be able to access trusted experts and other partners to develop useful insights for our customers in hours rather than months.”
Data Republic chief executive Paul McCarney said: “We are very excited to welcome ANZ as both a strategic investor and technology client.
“ANZ clearly understand the importance of secured data sharing practices in today’s data-driven economy.
“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 has announced it will start using the Data Republic platform from late March to develop greater customer insights and a series of operational improvements.