The Australia and New Zealand Banking Group (ANZ) has collaborated with Google in Australia to strengthen its data and analytics capability.

The initiative is aimed at expediting the delivery of data-driven business insights to the bank’s institutional customers.

ANZ head of Data and Digital, Institutional, Joss Raines said: “The cloud based platform can give our bankers meaningful data insights instantly – as it allows us to process data 250 times faster.

“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 decision was taken after a successful proof-of-concept under which Google’s secure cloud technology was deployed to assess aggregated, de-identified data sets for customer insights. Earlier, the work was completed manually.

Google Cloud Australia and New Zealand country director Colin Timm said: “We are delighted to be working with ANZ on their innovation journey to help deliver a better experience for customers.

“Our teams are collaborating to deliver value across the Google Cloud Platform, with focus on where it matters most for customers in analytics, application development capabilities and machine learning to accelerate innovation across the bank.”

Recently, ANZ launched cardless ATM withdrawals becoming the first Australian bank to start this service.

The service enables customers to withdraw money from ANZ ATMs using their preferred mobile payments device.