ANZ Bank has signed a new five-year A$450m deal with tech giant IBM to better respond and adapt more quickly to the changing financial landscape.

With this deal, the bank aims to improve its branch, digital, and mobile capabilities to support its regional expansion.

Under the deal, ANZ will be able to access all of IBM’s software products, and the pair will co-invest in an innovation lab under which ANZ’s developers will build new services and products.

The lab, powered by IBM’s cloud development platform-as-a-service Bluemix, will help the bank’s developers build, test and deploy new applications and services at reduced time and cost.

In addition, IBM will deploy its z13 mainframe and POWER8 infrastructure as part of ANZ’s private cloud environment.

IBM will also offer its integration, content management, data, analytics as well as cloud software to facilitate the bank’s core banking and infrastructure needs.

IBM client director for ANZ Bank Scott Barlow commented: "For more than forty years IBM has been a strategic partner of ANZ and delivering innovation in customer service is at the forefront of our partnership.

"This new agreement continues to build on this by enabling ANZ access to an arsenal of leading edge technology to provide the agility, speed and innovation essential in the rapidly changing financial services marketplace."