ANZ today announced it has entered into a strategic partnership with DataCo, the first commercialised business to launch through its external innovation and investment partner, 1835i, as part of a venture studio model that was established to drive value for ANZ, its customers, and its partners.
The partnership allows for de-identified customer and transactional data to be aggregated to produce rich insights for businesses through DataCo's data collaboration platform, helping them perform targeted analysis, uncover spending trends, and identify strategic growth opportunities.
DataCo's core technology, built in collaboration with ANZ and 1835i, securely combines data from multiple sources into a safeguarded and de-identified dataset on DataCo's platform.
ANZ's Group Executive for Strategy & Transformation, Antony Strong said: "This launch is an important step in scaling what we see as a unique capability that helps us safely and compliantly connect data across organisations."
"Developed inside the Business Creation Lab of 1835i, the DataCo platform makes data collaboration accessible to all businesses in a way that meets the compliance needs of highly regulated industries. It will play an important role in building insights and delivering benefits across our broad customer base," Mr Strong said.
DataCo Co-Founder, Chief Operating and Product Officer, Danny Tyrrell said: "This partnership is the result of several years of collaboration with ANZ, as we built and launched the DataCo Platform. Embedding ANZ Transaction Banking insights into our secure data collaboration technology provides our clients with actionable insights, while ensuring we respect and protect people's data, in a privacy-first world."
DataCo Co-Founder and Chief Customer Officer, Michael Bridgeman said: "We've already seen how anonymised transaction data can bring huge value to our pilot partners, and we're looking forward to offering these insights to more businesses, particularly in the retail and consumer goods space. By doing this, we aim to contribute to the growth of a strong and healthy Australian economy."
Since its creation, 1835i partners with and invests in start-ups and scale-ups developing innovative solutions to attract and retain ANZ customers and to build new capabilities for ANZ, including Cashrewards.
1835i CEO, Justin Greenstein, said: "DataCo began in 1835i's Innovation Lab, where it was built to scale before spinning out as an independent company-a true success of the lab, underscoring our commitment to building partnerships that drive lasting value for ANZ. Today, their platform empowers ANZ's clients with valuable growth insights and provides retail customers with secure, personalised experiences that make a real difference.".
