ANZ will this year bring in a franchise model to its network of branches, a first for the New Zealand banking industry, the bank said today.
ANZ's branches would be grouped into 23 separate local markets, which would operate as entrepreneurial, self-sustaining shadow-franchise businesses.
Each area would be run by a local
CEO and the bank is currently advertising those roles.
The bank said the change would give frontline staff greater operational freedom and decision making power.
"Local CEO's will have an innovative new incentive structure which 'mirrors' the equity a full-franchise holder would have," said managing director Dr Murray Horn.
"Local CEO's have the potential to significantly increase their salary based directly on the growth they achieve. The more they grow, the more they earn."
Three pilot local markets - two in Auckland and one in Hamilton - had been operating since April.
"The results from the 15 branches involved in the pilots have been very encouraging."
The customers in these areas are noticing the change in service levels, key issues for our people are being resolved, and research shows they are more satisfied," Dr Horn said.
