The partnership will give ANZ access to Data Republic’s platforms, which provides a secure, audited, and well-governed environment for organisations to store and share data with third parties, according to a statement by the bank.

ANZ will access Data Republic’s platform from late March with the view of gaining greater customer insight and generate operational efficiencies, it said.

ANZ chief data officer Emma Gray said data analytics and insights would be key to delivering better customer outcomes “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,” she said.

“This partnership allows us to get more out of the data we already have, but in a safe and secure environment that provides the highest levels of governance.”

Data Republic chief executive Paul McCarney said the software company is excited to have ANZ on board as “both a strategic investor and technology client”.

“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,” Mr McCarney said.