ANZ and Woolworths suffer widespread service outages

  • Stock Market News
ANZ and Woolworths suffer widespread service outages
Credit: © Reuters.

On Friday, Australia and New Zealand Banking Group (ANZ) experienced a major service outage that impacted several of its core systems. The disruption affected the ANZ app, internet banking, card transactions, ATM services, and branch services, according to a spokesperson for ANZ. Reports of customers struggling to access ANZ's sites began spiking at 13:20 AEST (03:20 GMT), with the number of reports skyrocketing from 3 to 7,629 within an hour. By 16:44 AEST, the number of reports had dropped to 288.

"ANZ experienced a software issue which impacted a number of our core systems from 1.37pm AEST today," an ANZ spokesperson said. "As a result, multiple internal applications and customer-facing channels became unavailable." The spokesperson added that by 17:00 AEST, most systems were back online but there was still some instability across Visa (NYSE: V ) Credit Card transaction services. The bank recommended customers use Debit Card or Cash wherever accepted while their teams continued working to resolve the issue.

The outage came at an inopportune time as many Australians were celebrating the long weekend and AFL Grand Final. Frustrated customers took to social media to voice their concerns about the poorly timed outages. According to Downdetector, 54% of reports were regarding access to online banking, 31% were from mobile banking outages and 15% were from mobile login issues.

In a similar vein, Woolworths supermarkets along Australia's east coast were forced to trade in cash after IT issues affected their EFTPOS systems on the same day. Up to 20 Woolworths stores suffered the disruption which has since largely been resolved.

In light of the recent events, it's worth noting some key financial metrics and insights about ANZ provided by InvestingPro. ANZ has a P/E ratio of 10.11, indicating that it trades at a low price relative to its earnings. This aligns with one of the InvestingPro Tips indicating that the bank is trading at a low P/E ratio relative to near-term earnings growth. The bank has also maintained dividend payments for 44 consecutive years, which is a testament to its financial stability.

Moreover, ANZ has seen a revenue growth of 9.29% and a dividend growth of 10.77% in the last 12 months, according to InvestingPro data. Despite some operational challenges like the recent outage, the bank has managed to stay profitable over the last 12 months, as suggested by one of the InvestingPro Tips.

However, potential investors should be aware that the bank has been experiencing slowing revenue growth recently and suffers from weak gross profit margins, as per InvestingPro Tips. For more detailed insights and tips, consider checking out InvestingPro, which offers a wealth of additional tips and real-time metrics about companies like ANZ.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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