The bank has told advisers it is looking at CRM systems to ensure they are robust enough to keep customer data safe. It comes as global regulators place more emphasis on data protection laws.
According to one adviser, a FAP that holds ANZ customer data will need a CRM that meets both SOC2 and ISO75k standards.
"The bank wants to make sure CRMs meet data security and integrity standards, and businesses across the country are working to meet those standards," the adviser said.
The adviser warned businesses could lose their supplier accreditations if CRMs fail to meet high standards.
An ANZ spokesperson said the bank would review standards across the industry.
"Due to tightening regulations, ANZ is reviewing customer relationship management software security standards to best ensure our customers’ information is safe. As always we will continue to work collaboratively with our advisers to ensure data safety," the spokesperson told TMM Online.
ANZ's review of CRM systems will likely see advisers weigh up their own choice of CRM, as the new regulatory environment comes into play.
Brendon Smith, chief executive of NZFSG, said banks are expected to put more focus on data protection in the coming years.
"My personal opinion is that all lenders will introduce more stringent data security/protection requirements, including ISO certification, to ensure that confidential customer data is protected, adviser CRM systems will need to meet these new requirements over time."
Smith said "NZFSG will be obtaining ISO certification for MyCRM in preparation of these new requirements".