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ANZ buys property price prediction company REALas

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Australia and New Zealand Banking Group (ANZ) has acquired REALas, a tech startup that claims to predict property prices to within 5% of sale price.

“The algorithm at the centre of our site was built using the latest data science methods, local market knowledge from property experts and crowdsourced data from buyers. Its predictions change in response to the market, which means buyers have access to the latest prediction right up to the time of sale,” REALas CEO Josh Rowe said.

“We’re thrilled that ANZ has recognised the value in what we’ve built over the past six years and we’re looking forward to growing our service and helping people get the information they need to make better decisions when buying or selling property.”

Commenting on the acquisition, ANZ managing director of customer experience Peter Dalton said that buying a home is one of the biggest decisions people ever make, and that REALas would help those in the property market.

“We’re really pleased to be working with them and looking at how we might incorporate some of their features into ANZ’s products and services in the future,” he added.

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The acquisition is not the only change ANZ is currently undergoing.

In May, the bank announced that it would make a shift towards “Agile” operating procedures, a tech business methodology that is characterised by daily stand-up meetings, short projects and smaller teams of 10 known as “squads”.

“It radically changes the way you assign work, fund work, manage things, what you measure, what you reward and what kind of capabilities people need in order to succeed,” ANZ CEO Shayne Elliot told The Australian Financial Review.

REALas was launched in 2011 and was developed in conjunction with RMIT University. Although its features may be integrated with other ANZ products, it will continue to operate independently as a wholly-owned subsidiary of the bank.