We’re investing in improving the customer experience, focusing on making customer service easier and faster, accelerating digital, and building on our banker expertise and capability, Westpac stated in a media release. Australia’s oldest bank revealed its operating model and increased digitisation are helping to stay closer to customers.
With the completed sale of two businesses and exit plans for the other businesses, Westpac continues to emphasise on Simplification.
Strategic Priorities
- Fix
- Simplify
- Perform
“As part of these changes, we consolidated our risk teams, created two new shared services divisions, moved some functional teams into business divisions, and reduced the size of our corporate head office, noted Westpac unveiling first half 2022 results.
“We made steady progress towards our goals. We’re making the changes required to become a simpler, stronger bank.
Our digital transformation is showing clear benefits for customers”.
With the delivery of iOS and Android apps to customers, increasing customers’ security online has been a focus. In addition, the bank introduced new scam detection technology that automatically blocks suspect online transactions from overseas retailers deemed high risk of being a scam.
In business lending, our teams have continued to digitise processes, reduce the number of products on offer and streamline credit decisioning. We’ve reduced loan documentation by 30%.
Our portfolio simplification is making the bank simpler
Westpac will continue to deliver on our Fix, Simplify and Perform priorities
The CORE program is delivering to plan and improving our risk management capability. Our portfolio simplification is making the bank simpler.
The next big step is exiting super and platforms and we are well progressed. To improve performance, we are digitising customer journeys, improving customer service, growing in our core markets and resetting the cost base. Together these things are critical to delivering for our people, customers and shareholders.
The other big bank NAB recently revealed it’s moved 60% of its apps to Cloud. Unveiling the First Half-year results, CEO Ross McEwan said “Four years of investment in technology has helped drive improved customer satisfaction in NAB’s digital services. Access more reports on the digital strategies of NAB and CBA here.
