The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
Westpac is a provider of personal, private, business, and corporate banking solutions. It offers accounts, cards, insurance, loans and mortgages, overdraft facilities, and financing and leasing, among other services. It operates through a network of branch offices, ATMs, representative offices, and online portals and serves retail, commercial, and SME clients. The group operates in Asia Pacific, Europe, and North America.
This report provides insights into Westpac’s digital transformation strategies, accelerator programs, and innovation centers. It also gives an overview of its technology initiatives, covering partnerships and product launches, as well as insights on each technology initiative including technology theme, objective, and benefits. In addition, the report includes details of the company’s estimated ICT budgets and major ICT contracts.
Westpac has developed in-house incubator programs for early-stage startups to help them develop a sustainable business model through its extensive in-house research. It also supports them in developing proof of concepts that can later be developed into fully fledged solutions.
In 2018, Westpac launched the Co.lab innovation lab in Singapore for Australian startups, entrepreneurs, and innovators to collaborate and work on innovative ideas.
In the same year, Westpac introduced TechU, an innovative learning facility that helps its employees embrace a digital mindset. It provides tools and training on emerging technologies such as cloud computing, analytics, and AI.
In 2014, Westpac established its innovation center, called The Hive, to track evolving customer behavior in Australia and address their real-time demands. The center provides the necessary support to Westpac’s in-house and partnered fintech accelerators/incubators.
Westpac established the Innovation Fund program in collaboration with the New Zealand government. The program offers funding and expertise related to different technological themes such as digital identity, digital inclusion, payment systems, and health and safety/crisis management.
- Westpac leverages technologies such as AI and machine learning, blockchain, online and mobile payments, digital assistants, big data, mobile, voice recognition, wearable tech, and cybersecurity to develop products that enhance the digital experience for its customers.
- To support its digital transformation, Westpac is restructuring its IT operations through five foundational platforms: a data integration solution, a payment platform, an open banking platform, an employee base solution, and a mobile application.
- Westpac has invested more than A$800m ($527.7m) in system upgrades and its digital innovation plan to improve operational efficiency and enhance customer experience. The company has migrated 100 applications from physical servers to a centralized cloud infrastructure platform to simplify and streamline its existing processes.
- In 2018, Westpac hired Craig Bright as chief information officer and James Twiss as chief data officer, with the latter having also been chief strategy officer for Westpac Group since 2017. Twiss is responsible for driving digital innovation, while Bright’s expertise in cloud and mobile-first strategies will help reinvent the company’s organizational environment.
Reasons To Buy
- Gain insights into Westpac’s fintech operations.
- Gain insights into its fintech strategies and innovation initiatives.
- Gain insights into its technology themes under focus.
- Gain insights into its various investments, product launches, and partnership strategies.