Westpac updates on its strategic business priorities

Westpac Banking Corporation (ASX: WBC) has released market update on progress of important business priorities.

The priorities on strategic priorities include:

• Address outstanding issues
• Streamline and focus the business
• Sustainable long-term returns.

WBC’s CORE (Customer Outcomes and Risk Excellence) program in place to address enforceable undertaking signed December 2020. The design phase is 100% completed, implement phase is 77% done and embed is 20% done.

WBC highlighted that it plans to become net-zero bank. For this, it’s approach will be:

• Net-zero in its operations
• Supporting customers’ transition to net-zero
• Collaborate for impact

Westpac also plans to transform the business via digital first banking. Initiatives include:

• Digital tools in your pocket: In this WBC will provide Westpac app for Consumers/Businesses, improved ID and security, and 200+ features in app.
• WBC talked about digital banker, same tools/processes for customers and bankers – across all brands and 40+ systems. The Company would provide support via AI chat, app messaging, video and live chat.
• WBC also updated about digital product and services for customers and businesses. For customers, WBC introduced Digital mortgage, Personal Finance Management and Digital card onboarding/replacement/service. For businesses, WBC offered services like Tap on phone merchant capability for android. It is upgrading 100,000 merchant terminals. Further, WBC will also provide digital applications as well as credit assessment.

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