Westpac starts 14 initiatives under Unite

Westpac Banking Group said it’s now kicked off work on 14 initiatives, including simplifying customer and collections systems as part of its technology simplification through the Unite program.

The 14 pieces of work cover simplifying customer and collections systems, the bank said in its 2024 half-year result on Monday [pdf]. 

Earlier in the year the bank spoke about its Unite program, which Westpac CEO Peter King said at the time has three objectives, building better customer and employee experiences plus increased shareholder return. 

"We’ve started work on 14initiatives, including simplifying customer and collections systems.

"The program aims to improve service for customers, make life easier for our people, and lift shareholder returns," King said at Monday's results. 

During Monday’s results King said Westpac is “also investing in expanding our services and protection for customers with new features such as Westpac SaferPay to protect customers from scams, PayTo making payments easier for billers and with our acquisition of HealthPoint, we will provide real-time private health fund claiming.” 

The banks recorded a net profit of $3.3 billion, down on the same time last year, but up on the previous half, as the impact of competition on mortgage margins moderated. 

CORE completion 

As part of its update, the bank detailed the completion of its Customer Outcomes and Risk Excellence (CORE) program work. 

Finalised by Promontory Australia, the report provides updates on Westpac’s Integrated Plan designed to address and improve risk culture, governance and accountability across the bank, implemented via the CORE program.

On Monday, the major bank released the 12th and final Independent Reviewer report on its CORE program, with findings concluding Westpac’s risk governance has “substantially improved” [pdf]. 

Westpac said it completed all 354 activities of the Integrated Plan, delivered through the CORE program. 

The bank was initially called to enter into an Enforceable Undertaking (EU) with APRA back in December 2020 which outlined Westpac’s commitment to address its risk governance deficiencies. 

Westpac said it's now focused on transition and sustaining the changes implemented under the Integrated Plan. 

“The successful completion of the Integrated Plan is a critical milestone for Westpac,” said King. 

“It has transformed our culture and the way we operate, with the uplift in risk management capability a foundation to running our business safely and sustainably. 

“With the integrated plan complete, we are now focused on transition and staying the course to ensure we continuously improve our culture, governance and risk management,” King concluded.