20 October 2017
visit www.avoka.com

Westpac to shrink bank branch, grow spending on digital

08 September 2015  |  10068 views  |  0 westpac logo

Westpac is to increase it annual investment spending by 20% to $1.3 billion, concentrating the new money on technology and digital initiatives while shrinking the bank branch.

At a strategy update in Sydney, Westpac CEO Brian Hartzer, said the additional $200 million spend will be directed towards growth, service and efficiency initiatives.

"This means concentrating our spend on technology, on digital, on simplification, as we hone our focus on service," he says. "By investing in digital, we can use technology to redesign the customer experience, making things simpler, easier and better for our customers and our people."

The bank has set its sights on reducing its costs/efficiency ratio to below 40% and realising a 15% return on investment as it targets one million new customers by the end of 2017.

Key to this will be the creation of a Customer Service Hub, consolidating multiple systems and providing the bank with a single view of the customer and their financial ambitions.

Alongside the investment in new technology, the bank is also converting half of its branches to 24-hour 'lobbies' featuring smart ATMs and other self-service machines. The new-look outlets will make up 55% of the network by 2018, says Hartzer.

“We expect that over the next three years about 550 of our branches will have been converted to the new format,” he says. "Banking is undergoing a transformational change. The measures we have outlined today will deliver a step change in the service we provide to customers, while at the same time improving our efficiency and productivity."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Westpac signs for Verifone Payment as a Service platform

Westpac signs for Verifone Payment as a Service platform

23 June 2015  |  5424 views  |  0 comments | 3 tweets | 6 linkedin
Westpac takes quantum step with 11% stake in QLabs

Westpac takes quantum step with 11% stake in QLabs

16 June 2015  |  3985 views  |  0 comments | 1 tweets | 1 linkedin
Westpac launches online SME tools

Westpac launches online SME tools

31 March 2015  |  7711 views  |  0 comments | 9 tweets | 6 linkedin
Westpac commits $40m to rural branch network refresh

Westpac commits $40m to rural branch network refresh

20 March 2015  |  4553 views  |  1 comments | 4 tweets | 1 linkedin
Westpac NZ licenses Moven money management tech

Westpac NZ licenses Moven money management tech

26 August 2014  |  9532 views  |  3 comments | 11 tweets | 11 linkedin
Westpac appoints CBA core transformation architect as new CIO

Westpac appoints CBA core transformation architect as new CIO

31 July 2014  |  6186 views  |  0 comments | 1 linkedin
Westpac suffers downtime on new online banking platform

Westpac suffers downtime on new online banking platform

29 January 2014  |  5115 views  |  0 comments | 1 tweets | 4 linkedin
Westpac lays out five-year plan for core platform refresh

Westpac lays out five-year plan for core platform refresh

04 November 2013  |  7420 views  |  0 comments | 3 tweets | 3 linkedin
Westpac embarks on major branch network overhaul

Westpac embarks on major branch network overhaul

11 December 2012  |  5864 views  |  1 comments | 8 tweets | 1 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.capgemini.comRegister nowvisit www.vasco.com

Who is commenting?

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15883 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
8994 views comments | 16 tweets | 23 linkedin
satelliteGates Foundation backs Ripple collaboratio...
8105 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7175 views comments | 9 tweets | 17 linkedin
Santander InnoVentures leads $6m funding round for Mexico's ePesosSantander InnoVentures leads $6m funding r...
6312 views comments | 6 tweets | 3 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job