Westpac announces multibillion tech innovation

Westpac announces multibillion tech innovation is profiled by BTW Media because published evidence links it to internet infrastructure, governance, operational dependencies, or market visibility.

• Westpac Bank commits 30% of its annual budget over the next four years, around A$1.8bn to A$2bn, to upgrade its technology as part of Project Unite aimed at reducing duplication and cutting systems by two-thirds.
• The focus is on improving customer outcomes, simplifying operations, and reducing costs rather than core banking system replacement, with completed projects including reducing customer onboarding systems and consolidating communication networks.

Australian bank Westpac is planning to spend billions of dollars over the next four years to simplify its technology infrastructure.

About the project

Westpac has pledged to devote 30% of its annual budget for the next four years to upgrading its tech. The move is part of Project Unite, 85 separate tech projects designed to reserve a decade of under-investment.

The main purpose of the project is to reduce duplication and cut the number of systems by two-thirds, from 180 to 60.

“We have more technology than we need,” said Westpac chief executive Peter King in comments reported in the Australian media.

King also said that the timing of the upgrade was optimal because the bank had completed the sale of its non-core businesses as well as a lengthy risk management upgrade.

Westpac has taken its first step

According to the bank’s chief information officer Scott Collary, several projects have already been completed including the reduction of customer onboarding systems and consolidating communication networks.

The main focus for the bank in 2024 will be on “improving customer outcomes”, simplifying things for bankers, and reducing costs, rather than the replacement of core banking systems, said Collary.

“Core systems are not big drivers of these issues. The core will be addressed at the end of this.”