Westpac to pour $600m into UNITE tech overhaul in FY25
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The news: Banking major Westpac expects to invest $600 million in its UNITE technology transformation program in FY2025.
The numbers: Australia’s second biggest lender said in a market update on Friday it has invested $107 million in the program in the first quarter of FY25, with a total investment of $600 million during the fiscal year. Around 75% of the spending is to be expensed.
Unite will cost about 35%-40% of the bank’s total investment spend per year over four years Westpac's total investment spend is usually around $2 billion.
The context: The multi-year UNITE program is aimed at simplifying and consolidating all the bank’s technology and processes to improve customer experience, boost efficiency, manage risk and improve shareholder returns.
Westpac said on Friday its Group Executive team will lead the transformation, with a new plan for nine initiatives, and the total number of initiatives consolidated to 60, of which four are complete and another 41 currently in progress.
The source: ASX
