Westpac unveils multi-billion dollar tech overhaul
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The news: Westpac has announced the strategy for its $3 billion technology overhaul, including the use of artificial intelligence to alert customers to potential scams during transaction attempts.
The numbers: In an update to the market, Westpac said it expected to spend around $3 billion on the technology simplification project, named "Unite", over the next four years. The project will receive 30% of the bank's total technology investment spend between the 2024 and 2028 financial years.
Among the "key Unite initiatives" commenced in FY24, Westpac said it has consolidated 22 retail electronic identity verification processes to one, integrated and migrated two Asian platforms to Australia, and consolidated seven Australian collections platforms into one system.
The context: Westpac said that Unite is a major driver to close the cost-to-income ration gap with its peers, supporting cost efficiency benefits and reducing the cost of change.
Having announced Unite in November last year, the project's objectives are to improve customer and employee experience, as well as increase shareholder returns. As part of this Westpac has launched Westpac SaferPay, which uses artificial intelligence to alert customers to potential scams during transaction attempts.
The source: ASX announcement
