Westpac, one of Australia's leading banks, has been recognized for its superior mobile banking app by Forrester. The bank's CEO, Peter King, attributed this recognition to the bank's effective digital-first strategy, which has led to significant enhancements to its app over recent years.
The bank's focus on digital innovation has resulted in a 6% surge in digitally active customers to 5.8 million as of September 2023. Notably, Westpac overhauled its app in 2021, which played a significant role in this growth. The redesign was part of the bank's commitment to providing anytime-anywhere banking access, reflecting the transformation of banking from computers to mobile devices.
Among the features that have attracted users are the various personal finance tools offered by the bank. One such tool is a budgeting feature that calculates users' leftover spend based on their income, bills, and savings targets. This tool and other financial management features provide personalized insights into spending across various categories.
Jason Hair, Westpac's Chief Digital Officer, noted that these features have led to an increase in app users by giving them more control over their spending amidst cost-of-living pressures. The bank plans to roll out this budgeting tool soon.
In addition to the budgeting tool, Westpac has introduced new money management features like Savings Finder for uncovering potential savings from recurring payments, Bills Calendar for tracking upcoming payments, and ShopBack for cashbacks from eligible purchases at participating retailers.
In line with global environmental concerns, Westpac also launched a Carbon Footprint Tracker for customers to monitor their environmental impact. The app currently sees 3 million daily sign-ins as users manage their finances and utilize Westpac's money management tools.
Westpac has been a global pioneer in banking technology since it introduced contactless mobile payments in 2013. It also offers secure features like PayID and TouchID, developed based on extensive customer research. The bank's digital-first strategy and commitment to innovation continue to position it as a leader in the banking industry.
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