6-K
WESTPAC BANKING CORP (WEBNF)
6-K
2024-09-26
For: 2024-09-26
View Original
Added on
April 06, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
September 26, 2024
Commission File Number 1-10167
WESTPAC BANKING CORPORATION
(Translation of registrant’s name into English)
275 KENT STREET, SYDNEY, NEW SOUTH WALES 2000, AUSTRALIA
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
Index to Exhibits
| ExhibitNo. | Description |
|---|---|
| 1 | ASX Release – Westpac Business Spotlight |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| WESTPAC BANKING CORPORATION<br><br> <br>(Registrant) | ||
|---|---|---|
| Date: September 26, 2024 | By: | /s/ Esther Choi |
| Esther Choi | ||
| Tier One Attorney |
Exhibit 1
| ASX Release<br>26 September 2024<br>Westpac Business Spotlight<br>Westpac Banking Corporation (“Westpac”) today provides the attached Business<br>Spotlight Pack which includes information relating to:<br> • Mortgages – from application to settlement;<br> • Business Lending;<br> • Cyber and Scams; and<br> • Artificial Intelligence.<br>For further information:<br>Hayden Cooper Justin McCarthy<br>Group Head of Media Relations General Manager, Investor Relations<br>0402 393 619 0422 800 321<br>This document has been authorised for release by Tim Hartin, Company Secretary.<br>Level 18, 275 Kent Street<br>Sydney, NSW, 2000 |
|---|
| BUSINESS<br>SPOTLIGHT<br>Westpac Banking Corporation ABN 33 007 457 141<br>26 SEPTEMBER 2024 |
| --- |
| MORTGAGES –<br>FROM APPLICATION<br>TO SETTLEMENT<br>Damien MacRae, Managing Director Mortgages<br>Bhaskar Katta, General Manager Group Operations<br>Peta Brown, Head of Operations, Mortgages |
| --- |
| 7.1 7.0 6.9 7.0 6.4<br>5.0 5.1 5.3 5.6 4.9 5.0 4.7<br>Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24<br>12.1<br>-61%<br>80<br>82 82 83<br>Jan-24<br>85 85 86 86<br>87<br>Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Feb-24 Mar-24 Apr-24 May-24 Jun-24<br>86<br>Jul-24 Aug-24<br>79<br>83<br>80<br>+9%<br>2 8 9<br>19<br>31<br>43 44<br>56<br>Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24<br>+54<br>MORTGAGES: SERVICE EXCELLENCE HAS IMPROVED CUSTOMER EXPERIENCE<br>1 Time to decision median days for Third Party mortgages. 1 Time to decision median days for First Party mortgages. 3 On day settlement percentage of total purchase settlements. 4 Internal Broker NPS Quarterly<br>Pulse Survey Jun24 (Westpac Brand).<br>BROKER TTD<br>(DAYS)1<br>TOTAL<br>ODS (%)3<br>BROKER NPS4<br>3 Westpac Business Spotlight September 2024<br>Sustainably c.5 days2 1ST PARTY TTD from Aug-23 to Aug-24 |
| --- |
| BUSINESS<br>LENDING<br>Tamara Bryden, MD Business Lending<br>Ross McNaughton, CRO Business & Wealth |
| --- |
| 60 67 71 77<br>15<br>14<br>15<br>16<br>3<br>4<br>4<br>4<br>1<br>1<br>1<br>1<br>80<br>86<br>90<br>97<br>Sep-21 Sep-22 Sep-23 Jun-24<br>Commercial SME<br>Small business Private wealth<br>+7.1%<br>56 60 61 64<br>23<br>27 29<br>32<br>80<br>86<br>90<br>97<br>Sep-21 Sep-22 Sep-23 Jun-24<br>1st Party 3rd Party<br>SOLID BUSINESS LENDING GROWTH, MARKET SHARE STABILISED<br>BALANCES BY SEGMENT1 ($B) BALANCES BY CHANNEL ($B)<br>5 Westpac Business Spotlight September 2024<br>14<br>15<br>16<br>17<br>18<br>Jul-21 Jul-22 Jul-23 Jul-24<br>MARKET SHARE2<br>1 Segmentation is based on the amount of Total Committed Exposure (TCE) – Commercial TCE > $3m and < $100m, SME TCE >$0.5m and < $3m; and Small business TCE < $0.5m. There are exceptions for certain industries and specific<br>customer. 2 Business Lending ADI System market share from APRA Monthly Authorised Deposit-taking Institution Statistics. |
| --- |
| 0.0<br>2.0<br>4.0<br>6.0<br>8.0<br>10.0<br>Accommodation,<br>cafes &<br>restaurants<br>Accounting,<br>legal &<br>professional<br>services<br>Agriculture,<br>forestry<br> & fishing<br>Business<br>services<br>Construction Education Finance &<br>insurance<br>Health &<br>community<br>services<br>Manufacturing Property Property<br>services<br>Retail<br>trade<br>Transport<br> & storage<br>Wholesale<br>trade<br>Sep-23 Mar-24 Jun-24<br>Sector:<br>Accommodation,<br>cafes and<br>restaurants<br>Accounting,<br>legal &<br>professional<br>services<br>Agriculture,<br>forestry &<br>fishing<br>Business<br>services Construction Education<br>Finance &<br>insurance<br>Health &<br>community<br>services Manufacturing Property<br>Property<br>services Retail trade<br>Transport &<br>storage<br>Wholesale<br>trade<br>TCE ($b) Jun-24 8.0 3.7 15.2 5.4 9.8 3.1 2.5 4.3 7.8 38.2 3.6 6.7 5.1 6.3<br>Mar-24 7.9 3.6 14.4 5.2 9.4 3.0 2.5 4.2 7.8 37.7 3.5 6.5 4.8 6.2<br>6 Westpac Business Spotlight September 2024<br>BUSINESS & WEALTH CREDIT QUALITY REMAINS RESILIENT<br>STRESSED EXPOSURES BY INDUSTRY SECTOR (% OF TCE)<br>Drivers of the observed increase in stress:<br> • Higher for longer interest rates and inflation is impacting certain SME businesses<br> • Retail trade and hospitality sector customers have been adversely impacted by low growth in discretionary spending from cost of living pressures on households<br> • Wholesale trade and manufacturing sector customers continue to experience adverse impacts from inflation and supply chain constraints<br>EXPOSURE BY SECTOR |
| --- |
| Simplifying our products, policies and processes<br>Harnessing the power of technology and generative AI to drive<br>productivity and efficiencies<br>Automating workflow and increasing straight through processing<br>to drive efficiencies<br>Tilting our portfolio to higher return segments<br>UNITE is our technology simplification program. It is business led<br>and tech enabled with three objectives: better customer experience;<br>improved employee experience; and increased shareholder return<br>7 Westpac Business Spotlight September 2024<br>TRANSFORMATION PROGRAM IS RUNNING AT PACE<br>WHAT WE ARE DOING AMBITION OVER THE MEDIUM TERM1<br>Increase NPS to reflect that we are the first choice for customers<br>Improve return on tangible equity delivering value to our<br>shareholders<br>Single platform for lending providing a better experience<br>for customers<br>Improve Time to decision to respond to customer needs<br>10 minutes for digital deals<br>Same day for simple deals2<br>3 days for complex deals3<br>1 This ambition contains ‘forward-looking statements’ and are subject to assumptions, risks and other important information in the Disclaimer on page 24. 2 Credit auto-decision or conditional loan offer. 3 Banker and credit expertise pathway<br>requiring full credit assessment. |
| --- |
| CYBER<br>AND SCAMS<br>Richard Johnson, Group Chief Information Security Officer<br>Ben Young, Head of Fraud Prevention |
| --- |
| EXTERNALLY-PERCEIVED INCREASE IN THREAT TRENDS IN SIGNIFICANT INCIDENTS<br>Collateral Damage from 3rd party<br>incidents<br>Increased volumes of successful attacks on<br>companies sees business disruption impacts flow<br>through supply chains.<br>Targeted ransomware<br>The last few years have seen a significant increase in<br>criminal groups using advanced techniques for<br>extortion, combining business disruption and<br>reputational risk.<br>Espionage & critical infrastructure attacks<br>Nation state attacks, either to acquire data or<br>establish persistent access, increasingly affect<br>private sector.<br>0%<br>200%<br>400%<br>600%<br>800%<br>1000%<br>Apr-15 Apr-16 Apr-17 Apr-18 Apr-19 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24<br>GLOBAL THREAT ENVIRONMENT CONTINUES TO ESCALATE<br>9<br>Source: New York University, Index of Cyber<br>Security. Index values have been normalised<br>to their baseline, 2015 values.<br>Nation States 1<br>Criminals 2<br>Insider Threat 3<br>Activist/Hacktivist 4<br>Strategic Rivals 5<br>Westpac Business Spotlight September 2024 |
| --- |
| Australian Industry (Peer Banks)<br> • Interbank Forum – Cybercrime<br> • Interbank Forum – Security Testing<br> • Interbank Forum – Application Security<br> • Banking, telco peer discussions<br> • CISO Lens1<br>International Industry (Peers)<br> • Financial Services Information Sharing and Analysis Center<br>(FS-ISAC)<br> • Information Security Forum (ISF)<br> • New Zealand Internet Task Force<br>Australian Government & Law Enforcement Agencies<br>(LEAs)<br> • Australian Cyber Defence’s Australian Cyber Security Centre,<br>including Joint Cyber Security Centres and National Information<br>Exchange<br> • Department of Home Affairs Cyber and Infrastructure Security<br>Centre & Trusted Information Sharing Network (TISN)<br> • Australian Security Intelligence Organisation<br> • LEAs across state and federal police<br>International Government, Regulators and LEAs<br> • New Zealand Financial Services Information Exchange<br> • UK National Cyber Security Centre (GCHQ NCSC)<br> • Monetary Authority of Singapore (MAS)<br> • US Federal Bureau of Investigation (FBI), Secret Service<br>COLLABORATION ACROSS INDUSTRY AND GOVERNMENT<br>10 Westpac Business Spotlight September 2024<br>1 Information sharing and analysis community for cyber security executives - https://www.cisolens.com/. |
| --- |
| Monitoring, Threat Intelligence & Peer Networks<br>System Security<br>Data<br>For employees, we have controls around who we hire;<br>how their access is granted; and monitoring of system<br>use.<br>We operate dedicated controls to protect customers<br>from fraud, including multi-factor authentication for<br>sensitive transactions.<br>Core security capabilities are operated by our security<br>team, and protect all systems, e.g., malware<br>prevention.<br>Our security and application teams work together on<br>the security of our systems, e.g., through design<br>reviews, patching and secure development.<br>We monitor our systems for indications of attacks<br>and control weaknesses. We support this with cyber<br>threat intelligence and information sharing<br>partnerships.<br>Suppliers are subject to security reviews, limited<br>access to our systems and data, and ongoing<br>performance monitoring.<br>Distributed security represents security embedded in<br>technology services, e.g., firewalls in our networks and<br>access reviews.<br>WESTPAC: A LAYERED DEFENCE1<br>1 No system can be 100% effective, systems are susceptible to human error and significant third-party risks. Cyber threats are continually evolving. Information should be read in conjunction with the 2023 Annual Report pages 27 and 47.<br>11 Westpac Business Spotlight September 2024 |
| --- |
| 30,000,000<br>events per day<br>(700 TPS)<br>WESTPAC<br>PRM1<br>Westpac<br>Website<br>Branches<br>Telephone<br>Banking<br>Internet<br>Banking<br>ATMs<br>OTHER FINANCIAL INSTITUTIONS<br>TRANSACTION ACCOUNTS<br>WBC<br>Credit/Debit<br>Cards<br>WBC<br>Merchants<br>OFI CREDIT/ DEBIT CARDS<br>Cash<br>OTTs<br>Pay Anyones<br>RTGS<br>OTTs<br>Bpays<br>Direct Debits<br>Bpays<br>Pay Anyones<br>RTGS<br>OTTs<br>Cash<br>Purchases<br>Pay Anyones<br>Purchases<br>Applications<br>ALERTS<br>OFI MERCHANTS<br>FRAUD SYSTEM FLOWS<br>12 Westpac Business Spotlight September 2024<br>1 Proactive Risk Manager. |
| --- |
| Westpac Business Spotlight September 2024<br>SAMPLE OF WESTPAC FRAUD AND SCAM DETECTION TECHNIQUES<br>13<br>Machine Learning Models<br>Artificial intelligence<br>Profiling<br>Sequence of Events<br>Blacklists<br> • Internal<br> • External (eg AFCX / Equifax)<br>Coincidence<br> • Closed Loops<br> • Convergence<br> • Velocity |
| --- |
| 14 Westpac Business Spotlight September 2024<br>PREVENTION MEASURES DRIVING DOWN CUSTOMER LOSSES<br>Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24<br>Number of cases Net customer loss<br>Introduction of cryptocurrency block triggered spike following<br>discovery and disruption of many ongoing scams<br>Introduction of Westpac<br>Verify<br>Introduction of<br>cryptocurrency blocks<br> ‘Callstop’ initiative launched and expanded in<br>partnership with telcos |
| --- |
| VERIFY<br>15 Westpac Business Spotlight September 2024<br>Alerts customers when<br>there is a potential<br>account name<br>mismatch when<br>they’re adding a new<br>payee using a BSB<br>and account number |
| --- |
| SAFERPAY<br>16 Westpac Business Spotlight September 2024<br>Presents customers<br>with a series of<br>questions in instances<br>where a payment is<br>considered a high risk<br>of being a scam |
| --- |
| SAFECALL<br>17 Westpac Business Spotlight September 2024<br>Provides customers<br>with calls via the app<br>that are Westpac<br>branded, verified by<br>Optus and displays a<br>reason for the call |
| --- |
| ARTIFICIAL<br>INTELLIGENCE<br>David Walker, Group Chief Technology Officer |
| --- |
| TWENTY-FIVE GENERAL PURPOSE TECHNOLOGIES IMAGES GENERATED WITH AI<br>#5: THE WHEEL<br>4000-3000 BCE<br>#13: THE STEAM ENGINE<br>18th century<br>#23: THE INTERNET<br>20th century<br>#21: THE COMPUTER<br>20th century<br> … and Artificial Intelligence is likely to be #26<br>19 Westpac Business Spotlight September 2024 |
| --- |
| TO BE OUR CUSTOMERS’<br>#1 BANK AND PARTNER<br>THROUGH LIFE<br>WE NEED TO ADAPT TO<br>THE CHANGING WORLD<br>20 Westpac Business Spotlight September 2024 |
| --- |
| THREE MAIN BENEFITS, ACROSS DIFFERENT TIMEFRAMES<br>Short term TIME TO VALUE Long term<br>PRODUCTIVITY<br>EXPERIENCE<br>EXPERTISE<br> ‘AI removed hours of toil with simper processes …’<br> ‘I now do my banking through chat …’<br> ‘My Westpac Copilot helped me with my payments …’<br>SHORT-TERM BENEFITS: PRODUCTIVITY<br>MID-TERM BENEFIT: IMPROVED CUSTOMER EXPERIENCE<br>LONG-TERM OPPORTUNITY AREA: EXPERTISE<br>This page contains ‘forward-looking statements’ and statements of expectation. Please refer to the disclaimer on page 24.<br>21 Westpac Business Spotlight September 2024 |
| --- |
| AI IN MORTGAGES<br>CAPABILITIES:<br>OUTCOMES:<br>In Development2<br>The capabilities and outcomes on this page are ‘forward-looking statements’ and statements of expectation. Please refer to the disclaimer on page 24.<br>1.Progressively launching Sept-Nov 2024 2. Pilot expected to commence in Nov 2024. 3. Subject to successful pilot.<br>22 Westpac Business Spotlight September 2024<br>Validate & verify<br>submitted<br>documents<br>against policy<br>Reads and<br>summarises<br>submitted<br>documents<br>Recommends optimisation<br>for customer application &<br>drafts response messages<br>with options and actions<br>Better experience for<br>employees, brokers, and<br>customers<br>Faster for<br>customers with<br>quicker decisions<br>Reduction to<br>handling time with<br>less work<br>Consistency of<br>credit decisions<br>Virtual Agent to<br>intelligently<br>guide employees<br>Live/Piloting1 Potential application3 |
| --- |
| SCALING AI PLATFORMS TO INCREASE<br>SPEED TO MARKET<br>Forward benefits of<br>implementing the AI<br>Accelerator:<br>Rapid speed to<br>market of AI use<br>cases<br>Lower cost of AI<br>use cases<br>Exceptional customer<br>and staff experiences<br>Embedded AI<br>guardrails<br>Safe and easy AI<br>experimentation<br>Business user<br>with idea and<br>data<br>This page contains ‘forward-looking statements’ and statements of expectation. Please refer to the disclaimer on page 24.<br>23 Westpac Business Spotlight September 2024<br> ‘Bring Your<br>Own’ data<br>Self-serve<br>patterns<br>Built-in<br>guardrails<br>World-class<br>AI platforms<br>Experiences for<br>employees and<br>customers<br>At speed |
| --- |
| The material contained in this presentation is intended to be general background information on Westpac Banking Corporation (Westpac) and its activities.<br>The information is supplied in summary form and is therefore not necessarily complete. It is not intended that it be relied upon as advice to investors or potential investors, who should consider seeking<br>independent professional advice depending upon their specific investment objectives, financial situation or particular needs. The material contained in this presentation may include information derived from<br>publicly available sources that have not been independently verified. No representation or warranty is made as to the accuracy, completeness or reliability of the information.<br>All amounts are in Australian dollars unless otherwise indicated.<br>This presentation contains statements that constitute “forward-looking statements” within the meaning of Section 21E of the US Securities Exchange Act of 1934.<br>Forward-looking statements are statements that are not historical facts. Forward-looking statements appear in a number of places in this presentation and include statements regarding our intent, belief or current<br>expectations with respect to our business and operations, macro and micro economic and market conditions, results of operations and financial condition, capital adequacy and risk management, including,<br>without limitation, future loan loss provisions and financial support to certain borrowers, forecasted economic indicators and performance metric outcomes, indicative drivers, climate- and other sustainability-related statements, commitments, targets, projections and metrics, and other estimated and proxy data.<br>We use words such as ‘will’, ‘may’, ‘expect’, ‘intend’, ‘seek’, ‘would’, ‘should’, ‘could’, ‘continue’, ‘plan’, ‘estimate’, ‘anticipate’, ‘believe’, ‘probability’, ‘indicative’, ‘risk’, ‘aim’, ‘outlook’, ‘forecast’, ‘f’cast’, ‘f’, ‘assumption’,<br> ‘projection’, ‘target’, ‘goal’, ‘guidance’, ‘ambition’, or other similar words to identify forward-looking statements, or otherwise identify forward-looking statements. These forward-looking statements reflect our<br>current views on future events and are subject to change, certain known and unknown risks, uncertainties and assumptions and other factors which are, in many instances, beyond our control (and the control of<br>our officers, employees, agents and advisors), and have been made based on management’s expectations or beliefs concerning future developments and their potential effect upon us.<br>Forward-looking statements may also be made, verbally or in writing, by members of Westpac’s management or Board in connection with this presentation. Such statements are subject to the same limitations,<br>uncertainties, assumptions and disclaimers set out in this presentation.<br>There can be no assurance that future developments or performance will align with our expectations or that the effect of futu re developments on us will be those anticipated. Actual results could differ materially<br>from those we expect or which are expressed or implied in forward-looking statements, depending on various factors including, but not limited to, those described in the section titled ‘Risk factors' under the<br>section ‘Performance Review’ in our 2023 Annual Report available at www.westpac.com.au. When relying on forward-looking statements to make decisions with respect to us, investors and others should carefully<br>consider such factors and other uncertainties and events.<br>Except as required by law, we assume no obligation to revise or update any forward-looking statements contained in this presentation, whether from new information, future events, conditions or otherwise, after<br>the date of this presentation.<br>DISCLAIMER<br>24 Westpac Business Spotlight September 2024 |
| --- |