6-K
WESTPAC BANKING CORP (WEBNF)
6-K
2026-03-26
For: 2026-03-26
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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
March 26, 2026
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 – UNITE Update |
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 | ||
|---|---|---|
| (Registrant) | ||
| Date: March 26, 2026 | By: | /s/ Jane Hogan |
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| Jane Hogan | ||
| Tier One Attorney |
Exhibit 1
| Westpac Banking Corporation<br>Level 18, 275 Kent Street<br>Sydney, NSW, 2000<br>ASX RELEASE<br>26 March 2026<br>UNITE Update<br>Westpac Banking Corporation (“Westpac”) today provides the attached update.<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. |
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| UNITE<br>UPDATE<br>WESTPAC<br>26 MARCH 2026<br>1<br>Westpac Banking Corporation ABN 33 007 457 141<br>IMPORTANT: This presentation contains a number of<br> ‘forward looking statements’ which are subject to<br>assumptions, risks and other important information set<br>out in the disclaimer at the back of this presentation. |
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| ANTHONY MILLER<br>Chief Executive Officer<br>2 Westpac Update March 2026 |
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| UNITE OBJECTIVES: ONE BEST WAY<br>3 Westpac Update March 2026<br>1 Consumer and Business & Wealth products.<br>CONSOLIDATE TECHNOLOGY<br> • Customers experience the best<br>Westpac technology<br> • Significant productivity: Run and<br>change cost reduced<br> • >180 applications decommissioned<br>FEWER PRODUCTS<br> • Easy for customers to manage their<br>banking needs<br> • Capacity to innovate<br> • Products reduced by >70%1<br>SIMPLIFY PROCESSES<br> • One best way<br> • Consistent customer and employee<br>experience<br> • >700 processes simplified<br>BETTER CUSTOMER<br>EXPERIENCE 1<br>NPS #1<br>IMPROVED EMPLOYEE<br>EXPERIENCE 2<br>EMPLOYEE ENGAGEMENT<br>TOP DECILE GLOBALLY<br>INCREASED<br>SHAREHOLDER RETURN<br>3<br>CLOSE CTI RATIO<br>GAP TO PEERS |
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| 4 Westpac Update March 2026<br>AI IMPACT ASSESSMENTS<br> • Improving how data lineage and downstream<br>impacts are determined<br> • Impact assessments are a key dependency for the<br>majority of UNITE initiatives<br> • Improvement in impact assessment efficiency:<br>~10 days to less than 4 days<br>AI TESTING TOOLS AND ASSISTANTS<br> • Increasing testing efficiency, reducing effort, cost<br>and time frames<br> • Testing sits on the critical path for many UNITE<br>initiatives<br>Utilising AI capabilities<br>EXECUTION FOCUS<br> • Since FY25 results, no changes to overall<br>program:<br> – Scope<br> – Timeline<br> – Budget<br> • Currently in delivery<br> • Business led, technology enabled<br> • Centralised delivery team<br> • Embedded governance model |
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| EXECUTION PROGRESS – IMPROVING CUSTOMER AND EMPLOYEE EXPERIENCE<br>5 Westpac Update March 2026<br>DIGITAL<br>BANKER<br>Platform rolled out<br>to all bankers<br>ONE CHAT<br>PLATFORM<br>Consolidated<br>2 platforms to 1<br>Consolidated<br>22 processes to 1<br>DIGITAL ID<br>VERIFICATION<br>ONE PRIVATE<br>BANK<br>Enhanced customer<br>experience & service offering<br>ONE WEALTH<br>PLATFORM<br>Completed migration to<br>Panorama in Mar-26<br>Enabled multi offsets for all<br>home loan customers<br>MORTGAGE<br>SIMPLIFICATION<br>COLLECTIONS<br>PLATFORMS<br>Two legacy platforms<br>decommissioned<br>NEW INVOICE<br>FINANCE PLATFORM<br>Helping commercial<br>customers manage cashflow<br>Supports professional<br>services customers<br>CONTROLLED<br>MONIES |
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ONE WEALTH PLATFORM: BT PANORAMA<br>6 Westpac Update March 2026<br>1 Awards for BT Panorama – 2025 Best Client Portal & Mobile Platform’ and 2024 Best Platform' in the Australian Wealth Management Awards, in the Investment Trends Platform Competitive Analysis and<br>Benchmarking Report, 2024 winner of the `Adviser satisfaction with mobile access for clients: Wrap Platform' in the Investment Trends Adviser Technology Needs Report.<br>EXPECTED OUTCOMES<br> • Simplified service model<br> • Reduced daily task complexity and<br>process duplication<br> • Simplified risk management<br> • Initiative cost ~$70m<br> • Direct benefits ~$40m p.a.<br> • Simplified technology roadmap<br> • Award winning platform1<br> • Enhanced digital capability,<br>security features<br> • Extended investment options<br>BETTER<br>CUSTOMER EXPERIENCE<br>IMPROVED<br>EMPLOYEE EXPERIENCE<br>INCREASED 1 2 3 SHAREHOLDER RETURN<br>60k accounts, $16bn FUA<br>243k accounts, $138bn FUA<br> >300k accounts<br> >$150bn FUA |
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| ONE COMMERCIAL BANK<br>7 Westpac Update March 2026<br>1 For 95% of customer accounts. Directly transferring customers to like for like products without the need for re identification or additional product application forms.<br> • Leading digital and payments<br>capability to all commercial<br>customers<br> • Broader range of banking services<br> • One commercial banking team<br> • Fewer processes and reduced<br>products<br> • More time for quality customer<br>conversations<br> • Initiative cost ~$230m<br> • Direct benefits ~$40m p.a.<br> • Reusable migration capability, an<br>enabler of single deposit ledger<br>BETTER<br>CUSTOMER EXPERIENCE<br>IMPROVED<br>EMPLOYEE EXPERIENCE<br>INCREASED 1 2 3 SHAREHOLDER RETURN<br>EXPECTED OUTCOMES<br>MIGRATING ~75,000<br>COMMERCIAL CUSTOMER<br>ACCOUNTS TO WESTPAC<br>DIGITALLY ENABLED<br>MIGRATION PROCESS,<br>SUPPORTED BY<br>UNILATERAL VARIATION1<br>CUSTOMERS SUPPORTED BY<br>EXISTING BANKER AND<br>BANKING TEAM<br>EXPECTED TO COMPLETE IN DEC-27 |
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| PETER HERBERT<br>Chief Transformation Officer<br>8 Westpac Update March 2026 |
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| DELIVERY APPROACH<br>9 Westpac Update March 2026<br>Business led, technology enabled<br> • Centralised UNITE delivery team focused on execution<br> • Technology and the Data, Digital and AI teams support<br>delivery<br> • Divisional Group Executives accountable for customer,<br>financial and risk outcomes<br> • Board oversees progress<br>Centralised operating model<br> • Initiatives organised into work packages<br> • Optimise delivery cadence and capacity<br> • Manage challenges as they arise<br>1 There was no change to overall program scope. The number of initiatives reduced from 59 in Sep-25 to 57 in Mar-26 and we will continue to assess opportunities to streamline delivery.<br> • Scope set<br> • Integrated plan developed<br> • Downstream impacts and interdependencies mapped<br> • Simplify products & processes – 7 work packages<br> • Simplify data & downstream<br> • End to end testing<br> • Migrate & decommission<br>PROGRAM DISCOVERY COMPLETE<br>57 INITIATIVES1<br>DELIVERY<br>10 WORK PACKAGES |
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| Preparation to support customer migrations:<br> • Channel simplification<br> • Data simplification<br> • AI: faster downstream data impact<br>assessments and improved testing tools<br>10 Westpac Update March 2026<br>Initiative status1<br>147<br>660<br>850 - 950<br>FY24 FY25 FY26<br>UNITE Investment spend ($m)<br>38 7 1<br>PROGRAM UPDATE<br>1 Excludes 3 initiatives with scope confirmed. 2 Total investment expected to be c.$2bn p.a.<br> • $195m invested in 1Q26, 73% expensed<br> • c.40% of total investment spend2 FY27 – FY28<br> • Lower spend in FY29<br> • c.75% of spend to be expensed<br>8<br>Initiatives complete<br>49<br>Initiatives remaining |
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| MONITORING PROGRESS<br>11 Westpac Update March 2026<br>Percentage complete by project stage<br>1 Percentage of program scope confirmed. 2 Measurement of Simplify and Implement progress revised to percentage of milestones completed. Prior period progress has been restated to align with current period<br>presentation. 3 Percentage of in scope applications decommissioned.<br>SIMPLIFY2 29%<br>IMPLEMENT2<br>DISCOVERY1<br>DECOMMISSION3<br>13%<br>8%<br><br>Mar-25 Sep-25<br>14%<br>4%<br>3%<br>52%<br>44%<br>19%<br>10%<br><br>Mar-26<br> • Program scope confirmed<br> • Understand change requirements<br> • Develop delivery plans<br> • Product harmonisation<br> • Customer and banker journey mapping<br> • Data analysis and profiling<br> • Capability and infrastructure enhancement<br> • Migration testing and validation<br> • Migration pilots<br> • Migration execution<br> • Data archiving<br> • Application decommission |
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| MIGRATIONS TO SUPPORT DECOMMISSION OF COMMERCIAL HOGAN<br>12 Westpac Update March 2026<br>DECOMMISSION<br>COMMERCIAL HOGAN<br>CORE LEDGER<br>UNITE<br>MIGRATIONS<br>CORE LEDGER:<br>COMMERCIAL<br>HOGAN<br>Expected Outcomes:<br> • Upgrade costs avoided:<br>~$400m<br> • Reduced operational<br>complexity<br>Completed in Mar-26<br>WESTPAC CORE LEDGER: TRADING BANK<br>Expected to<br>complete in Dec-27<br>Expected to<br>complete in 1H28<br>ONE COMMERCIAL<br>BANK<br>ONE WEALTH<br>PLATFORM<br>ONE BUSINESS<br>DEPOSIT LEDGER<br>Other business<br>deposit<br>accounts<br>35% of accounts<br>Commercial<br>customer deposit<br>accounts<br>40% of accounts<br>Wealth customer<br>cash management<br>accounts<br>25% of accounts |
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| KEY 2H26 MILESTONES<br>13<br>1 This includes 3 initiatives. One initiative was descoped in 2H25. 2 This includes 2 initiatives.<br>Westpac Update March 2026<br>MORTGAGE<br>SIMPLIFICATION1 • Transfer Westpac mortgage property security data to the target state master<br> • Enable SMSF product on the Westpac mortgage ledger<br>DIGITAL BANKER2 • Scale service request migrations<br> • Strengthen customer authentication and onboarding<br> • Transition Westpac bankers to Digital Banker sales capability<br>ONE COLLECTIONS<br>PLATFORM – ASSISTNOW • Migrate personal loans and regional brand credit cards to the AssistNow platform<br>DEBIT CARD<br>SIMPLIFICATION<br> • Complete HandyCard migration to debit Mastercard for retail customers to enable<br>decommission of one platform<br> • Reduce Debit Card products down to six<br>ONE COMMERCIAL BANK • Complete workflow, data sourcing, downstream, digital enablers<br> • Commence migration to Westpac systems |
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| ONE WEALTH<br>PLATFORM |
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| (49)<br>14<br>1Q22 1Q26<br>Up 63pts<br>22,883<br>29,952<br>Dec-24 Dec-25<br>Up 31%<br>BT PANORAMA<br>15 Westpac Update March 2026<br>FUA ($m) Net flows excluding benefit payments2 ($m)<br>Managed accounts FUA ($m) Net Promoter Score (NPS)6<br>1 Investment Trends Platform Competitive Analysis & Benchmarking Report (released Feb’ 26). Best Client Portal eighth consecutive year (2018 – 2025) and Best Mobile App seven years (2018, 2019, 2020, 2021, 2022,<br>2024 and 2025). 2 Represents benefit payments from pension accounts; including benefit payments BT Panorama net flows were $2.0b for 1Q26. 3 Investment Trends Adviser Technology Needs Report (June 25). 4<br>Investment Trends SPDR ETFs/Investment Trends Managed Accounts Report (Mar 2025). See https://www.bt.com.au/about-bt/bt-financial-group/overview/awards.html for more awards. 5 Focus Menu launched on 1<br>October 2025 with enhanced offering for clients with simpler investment needs. 6. Spot NPS<br>121,389<br>135,567<br>Dec-24 Dec-25<br>1,722<br>3,204<br>1Q25 1Q26<br>Up 86%<br>WINNER OF BEST CLIENT PORTAL AND MOBILE APP1 LARGEST SHARE OF ADVISER RELATIONSHIPS3<br>HIGHEST BRAND AWARENESS FOR MANAGED ACCOUNTS4 FOCUS MENU LAUNCHED IN 1Q265<br>Up 12% |
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| FY24 Commenced adviser-led customer<br>transitions from Asgard to Panorama<br>Transferred > 3,000 accounts / $2bn in FUA Retention, MBFI1<br>FY25 Asgard soft-close Cease opening of new Asgard accounts Data stability and quality,<br>MBFI<br>IDPS2-Like Product Termination Returned $365m to 3,800 Investors Simplified product and<br>operations<br>APPP3 Insurance<br>Outsourcing<br>Established new outsource insurance administrator<br>Transitioned ~8,000 APPP Policies to new administrator<br>MBFI<br>Legacy external trustee and operator<br>migrations to third party platform<br>Migrated ~6,000 IDPS & Super accounts / $1.2bn FUA<br>Transitioned ~1,000 APPP Policies to new administrator<br>Simplified product and<br>operations, MBFI<br>Legacy external Trustee<br>Super Fund terminations<br>Life Focus > ~3,000 members / ~$390m FUA<br>Personal Choice Private > ~400 members / ~$85m FUA<br>Simplified product and<br>operations, MBFI<br>FY26 Asgard Migration to Panorama Migrated ~60,000 IDPS & Super accounts / ~$16bn FUA Retention, MBFI<br>FY284 Asgard Decommission Estimated direct benefits $40m p.a. Simplified tech, product<br>and operations<br>STRONG DELIVERY TRACK RECORD<br>BENEFIT<br>16 Westpac Update March 2026<br>1 Member Best Financial Interest. 2 Investor Directed Portfolio Service. 3 Asgard Personal Protection Plan. 4 Decommissioning spans technology infrastructure, applications, products, processes and one corporate entity. |
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| MIGRATION LEARNINGS<br>17 Westpac Update March 2026<br> • Clear, regular adviser and customer communications helped build understanding and confidence through the migration<br> • Tight coordination across internal teams and third-parties, surfaced issues early and kept priorities aligned<br> • Early focus on data quality to reduce downstream customer impacts<br> • Clear, measurable business-readiness targets were set and met<br> • Strong executive sponsorship accelerated decisions and removed blockers quickly<br>17<br>1998 2008 2014 2021 2026<br>Migrated to<br>(2021) 1998-2021<br>From 2014<br>2008 (WBC merger with St George) - 2026<br>Migrated to<br>(Mar-26) |
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| WHAT’S NEXT FOR BT PANORAMA<br>18 Westpac Update March 2026<br>Continuing to invest to support advisers and customers<br>Leveraging Westpac ownership to<br>differentiate and scale<br>Stronger, more secure integration<br>across the advice ecosystem<br>Launching an innovative retirement<br>income stream with Challenger<br>STRATEGIC SCALE ADVANTAGE<br> • Leveraging Westpac ownership<br>and scale<br> • Long-term investment in<br>platform capability<br> • Enables long-term platform<br>differentiation<br>ECOSYSTEM CONNECTIVITY<br> • Secure data exchange across<br>advice systems<br> • Reduced friction and manual<br>processes<br> • Lowers operational complexity<br>for advisers<br>RETIREMENT INCOME EXPANSION<br> • Lifetime income solution with<br>Challenger<br> • Broader decumulation offering<br>on-platform<br> • Supports improved retirement<br>outcomes |
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| ONE<br>COMMERCIAL BANK |
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| EXPECTED OUTCOME: BETTER CUSTOMER EXPERIENCE<br>20 Westpac Update March 2026<br>LEADING DIGITAL<br>AND PAYMENTS<br>CAPABILITY<br> • Dynamic Virtual Credit Card and Card Management Platform<br> • Additional savings account option - Notice Saver Account<br> • Wider range of online receivables, payables and reconciliation options including<br>Apple/Google Pay and EFTPOS Air<br> • Improved FX capability via Westpac Live<br> • Discounted business support services including MYOB, Optus, Lawpath and AWS<br> • Instant payments: Osko; PayID; and PayTo / PayID for Billers<br> • Market leading mobile banking app and eStatements<br> • Enhanced security including SafeBlock & SafeCall<br>BROADER RANGE<br>OF PRODUCTS<br>AND FEATURES<br>SERVICING<br>SUPPORT<br> • Existing banker and banking team<br> • Dedicated servicing specialist team providing support to bankers and customers<br> • Access to national network of experts<br> • Dynamic Virtual Credit Card and Card Management Platform<br> • Additional savings account option - Notice Saver Account<br> • Wider range of online receivables, payables and reconciliation<br> • Improved FX capability via Westpac Live<br> • Discounted business support services including MYOB, Optus, Lawpath and AWS |
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| PRE-MIGRATION POST MIGRATION<br>SUPPORT MIGRATION<br>Customer<br>engagement<br>1<br>Work with customers<br>to agree tailored<br>transition plan<br>Customer and<br>product migration<br>4<br>New customer<br>products created in<br>the target system<br>Customer training<br>and support provided<br>Migration<br>completion<br>5<br>Transition success<br>Close legacy<br>products<br>and services<br>Customer<br>creation<br>2<br>Create customers on<br>target systems<br>Customer<br>notification<br>3<br>Digitally issue<br>variation notices<br>through unilateral<br>variation<br>TRANSITION STAGES<br>21 Westpac Update March 2026 |
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| MIGRATING<br>DATA<br>SAFELY<br>MIGRATION<br>SUPPORT<br> & TOOLS<br>MIGRATION ENABLERS<br>22 Westpac Update March 2026<br>SEAMLESS<br>EXPERIENCE<br> • Specialist Migration Experience Team providing support for customers and bankers<br> • Automated workflow tool to orchestrate, track and sequence end to end migration<br> • Digital Banker Migration Hub provides visibility of customers’ new and legacy account information<br>and products<br> • Customer migration tools automate creation of customer profiles, set up business lending deals<br>and open / close transaction accounts<br> • Majority of payments automatically routed to new transaction accounts<br> • Document Hub provides digital experience with safe, secure, personalised portal<br> • Unilateral variation1<br>, no change to customer credit limits or impact to securities or guarantees; no<br>re-identification or new product application forms<br> • Data Migration as a Service capability sources data and reconciles to new systems<br> • Customer account lineage mapping helps ensure data continuity for downstream systems and<br>reporting<br>1 For 95% of customer accounts. Directly transferring customers to like for like products without the need for re identification or additional product application forms. |
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| 89<br>23 23<br>8<br>93<br>34 35 34<br>Transaction<br>banking<br>Payment<br>solutions<br>Equipment<br>finance<br>Interest rate /<br>FX<br>OPPORTUNITY TO DEEPEN RELATIONSHIPS1<br>23 Westpac Update March 2026<br>1 Includes products outside of Business & Wealth held by Commercial customers. Information was current as at Sep-25, except for the Interest or FX where it was based on FY25.<br>RRB Westpac<br>52<br>78<br>4.2<br>4.9<br>Average customer needs met (#) Deposit to loan ratio (%)<br>17% higher 26ppts higher<br>SGB/BSA/BoM Westpac SGB/BSA/BoM Westpac<br>Product depth (%)<br>SGB/BSA/BoM Westpac |
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| UNITE DELIVERY |
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| ROBUST STRUCTURE/FRAMEWORK<br>25<br>INTERNAL RESOURCES Centralised delivery team of<br>~1,800 employees<br>UNITE<br>RESOURCING<br>CAPACITY<br>Leverage internal<br>capability while allowing<br>flexibility<br>EXTERNAL PARTNERS Supplement inhouse<br>expertise<br>ARTIFICIAL INTELLIGENCE Testing tools<br>Data impact assessments<br>Directors oversight working group, reporting at every<br>Board meeting and quarterly customer journey deep dives<br>Board<br>GOVERNANCE<br>Monthly steering committee and weekly CEO meeting<br>Executive leadership<br>Functional experts focused on initiative delivery with<br>external partners providing technical advice<br>Program Leadership<br>Business accountable for outcomes, centralised delivery<br>model<br>Delivery<br>Westpac Update March 2026 |
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| 10 Migration Delivery<br>DELIVERY SEQUENCE<br>DELIVERY APPROACH<br> • Migration strategy and design<br> • Customer and banker journeys<br> • Product harmonisation<br> • Migration testing • Migration readiness<br> • Migration execution<br> • Decommissioning<br> • Feature and capability<br>readiness<br> • Increase infrastructure capacity<br> • Data analysis and profiling<br>SIMPLIFY IMPLEMENT & DECOMMISSION WORK<br>PHASES<br>WORK<br>PACKAGES<br>CLEAR<br>OBJECTIVES<br>Cash & Transactional<br>Banking Products &<br>Processes<br>Mortgage Products<br> & Processes<br>Operations<br>Consumer Finance<br>Products & Processes<br>Business Banking &<br>Insurance Products<br>Institutional Banking<br>Customer and Channels<br>Data &<br>Downstream End-to-End Testing<br>1<br>2 3<br>4 5<br>6 7<br>8 9<br>26 Westpac Update March 2026 |
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| MORTGAGES SIMPLIFICATION TARGET STATE<br>27 Westpac Update March 2026<br>1 Available for sale products, excluding RAMs<br> • Best of Westpac for new and<br>existing customers<br> • Access to market leading<br>products and features<br> • Faster, more consistent service to<br>customers<br> • Simpler, standardised processes<br> • Initiative cost ~$285m<br> • Estimated savings $70m p.a.<br> • Reduced operational risk<br>BETTER<br>CUSTOMER EXPERIENCE<br>IMPROVED<br>EMPLOYEE EXPERIENCE<br>INCREASED 1 2 3 SHAREHOLDER RETURN<br>EXPECTED OUTCOMES<br>ORIGINATION<br>SERVICING<br>DATA & RISK MANAGEMENT<br>3 TO 1 MORTGAGE LEDGERS<br>3 TO 1 COLLATERAL MASTERS<br>19 TO 6 SUPPORTING APPLICATIONS<br>BEST OF WESTPAC ONE BEST WAY SIMPLIFIED TECHNOLOGY<br>MULTI-OFFSETS<br>DIGITAL SERVICING<br>17 TO 9 PRODUCTS1 |
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| MORTGAGES WORK PACKAGE<br>28 Westpac Update March 2026<br>TIMELINE<br>2025 2026<br>DISCOVERY SIMPLIFY<br>KEY ACTIVITIES<br> • Harmonise and simplify<br>products<br> • Simplify collateral management<br> • Ready data for migration<br> • Increase capacity of target<br>systems<br>CENTRALISED TEAM<br> • Product team<br> • Technology<br> • Bankers<br> • Finance and risk<br>GOVERNANCE<br> • Consumer Group Executive and<br>Mortgages General Manager<br>accountable for outcomes<br> • Monthly progress update to<br>Chief Transformation Office<br> • Quarterly papers to Board |
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| MORTGAGES SEQUENCING OF DELIVERY<br>SIMPLIFY IMPLEMENT & DECOMMISSION<br>SIMPLIFY<br>COLLATERAL<br>MGMT<br>SIMPLFY<br>PRODUCTS<br>TARGET<br>SYSTEM<br>CAPACITY<br>Product<br>harmonisation<br>Feb-26<br>Multi-offsets<br>Mar-25<br>Seniors Access<br>Loan Product<br>build1<br>Nov-25<br>Company &<br>Trust Product<br>build<br>SMSF<br>Product<br>Build1<br>Portfolio<br>Loan Product<br>Build1<br>Map Data<br>Mar-25<br>Test & Migrate<br>Westpac data<br>Master<br>Ready<br>Correct Data Extract,<br>Transform Load<br>Build<br>MIGRATION<br>READINESS Map Simple<br>Data<br>Feb-25<br>Correct<br>complex data<br>Extract,<br>Transform, Load<br>build - Simple<br>Map Complex<br>Data Correct simple<br>data<br>Extract,<br>Transform, Load<br>build - Complex<br>Test<br>environment<br>capacity<br>Infrastructure<br>capacity<br>Test<br>automation<br>Mortgage system<br>capacity<br>Feb-26 Feb-26<br>Mar-26<br>Capability<br>uplift<br>INTEGRATED TESTING<br>PREPARE OUR BANKERS<br>TEST PROCESS READINESS<br>MIGRATE CUSTOMERS<br>DECOMMISSION LEGACY SYSTEMS<br>1 Not for sale Products.<br>29 Westpac Update March 2026 |
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| OPERATING MODEL IN ACTION – MORTGAGES WORK PACKAGE<br>30 Westpac Update March 2026<br>STREAMLINED<br>GOVERNANCE<br>SIMPLIFIED<br>EXECUTION<br>FINANCIAL<br>SUPPORT<br>BUSINESS<br>LED<br>ONE UNITE<br>TEAM |
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| APPENDIX |
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| DIRECT<br>BENEFITS4<br>(Mar-26)<br>UNITE: CURRENT FOCUS AREAS<br>32<br>1 This includes 3 initiatives. One initiative was descoped in 2H25. 2 This includes 2 initiatives. 3 Estimated total initiative cost. 4 Expected full year annual benefit after the initiative is complete.<br>COST3<br>(Mar-26)<br>EXPECTED OUTCOMES KEY MILESTONES IN 2H26<br>Westpac Update March 2026<br>MORTGAGE<br>SIMPLIFICATION1<br>Completes in FY29 c.$285m<br>(Nov-25: $265m)<br>~$70m<br>(Nov-25: $70m)<br>Establish products,<br>fees and features on<br>the target ledger and<br>implement a single<br>collateral register<br> • Transfer Westpac mortgage property<br>security data to the target state master<br> • Enable SMSF product on the Westpac<br>mortgage ledger<br>Customers have access<br>to market leading<br>products and features<br>Simpler, standardised<br>processes for employees<br>DIGITAL BANKER2<br>Completes in FY29 c.$150m<br>Decommission legacy<br>CRM platform and<br>extend capability to<br>all bankers<br> • Scale service request migration<br> • Strengthen customer authentication<br>and onboarding<br> • Transition Westpac bankers to Digital<br>Banker sales capability<br>One portal to view,<br>service and originate all<br>customer needs<br>Consistent experience<br>across all channels<br>ONE COLLECTIONS<br>PLATFORM –<br>ASSISTNOW<br>Completes in FY29<br>c.$130m ~$40m<br>Migrate Consumer<br>products from 7<br>platforms to the<br>AssistNow Platform<br> • Migrate Consumer Finance products,<br>personal loans and regional brand<br>credit cards to the AssistNow platform<br>Simplifies and<br>standardises collections<br>and hardship processes<br>Easier to manage<br>requests end-to-end<br>ONE COMMERCIAL<br>BANK<br>Completes in FY28<br>c.$230m ~$40m<br>Migrating ~75,000<br>commercial customer<br>Accounts to Westpac<br> • Complete workflow, data sourcing,<br>downstream, digital enablers<br> • Commence migration to Westpac<br>systems<br>Leading banking<br>services and digital<br>capability to all<br>commercial customers<br>Simpler processes<br>DEBIT CARD<br>SIMPLIFICATION<br>Completes in FY29<br>c.$40m<br>(Nov-25: $35m)<br>~$15m<br>(Nov-25: $15m)<br>Reduce the product<br>set for debit cards<br>from 34 to 2<br> • Complete HandyCard migration to<br>Debit Mastercard for retail customers to<br>enable decommission of one platform<br> • Reduce Debit Card products down to<br>six<br>Customers benefit from<br>clarity provided by a<br>simplified product offer<br>Reduces operational<br>complexity and risk<br>OBJECTIVE<br> BANKER<br>PRODUCTIVITY |
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| CHANGE IN MONITORING PROGRESS APPROACH<br>33 Westpac Update March 2026<br>Percentage complete by project stage<br>SIMPLIFY 17%<br>IMPLEMENT 15%<br>Mar-25 Sep-25<br>10%<br>7%<br>29%<br>13%<br>Mar-25 Sep-25<br>14%<br>4%<br>Based on initiatives completed,<br>previous approach<br>Based on milestones completed,<br>revised approach |
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| 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 independent<br>professional advice depending upon their specific investment objectives, financial situation or particular needs. The material contained in this presentation may include information derived from publicly available sources<br>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, liquidity 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<br>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’, ‘objective’, ‘pursue’ or other similar words to identify forward-looking statements, or otherwise identify forward-looking statements. These forward-looking statements<br>reflect our 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<br>of 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 future developments on us will be those anticipated. Actual results could differ materially from<br>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 sections titled ‘Operating Environment’ and ‘Risk<br>Management' in our 2025 Annual Report, as well as ‘2025 Risk Factors’ (each available at www.westpac.com.au). When relying on forward-looking statements to make decisions with respect to us, investors and others<br>should carefully 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 the<br>date of this presentation.<br>We also make statements about our processes and policies (including what they are designed to do) as well as the availability of our systems or product features. Systems, processes and product features can be subject<br>to disruption, and may not always work as intended, so these statements are limited by the factors described in the section titled ‘Risk Management’ in our 2025 Annual Report, as well as ‘2025 Risk Factors’ (each<br>available at www.westpac.com.au).<br>34 Westpac Update March 2026<br>DISCLAIMER |
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