6-K - WEBNF - Equibles

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 27, 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 technology simplification 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 27, 2024	By:	/s/ Esther Choi
		Esther Choi
		Tier One Attorney

Exhibit 1

ASX Release<br>27 March 2024<br>Westpac technology simplification update<br>Westpac Banking Corporation (“Westpac”) today provides the attached Westpac<br>technology simplification 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.<br>Level 18, 275 Kent Street<br>Sydney, NSW, 2000
27 MARCH 2024<br>WESTPAC<br>TECHNOLOGY<br>SIMPLIFICATION<br>UPDATE<br>WESTPAC BANKING CORPORATION ABN 33 007 457 141
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PETER KING<br>Chief Executive Officer
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Improved<br>employee experience<br>Increased<br>shareholder return<br>Better<br>customer experience<br>UNITE:<br>ACCELERATING<br>SIMPLIFICATION<br>3 Westpac Group March 2024 Technology Simplification Update<br>These objectives are ‘forward-looking statements’ and are subject to assumptions, risks and other important information in the Disclaimer on page 18.<br>Business led. Technology enabled.<br>Objectives
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A STRATEGY FOR GROWTH AND RETURN<br>4 Westpac Group March 2024 Technology Simplification Update<br>PILLARS<br>Customer<br>care at<br>the heart<br>Easy<br>to do<br>business with<br>Expert<br>solutions<br>and tools<br>Advocate<br>for positive<br>change<br>FOUNDATIONS Strong<br>balance<br>sheet<br>Proactive risk<br>management and<br>risk culture<br>Data-informed<br>insights and<br>decisioning<br>Passionate<br>people who<br>make a difference<br>MEASURES Return on tangible equity Market position<br>To be our customers’ #1 bank and partner through life AMBITION<br>Creating better futures together OUR PURPOSE
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READY TO ACCELERATE<br>5 Westpac Group March 2024 Technology Simplification Update<br>1 BT Personal and Corporate Super, Advance Asset Management, General Insurance, Australian Life Insurance, Lenders Mortgage Insurance, Motor Vehicle Dealer Finance and Novated Leasing,<br>Strategic Alliances ‘Vendor Finance’, New Zealand Life Insurance, New Zealand Wealth Advisory, BT Private Portfolio Management. 2 The Forrester Digital Experience Review: Australian Mobile<br>Banking Apps, Q4 2023.<br>PORTFOLIO SIMPLIFICATION COMPLETE CORE PROGRAM WELL PROGRESSED<br>TECHNOLOGY SIMPLIFICATION UNDERWAY<br>Technology<br>foundations<br>simple and<br>modern<br>Focused on banking in<br>Australia & New Zealand<br>10 businesses exited1<br>#1 Mobile<br>Banking App2<br>EFTPOS Air for<br>business<br>customers<br>AI-powered<br>Westpac SaferPay<br>to stop scams<br>Integrated plan<br>activities complete<br>Embedding risk<br>management practices
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UNITE OBJECTIVES<br>6 Westpac Group March 2024 Technology Simplification Update<br>These objectives are ‘forward-looking statements’ and are subject to assumptions, risks and other important information in the Disclaimer on page 18.<br> • Simplified customer journeys<br> • End to end digital experiences<br> • Faster to market<br> • More time with customers<br> • Better insights<br> • Enables innovation<br> • Operating cost efficiency<br> • Reduced cost of change<br> • Improved risk<br>BETTER<br>CUSTOMER<br>EXPERIENCE<br>IMPROVED<br>EMPLOYEE<br>EXPERIENCE<br>INCREASED<br>SHAREHOLDER<br>RETURN
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SCOTT<br>COLLARY<br>Chief Information Officer
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BUILDING CUSTOMER-CENTRED TECHNOLOGY<br>8 Westpac Group March 2024 Technology Simplification Update<br>This page contains ‘forward looking statements’. Please refer to the disclaimer on page 18.<br>1 The Forrester Digital Experience Review: Australian Mobile Banking Apps, Q4 2023.<br>Built to change Evergreen Automated Digital to the core<br>Achieved top<br>decile productivity<br>for engineers<br>Best engineers<br> & infrastructure<br>#1<br>mobile<br>banking<br>app1<br>World class<br>experiences &<br>platforms<br>100%<br>data platform<br>on cloud available<br>Intelligent<br>banking with<br>AI & data<br>Westpac<br>SaferPay<br>Protecting<br>our<br>customers<br>9 to 1<br>networks<br>consolidated<br>Simplifying &<br>modernising our<br>technology
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WESTPAC SaferPay: PROTECTING AUSTRALIANS FROM SCAMS<br>Potential scam<br>identified using AI<br>Suspicious transaction<br>blocked<br>Transaction checked<br>with customer<br>9 Westpac Group March 2024 Technology Simplification Update
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Division Capabilities 2021 2022 2023 2024 2025 2026 2027 2028+<br>Technology<br>Infrastructure<br>Cloud Platforms and Services<br>Software Engineering<br>Data Platforms<br>WIB<br>Financial Markets<br>Corporate Cash Management<br>Payments<br>Business &<br>Wealth<br>Business Banking<br>Wealth (Asgard migration)<br>Consumer<br>Digital Experience<br>Cash & Transactional Banking<br>Credit Card & Personal Lending<br>Mortgage Originations<br>Lending Processors<br>Customer &<br>Corporate<br>Services<br>Collections<br>Process Management/Automation<br>ENTERPRISE TECHNOLOGY ROADMAP<br>10 Westpac Group March 2024 Technology Simplification Update<br>KEY: Preparation Simplification and modernisation Target state (Built for change, Evergreen, Automated, Digital to the core)<br>This page contains ‘forward looking statements’. Please refer to the disclaimer on page 18.
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UNITE: ACCELERATING SIMPLIFICATION1<br>11 Westpac Group March 2024 Technology Simplification Update<br>This page contains ‘forward looking statements’. Please refer to the disclaimer on page 18.<br>1 Refers to Australian banking system simplification. 2 Forecast reductions which will be confirmed in detailed planning through FY24.<br>EXPERIENCE<br>PRODUCTS & SERVICES<br>PLATFORMS<br>ENTERPRISE<br>TECHNOLOGY<br>FOUNDATIONS Developer<br>platforms Networks Private &<br>Public cloud<br>Desktop<br>platforms<br>Workflow systems Collections systems<br>Data<br>platforms<br>Customer<br>onboarding<br>systems<br>Customer<br>masters<br>Payment<br>captures<br>Product originations Product processors<br>Banker platforms to assist<br>customers<br>Online<br>customer platforms<br>From >180<br> >10<br> >60<br> >60<br> >20<br> >20<br> <5<br> <30<br> <20<br> <10<br> <10<br>FY24 – FY28 To <60 2
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Banker platforms<br>to assist customers<br>Customer<br>onboarding systems<br>Collections<br>systems<br>UNITE IN PRACTICE: MAKING IT SIMPLE1<br>12 Westpac Group March 2024 Technology Simplification Update<br>This page contains ‘forward looking statements’. Please refer to the disclaimer on page 18.<br>1 Forecast reductions which will be confirmed in detailed planning through FY24.<br>From 6 To 3<br> • Improved customer experience<br> • Easier for employees<br> • Increased banker productivity<br>From 11 To 1<br> • Seamless verification experience<br>for retail customers<br> • Safer and faster digital process<br>From 7 To 1<br> • Better customer experience and<br>faster response time<br> • Improved operational efficiency<br> • Strengthened compliance and<br>risk position
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UNITE PLAN1<br>13 Westpac Group March 2024 Technology Simplification Update<br>This page contains ‘forward looking statements’. Please refer to the disclaimer on page 18.<br>1 Plan will be confirmed in detailed planning through FY24.<br>Business ownership and<br>accountability<br>Business, technology and<br>data teams aligned to<br>deliver<br>Coordinated centrally for<br>efficiency and control<br>c.85 sequenced individual initiatives<br>Simplify existing processes. Reduce technology complexity. Decommission of duplicated systems<br>FY24 FY25 FY26 FY27 FY28<br>CUMULATIVE INITIATIVES COMPLETION TIMELINE
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KEY UNITE INITIATIVES COMMENCED IN FY24<br>14 Westpac Group March 2024 Technology Simplification Update<br>Initiative<br> • Customer masters from 3 to 1<br> • API enabled<br> • One common solution for Australian customers<br>Australian customer masters<br>consolidated<br> • Consolidating from 22 retail electronic identity verification processes to 1<br> • Biometric enablement of the eIDV process Electronic identity verification<br> • Integration and migration of 2 Asian platforms to Australia<br> • Elimination of system duplication<br> • Leverage Group capability for offshore customers<br>Consolidation of Asia WIB<br>platforms<br> • 7 to 1 systems<br> • Starting with Australian consumer finance and mortgages<br>Consolidating Australian<br>collections platforms<br> • Elimination of system duplication<br> • Consistent adviser and customer experience Asgard migration<br>Outcomes<br>This page contains ‘forward looking statements’. Please refer to the disclaimer on page 18.
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MICHAEL<br>ROWLAND<br>Chief Financial Officer
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AVERAGE ANNUAL TOTAL INVESTMENT SPEND ($BN)<br>1.2<br>1.8 ~1.8<br>~2<br>FY14-FY18 FY19-FY23 FY24 FY25-FY28<br>ANNUAL INVESTMENT SPEND<br>16 Westpac Group March 2024 Technology Simplification Update<br>This page contains ‘forward looking statements’. Please refer to the disclaimer on page 18.<br>1 Based on forecast total investment spend. 2 Peer average includes ANZ, CBA and NAB. Cost to income ratio is calculated on cash earning basis. For Westpac for FY23 this is statutory net profit<br>adjusted for economic hedges and ineffective hedges.<br> • UNITE incorporated within total annual investment<br>spend<br> • Total investment spend expected to be:<br> − ~$1.8bn in FY241<br> − ~$2bn annually from FY25 to FY281<br> • UNITE<br> − ~30% of total spend over FY24 to FY28<br> − Significant proportion expensed<br> • UNITE a major driver to close the cost to income<br>ratio gap to peers<br> − Run cost efficiency benefits<br> − Reduction in the cost of change<br>1<br>COST TO INCOME RATIO (%)2<br>40<br>45<br>50<br>55<br>60<br>65<br>FY13 FY18 FY21 FY23<br>Westpac Peer average
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INVESTOR RELATIONS CONTACT SHARE REGISTRY CONTACT<br>INVESTOR RELATIONS TEAM<br>17 Westpac Group March 2024 Technology Simplification Update<br>Justin McCarthy<br>General Manager, Investor Relations<br>Arthur Petratos<br>Manager, Shareholder Services<br>Rebecca Plackett<br>Head of Corporate Reporting and ESG<br>Jacqueline Boddy<br>Head of Debt Investor Relations<br>James Wibberley<br>Manager, Investor Relations<br>Catherine Garcia<br>Head of Investor Relations,<br>Institutional<br>For all shareholding enquiries relating to:<br> – Address details and communication preferences<br> – Updating bank account details, and participation in the<br>dividend reinvestment plan<br>For all matters relating to Westpac’s strategy,<br>performance and results<br>1800 804 255<br>westpac@linkmarketservices.com.au<br>investorcentre.linkmarketservices.com.au<br>+61 2 9178 2977<br>investorrelations@westpac.com.au<br>westpac.com.au/investorcentre<br>Contact us
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DISCLAIMER<br>18 Westpac Group March 2024 Technology Simplification Update<br>The material contained in this presentation is general and is supplied in summary form and is therefore not necessarily complete. It is not intended that it be relied upon as<br>advice to investors or potential investors, who should consider seeking independent professional advice depending upon their specific investment objectives, financial<br>situation or particular needs. The material contained in this presentation may include information derived from publicly available sources that have not been independently<br>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. 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<br>regarding our intent, belief or current expectations with respect to our technology simplification program.<br>We use words such as ‘will’, ‘may’, ‘expect’, ‘intend’, ‘seek’, ‘would’, ‘should’, ‘could’, ‘continue’, ‘plan’, ‘estimate’, ‘anticipate’, ‘believe’, ‘probability’, ‘indicative’, ‘risk’, ‘aim’, ‘outlook’,<br> ‘forecast’, ‘f’cast’, ‘f’, ‘assumption’, ‘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 current views on future events and are subject to change, certain known and unknown risks, uncertainties<br>and assumptions and other factors which are, in many instances, beyond our control (and the control of our officers, employees, agents and advisors), and have been made<br>based on management’s expectations or beliefs concerning future developments and their potential effect upon us.<br>Any future benefits or objectives of the UNITE program described in this presentation are subject to a number of assumptions, including that the technology simplification will<br>result in a better customer experience, reduced costs, reduced costs of change and lower risks with all other things being equal. Those benefits or objectives may also not arise<br>or be met until after a period of investment and may not occur in a linear manner. Information in this presentation as to the timing of the UNITE program is subject to ongoing<br>testing and validation as the program progresses. The future timing and costs of the UNITE program may also be adversely impacted by a variety of matters, both in and<br>outside of our control, including, without limitation, mandatory regulatory change.<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<br>are subject to the same limitations, uncertainties, assumptions and disclaimers set out in this presentation. There can be no assurance that future developments or<br>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 those we<br>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<br>factors' 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<br>should carefully consider such factors and other uncertainties and events. Except as required by law, we assume no obligation to revise or update any forward-looking<br>statements contained in this presentation, whether from new information, future events, conditions or otherwise, after the date of this presentation.
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