6-K
WESTPAC BANKING CORP (WEBNF)
6-K
2025-03-28
For: 2025-03-28
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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 28, 2025
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 market 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 28, 2025 | By: | /s/ Esther Choi |
| Esther Choi | ||
| Tier One Attorney |
Exhibit 99.1
| ASX Release<br>28 March 2025<br>Westpac market 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.<br>Level 18, 275 Kent Street<br>Sydney, NSW, 2000 |
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| WESTPAC<br>28 MARCH 2025<br>MARKET<br>UPDATE<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 |
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| CEO PRIORITIES<br>3 Westpac Market Update March 2025<br>PERFORMANCE<br>Improve ROTE and cost to<br>income relative to peers<br>Improve market position<br>CUSTOMER<br>Whole of bank to whole of<br>customer approach<br>Improve customer<br>experience<br>PEOPLE<br>Attract, retain and invest<br>Externally focused,<br>accountable and<br>empowered<br>TRANSFORMATION<br>UNITE<br>Innovate to improve<br>customer outcomes and<br>efficiency<br>RISK<br>Complete CORE<br>transition<br>Managing risk as a<br>differentiator |
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| 4 Westpac Market Update March 2025<br>INNOVATION TO SUPPORT SERVICE EXCELLENCE<br>DIGITAL BANKER<br>BIZEDGE<br>• Supports 20,000 employees<br>• Consistent and better customer experiences<br>across all channels<br>• Automating business lending<br>origination<br>• Faster lending decisions<br>WESTPAC ONE<br>• Leading transaction banking capability for<br>Institutional clients<br>• Enhanced digital experience |
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| Westpac Market Update March 2025<br>UNITE: ONE BEST WAY – THE BEST OF WESTPAC DELIVERED CONSISTENTLY<br>1 ‘For sale’ and ‘not for sale’ products across Consumer and Business & Wealth.<br>5<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<br>OBJECTIVES |
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| UNITE: MORTGAGES SIMPLIFICATION1<br>6 Westpac Market Update March 2025<br>1 This includes 4 initiatives.<br>Migrating mortgage customers to a single suite of products, processes and applications<br>DISCOVERY<br>Understand change<br>requirements<br>Develop delivery plans<br>Estimate costs and<br>benefits<br>SIMPLIFY<br>Enhance features<br>Test systems<br>Simplify products and<br>processes<br>DECOMMISSION<br>9 origination apps<br>4 servicing apps<br>Simplify tech<br>environment<br>IMPLEMENT<br>Migrate loan data<br>Migrate offset<br>account data<br>Migrate documents<br>& collateral<br>FY24 FY25 to FY26 FY27 to FY28 FY28 |
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| UNITE: MORTGAGES SIMPLIFICATION – EXPECTED OUTCOMES1<br>7<br>PRODUCTS REDUCED<br>17 TO 92<br>Westpac Market Update March 2025<br>1 This includes 4 initiatives. 2 Available for sale products.<br>• Consistent experience for new<br>and existing customers<br>• Access to market leading<br>products and features<br>• Faster to serve customers<br>• Simpler, standardised processes<br>• Initiative cost ~$450m<br>• Estimated savings $120m p.a.<br>• Reduced operational risk<br>BETTER<br>CUSTOMER EXPERIENCE<br>IMPROVED<br>EMPLOYEE EXPERIENCE<br>INCREASED 1 2 3 SHAREHOLDER RETURN<br>PROCESSES<br>SIMPLIFIED<br>APPLICATIONS CONSOLIDATED<br>26 TO 8 |
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| 8<br>UNITE INITIATIVES UNDERWAY AND TO COMMENCE IN FY251<br>• Group Executive to lead Transformation, including UNITE<br>• Refining and optimising delivery plan<br>– Deposit processor consolidation – new plan for 9<br>initiatives<br>– Initiatives consolidated to 60<br>– 41 initiatives currently in progress<br>– 4 initiatives complete<br>• Governance model operating across 3 lines of defence<br>UNITE INVESTMENT<br>• 35-40% of total investment1 from FY25 to FY28<br>− $107m invested in 1Q25<br>− Expect to invest ~$600m in FY25<br>− c.75% of spend to be expensed<br>Westpac Market Update March 2025<br>UNITE: PROJECT UPDATE<br>1 Total investment expected to be c.$2bn p.a. 2 Includes initiatives that are in progress or completed. Status rating changes with the identification and resolution of issues.<br>6%<br>Mar-24<br>75%<br>Mar-25<br>c.83%<br>FY25<br>64%<br>Sep-24<br>PROGRAM STATUS<br>• Initiative status2: 30 Green; 8 Amber; and 7 Red<br>• Focus on returning initiatives to Green |
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| UNITE: RISK MANAGEMENT & GOVERNANCE<br>9 Westpac Market Update March 2025<br>3-IN-A-BOX<br>OPERATING MODEL<br>BOARD<br>Active director engagement through Directors oversight<br>working group and regular Board reporting at every<br>meeting<br>EXECUTIVE LEADERSHIP<br>Weekly CEO meeting – risk and performance tracking to<br>committed outcomes<br>PROGRAM LEADERSHIP<br>A team of functional experts focused on initiative delivery<br>with external partner providing technical advice to<br>support the program and Board<br>• Business Led<br>– Single executive accountability<br>– 3-in-a-box operating model<br>• Operating cadence, reporting, monitoring and oversight<br>established<br>• Three lines of defence embedded<br>– 1st line delivery<br>– 2nd line risk oversight supported by external advisors<br>– 3rd line independent assurance<br>RISK MANAGEMENT<br>DIVISIONAL DELIVERY<br>Business accountable for outcomes<br>GOVERNANCE<br>BUSINESS<br>TECHNOLOGY DATA |
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| PETER HERBERT<br>CHIEF TRANSFORMATION OFFICER |
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| UNITE: BUSINESS LED TECH ENABLED<br>11 Westpac Market Update March 2025<br>Chief Transformation Officer<br>responsible for UNITE<br>Divisional Group Executives<br>accountable for customer,<br>financial and risk outcomes<br>Technology and Data<br>supporting delivery<br>CHIEF TRANSFORMATION OFFICE<br>CONSUMER<br>Initiatives: 25<br>BUSINESS & WEALTH<br>Initiatives: 10<br>WIB<br>Initiatives: 11<br>TECHNOLOGY, CUSTOMER & CORPORATE SERVICES AND FINANCE<br>Initiatives: 14 |
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| 12 Westpac Market Update March 2025<br>UNITE ACTIVITY<br>1 As at 27-Mar-25.<br>52%<br>of initiatives<br>PERCENTAGE COMPLETE BY STAGE1<br>• Understand change<br>requirements<br>• Technology<br>architecture impacts<br>• Delivery plans and<br>cost estimates<br>• Plan implementation<br>• Complete testing<br>• Migrate data<br>• Enhance and simplify<br>products/processes<br>• Upgrade and configure<br>systems<br>• Expand infrastructure<br>capacity<br>• Decommission<br>duplicate systems<br>• Reduce products<br>• Realise benefits<br>10%<br>of initiatives<br>7%<br>of initiatives<br>3%<br>of apps<br>DISCOVERY SIMPLIFY IMPLEMENT DECOMMISSION |
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| MIDAS MIGRATION &<br>DECOMMISSION<br>ELECTRONIC IDENTITY<br>VERIFICATION<br>MORTGAGE MULTI-OFFSET<br>CAPABILITY<br>CONSOLIDATION OF ASIA<br>WIB PLATFORMS<br>13<br>UNITE: INITIATIVES COMPLETED<br>$8m<br>OUTCOMES<br>Westpac Market Update March 2025<br>~$5mp.a.<br>$20m ~$15mp.a.<br>• Migrated WNZL FM platform to the WBC platform<br>• Reduces cost and delivers better customer experience<br>• Consolidated 20 Consumer identity verification processes to 1<br>• Biometric enablement of the electronic ID verification process<br>$15m • Multiple offset accounts available for all eligible home loan<br>customers<br>• Gives customers greater choice and control over their finances<br><br>CUSTOMER<br>SATISFACTION<br>$5m • Consolidated 2 versions of Asia BankTrade into 1 best system<br>• Simplified processes while reducing risk and complexity ~$1m p.a.<br>COST BENEFITS |
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| 14<br>UNITE: INITIATIVES – FY25 FOCUS<br>1 This includes 4 initiatives, including mortgage offsets which has completed. 2 This includes 2 initiatives. 3 Subject to BT Funds Management Limited board approval.<br>Westpac Market Update March 2025<br>MORTGAGE SIMPLIFICATION1 • Migrates mortgage customers to a single suite of<br>products, processes and applications C.$450m ~$120m p.a.<br>DIGITAL BANKER2 • Extends Digital Banker capability to all bankers C.$175m<br>BANKER<br>PRODUCTIVITY<br>ONE COLLECTIONS<br>PLATFORM - ASSISTNOW • Consolidates 7 collections systems to 1 strategic<br>collections platform C.$130m ~$25m p.a.<br>FRAUD OPERATIONS<br>WORKFLOW SIMPLIFICATION • Streamline from 4 workflow systems to 1 strategic<br>solution C.$40m ~$10m p.a.<br>ONE WEALTH PLATFORM3 C.$70m ~$40m p.a. • Asgard migration to Panorama to provide a consistent<br>adviser and customer experience<br>OUTCOMES COST BENEFITS |
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| SCOTT COLLARY<br>CHIEF INFORMATION OFFICER |
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| 16<br>1 The Forrester Digital Experience Review: Australian Mobile Banking Apps, Q3 2024. 2 Business lending platform<br>Westpac Market Update March 2025<br>PRINCIPLES<br>BUILTTO CHANGE EVERGREEN AUTOMATED DIGITALTO THE CORE<br>• Generative AI capabilities operating in Financial Markets and Mortgage Operations<br>• Digital Banker Platform – to provide the right data to better serve customers<br>INTELLIGENT BANKING<br>WITH AI & DATA<br>• Engineers operating in our modern environment rank in the top 20% globally<br>• Simplified infrastructure and network environment<br>BEST ENGINEERS &<br>INFRASTRUCTURE<br>• #1 mobile banking app1 – improving customer experience<br>• BizEdge2 – to support faster business lending decisions<br>• Westpac One – to support corporate transaction banking<br>WORLD CLASS EXPERIENCES<br>& PLATFORMS<br>PROTECTING<br>OUR CUSTOMERS<br>• Consolidating to the best of Westpac technology and capability<br>• Common tools and playbook for reduced risk<br>UNITE: MERGE<br>OUR TECHNOLOGY<br>• Launch of SaferPay, Verify, SafeCall and SafeBlock<br>• AI and automation used to detect suspicious patterns and risks<br>OBJECTIVES EXAMPLES<br>BUILDING CUSTOMER-CENTRED TECHNOLOGY |
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| TECHNOLOGY FOUNDATIONS SIMPLIFIED<br>17<br>6 TO 4<br> Private &<br>Public cloud<br>Westpac Market Update March 2025<br>$18m p.a.<br>cost reduction<br>Greater resilience<br>and faster to<br>market<br>9 TO 1<br>Networks<br>$50m p.a.<br>cost reduction<br>10x bandwidth<br>with full<br>redundancy<br>ONE<br>Developer<br>platform<br>Engineer<br>productivity<br>boosted by ~25%<br>Engineers rank<br>in the top<br>20% globally<br>6 TO 1<br>Desktop<br>Platforms<br>$7m p.a.<br>cost reduction<br>Evergreen desktop<br>environment |
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| COMPLETED IN FY24<br>UNITE: MERGE OUR TECHNOLOGY<br>18 Westpac Market Update March 2025<br>EXPERIENCE<br>PRODUCTS & SERVICES<br>PLATFORMS<br>ENTERPRISE<br>TECHNOLOGY<br>FOUNDATIONS<br>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>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>IN PROGRESS<br>>10<br>>60<br>>60<br>>20<br>>20<br><6<br><30<br><20<br><10<br>7<br>FY24 – FY28 To <60 |
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| Expected forward<br>benefits:<br>Rapid speed to market of AI use cases<br>Lower cost of AI use cases<br>Exceptional customer and staff experiences<br>Guardrails embedded for AI<br>Safe and easy AI experimentation<br>INTELLIGENT BANKING WITH AI<br>Business user<br>with idea and<br>data<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<br>SCALING AI TO ACCELERATE SPEED TO MARKET<br>19 Westpac Market Update March 2025<br>UNITE MIGRATION<br>TOOLS USING AGENTIC AI<br>FINANCIAL CRIME<br>COWORKERS<br>RELATIONSHIP<br>BANKER AI ASSISTANT<br>WESTPAC KNOWLEDGE<br>AI ASSISTANT<br>EXAMPLES OF AI CAPABILITIES |
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| ANTHONY MILLER<br>CHIEF EXECUTIVE OFFICER |
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| PERFORM<br>21 Westpac Market Update March 2025<br>1 Relationship Strength Index. 2 Excludes Notable Items.<br>The information on this page contains ‘forward-looking statements’ and statements of expectation reflecting Westpac’s current views on future events. They are subject to change without notice and certain risks,<br>uncertainties and assumptions which are, in many instances, beyond its control. They have been based upon management's expectations and beliefs concerning future developments and their potential effect on Westpac.<br>Should one or more of the risks or uncertainties materialise, or should underlying assumptions prove incorrect, actual results may differ materially from those expressed or implied in such statements. Investors should not<br>place undue reliance on forward-looking statements and statements of expectation. Except as required by law, Westpac is not responsible for updating, or obliged to update, any matter arising after the date of this<br>presentation.<br>SERVICE<br>EXCELLENCE<br>ONE<br>BEST WAY<br>METRIC SEP-24 BASELINE SEP-29 TARGET<br>Consumer NPS #3 #1<br>Business NPS #3 #1<br>WIB RSI1 n/a #1<br>Complete UNITE on time On track Complete<br>Complete UNITE on budget $147m<br>35%-40%<br>of total investment<br>over FY25 to FY28<br>Employee engagement Top quartile Top decile<br>Cost to income ratio<br>relative to peers2 2.7ppts above Less than<br>peer average<br>Return on tangible equity<br>relative to peers2 1.2ppts below Greater than<br>peer average<br>MEASURING PROGRESS |
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| CONSUMER |
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| CONSUMER PRIORITIES<br>23 Westpac Market Update March 2025<br>PERFORMANCE<br>Grow market share in key<br>segments<br>Improve ROTE<br>CUSTOMER<br>Australia’s most advocated<br>Consumer Bank<br>Deeper customer<br>relationships<br>PEOPLE<br>Simplify organisation<br>with clear<br>accountabilities<br>TRANSFORMATION<br>Simplify Consumer<br>through UNITE<br>One Best Way across all<br>channels, products, and<br>technology<br>RISK<br>Simplify products and<br>processes to improve risk<br>outcomes |
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| BEST CHANNEL<br>Westpac Market Update March 2025<br>UNITE OBJECTIVES: SIMPLIFYING CONSUMER – ONE BEST WAY<br>BEST PRODUCT<br>CONSUMER<br>24<br>1 The Forrester Digital Experience Review: Australian Mobile Banking Apps, Q3 2024<br>BEST TECH<br>BEST PROCESS<br>~80<br>systems<br>decommissioned<br>2 to 1<br>banker chat<br>5 to 1<br>staff digital<br>servicing system<br>#1<br>mobile app1<br>for all customers<br>1.7x to ~1x<br>cost of change<br>>90%<br>reduction in<br>origination pathways<br>193 to 45<br>products<br>~$300m p.a.<br>expected savings<br>FASTER SERVICE, INCREASED SALES, REDUCED RISK AND OPERATIONAL EFFICIENCY |
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| 25<br>CONSOLIDATED<br>20 PROCESSES TO 1<br>Westpac Market Update March 2025<br>CONSUMER<br>• Quicker and easier way to<br>complete ID checks<br>• Pass rate improved by >10%<br>• Faster and easier to onboard and<br>serve customers<br>• More time for quality customer<br>conversations<br>• Initiative cost $20m<br>• Estimated savings $15m p.a.<br>BETTER<br>CUSTOMER EXPERIENCE<br>IMPROVED<br>EMPLOYEE EXPERIENCE<br>INCREASED 1 2 3 SHAREHOLDER RETURN<br>OUTCOMES<br>BIOMETRICS ENABLED COMPLETED DEC-24<br>UNITE: BEST WAY DELIVERY PROOF POINT: ELECTRONIC IDENTITY VERIFICATION |
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| Westpac Market Update March 2025<br>CONSUMER<br>1 The Forrester Digital Experience Review: Australian Mobile Banking Apps, Q3 2024<br>MONEY MANAGEMENT<br>LOYALTY & REWARDS<br>FRAUD & SCAMS<br>Rewards Hub<br>Generating greater<br>value for<br>customers<br>Financial Wellbeing<br>Personal finance<br>tools<br>SafeBlock<br>Allowing customers<br>to block accounts<br>In app calling capability<br>SafeCall<br>Proactive fraud and<br>scam prevention<br>Verify & SafePay<br>~1.8M ADDITIONAL<br>CUSTOMERS GET THE #1 APP<br>INITIATIVE COST ~$120M<br>ESTIMATED BENEFITS $30m p.a.<br>INCREASED STABILITY,<br>AVAILABILITY AND SECURITY<br>UNITE: ONE BEST CHANNEL – #1 MOBILE BANKING APP1FOR ALL CUSTOMERS<br>26 |
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| EXPECTED OUTCOMES<br>27 Westpac Market Update March 2025<br>CONSUMER<br>1 This includes 2 initiatives.<br>SINGLE BANKER PLATFORM<br>from 5 to 1 servicing platforms<br>• One digital portal to view, service<br>and originate all customer needs<br>• Supporting 20,000 employees<br>• Compliant by design processes<br>• Initiative costs ~$175m<br>• Increased banker productivity<br>• Foundational capability supporting<br>14 UNITE initiatives<br>PLANNED<br>COMPLETION FY28<br>• View all customer activity across<br>every channel<br>• Digital sales and service capability in<br>physical channels<br>MODULAR DESIGN<br>ARCHITECTURE<br>UNITE: ONE BEST CHANNEL – DIGITAL BANKER, STAFF ASSISTED DIGITAL PORTAL1<br>BETTER<br>CUSTOMER EXPERIENCE<br>IMPROVED<br>EMPLOYEE EXPERIENCE<br>INCREASED 1 2 3 SHAREHOLDER RETURN |
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| BUSINESS & WEALTH |
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| BUSINESS & WEALTH PRIORITIES<br>29 Westpac Market Update March 2025<br>PERFORMANCE<br>Balance growth and return<br>Improve market share<br>CUSTOMER<br>Customer at the heart of<br>everything we do<br>Improve experience through<br>BizEdge, Digital Banker and<br>Invoice Financing<br>PEOPLE<br>Recruit 350 additional<br>business bankers<br>Amplify our people’s<br>capability through the<br>Business Performance<br>Academy<br>TRANSFORMATION<br>Ten UNITE initiatives<br>Drive simplification for our<br>key customer journeys<br>RISK<br>Embed a proactive<br>risk culture<br>Actively manage risk<br>as we grow<br>BUSINESS & WEALTH |
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| Reduce banker loan<br>processing time by<br>~50%<br>Reduce<br>TTD1 by<br>~60%<br>Decommission Legacy<br>systems and tools<br>27+<br>FAST, SIMPLE, DIGITAL LENDING ORIGINATION EXPERIENCE WITH A SINGLE VIEW OF CUSTOMER<br>GROWTH INVESTMENT: BIZEDGE<br>30 Westpac Market Update March 2025<br>BUSINESS & WEALTH<br>1 Time to unconditional lending decision.<br>Total Investment FY24 to FY29<br>c.$300m<br>MANUAL STEPS<br>AUTOMATED<br>Efficient end-to-end<br>process<br>DIGITISED<br>DOCUMENTS<br>Easy and<br>secure<br>FASTER CREDIT<br>DECISIONS<br>Simple and convenient<br>loan approvals<br>SINGLE DIGITAL<br>PLATFORM<br>Data<br>captured once<br>GUIDED<br>PATHWAYS<br>Intuitive and digitally<br>enabled experience<br>EXPECTED OUTCOMES |
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| EXPECTED OUTCOMES<br>31<br>BETTER<br>DIGITAL<br>EXPERIENCES<br>SIMPLIFY<br>TECHNOLOGY<br>Westpac Market Update March 2025<br>UNITE OBJECTIVES BUSINESS & WEALTH<br>Product processors<br>reduced<br>10 to 6<br>Banker platforms<br>consolidated<br>>10 to 3<br>Online banking<br>platforms consolidated<br>4 to 2<br>Cost of change<br>reduced by<br>1.7x to ~1x<br>Reduction in<br>products & process<br>> 50%<br>ONE<br>Private Bank<br>Wealth Platform<br>Share Trading Platform<br>Merchants Business |
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| UNITE: ONE PRIVATE BANK<br>32<br>3 BRANDS TO<br>1 DISTINCTIVE BRAND<br>Westpac Market Update March 2025<br>BUSINESS & WEALTH<br>1 Based on balances. Expected to be completed in FY25.<br>85% OF CUSTOMER<br>TRANSITIONS COMPLETED1<br>SIMPLIFIED<br>BUSINESS MODEL<br>EXPECTED OUTCOMES<br>• Processes and systems reduced by<br>~50%<br>• High staff engagement<br>• Initiative cost ~$5m<br>• Facilitate above market growth of<br>balance sheet and investment FUA<br>• Enhanced proposition and digital<br>experience<br>• Higher customer advocacy<br>BETTER<br>CUSTOMER EXPERIENCE<br>IMPROVED<br>EMPLOYEE EXPERIENCE<br>INCREASED 1 2 3 SHAREHOLDER RETURN |
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| UNITE: ONE WEALTH PLATFORM<br>33 Westpac Market Update March 2025<br>BUSINESS & WEALTH<br>1 Subject to BT Funds Management Limited Board approval.<br>ONE CONTEMPORARY<br>WEALTH PLATFORM<br>MIGRATE CUSTOMERS<br>FROM ASGARD TO PANORAMA<br>BY FY261<br>STREAMLINED ADVISER AND<br>CUSTOMER EXPERIENCE<br>EXPECTED OUTCOMES<br>• Simplified operating and service<br>model<br>• Simplified risk management<br>• Initiative cost ~$70m<br>• Estimated benefits $40m p.a.<br>• Simplified technology roadmap<br>• Improved experience and market<br>leading mobile technology<br>• Modern security features<br>• Increased NPS<br>BETTER<br>CUSTOMER EXPERIENCE<br>IMPROVED<br>EMPLOYEE EXPERIENCE<br>INCREASED 1 2 3 SHAREHOLDER RETURN |
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| WIB |
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| WIB PRIORITIES<br>Westpac Market Update March 2025<br>WIB<br>PERFORMANCE<br>Maintain ROTE<br>Grow market share in core<br>products & segments<br>CUSTOMER<br>Deepen customer<br>relationships, RSI #1<br>Deliver market leading digital<br>experience<br>PEOPLE<br>Maintain top quartile<br>engagement<br>Employer of choice<br>RISK<br>Complete CORE<br>transition<br>Maintain proactive risk<br>culture and capability<br>TRANSFORMATION<br>Delivery of Westpac One<br>UNITE enablement and<br>deliver tech and process<br>simplification<br>35 |
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| EXPECTED OUTCOMES<br>ENHANCED<br>CUSTOMER & BANKER<br>EXPERIENCE<br>IMPROVE<br>DIGITAL & DATA<br>CAPABILITIES<br>SIMPLIFY<br>& CONSOLIDATE<br>TECHNOLOGY<br>Westpac Market Update March 2025<br>UNITE OBJECTIVES WIB<br>Deal routing and post-trade<br>systems consolidated<br>8 to 2<br>Trade finance systems merged<br>2 to 1<br>Trade data integration interface<br>consolidation<br>500 to 1<br>KYC platforms merged<br>3 to 1<br>Payments ecosystem simplified<br>& core processors consolidated<br>4 to 2<br>36 |
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| Liquidity and Cash<br>Management<br>Domestic and<br>International Payments<br>Transaction and<br>Investment Accounts<br>GROWTH INVESTMENT: WESTPAC ONE<br>MODULAR CAPABILITIES<br>Investment Cost c.$400m<br>FX<br>Trade<br>Treasury<br>Loans<br>Receivables<br>Insights<br>Onboarding &<br>Servicing<br>Dec<br>2025<br>Dec<br>2026<br>Dec<br>2027<br>37 Westpac Market Update March 2025<br>WIB<br>Enhanced digital<br>experience<br>Leading transaction<br>banking capability<br>Operational risk<br>reduced<br>Balance sheet growth<br>EXPECTED OUTCOMES |
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| EXPECTED OUTCOMES<br>INVESTMENT: PAYMENTS<br>Reduced cost to<br>run and change<br>technology<br>Customer<br>advocacy<br>UNITE<br>enablement<br>Balance sheet<br>growth<br>• Simplification & modernisation of payments ecosystem: Domestic and<br>International payments consolidated from 4 to 2<br>• Planned completion: Dec-28<br>• Investment cost: c.$750m from FY22 to FY28<br>SCOPE<br>• Market leading capability: Refreshed digital FX offering<br>• System resilience: Greater redundancy in wholesale and international<br>payments<br>• Scheme compliance: Westpac Group fully ISO compliant<br>INTERNATIONAL PAYMENTS<br>• Market leading capability: Full suite of real-time payment services<br>available now<br>• System resilience: Increase real-time payment capacity by 5x<br>• Scheme compliance: Consumer protection against fraud and scams<br>DOMESTIC PAYMENTS<br>38 Westpac Market Update March 2025<br>WIB |
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| TECHNOLOGY- UNITE |
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| DISCOVERY<br>Governance<br>Sequencing<br>Resourcing<br>End-to-end capabilities centralised across Business, Tech & Data<br>Focused delivery on core merge & simplify initiatives<br>Ensuring adequate resourcing and capability in place<br>REFINED INTEGRATED ROADMAP AND PLAN<br>40 Westpac Market Update March 2025<br>UNITE: TECHNOLOGY DISCOVERY PHASE REFINEMENTS TECHNOLOGY |
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| RE-EVALUATION OF 3 TO 2 DEPOSIT<br>PROCESSORS IMPROVEMENTS SINGLE DEPOSIT PROCESSOR<br>Moved to a data migration-led approach<br>Used one best way single<br>view of customer<br>Decommission an additional<br>legacy system<br>Focused on customer journey<br>Reduced delivery risk<br>Enhanced banker experience<br>Reduced cost of change and<br>faster time to market<br>Improved customer<br>experience<br>Integration-led approach<br>Many views of customers<br>Additional legacy systems<br>Confusing customer<br>experience<br>41 Westpac Market Update March 2025<br>UNITE: DISCOVERY EXAMPLE – 3 TO 1 DEPOSIT PROCESSOR TECHNOLOGY |
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| UNITE APPROACH<br>42<br>SIGNIFICANTLY REDUCED RISK THROUGH FOCUSING ON MERGE AND SIMPLIFY<br>TECHNOLOGY<br>82%<br>17%<br>1%<br>UNITE SPEND BY ACTIVITY<br>Merge Simplify Modernise<br>MERGE SIMPLIFY<br>• One deposit processor<br>• One private bank<br>• One wealth platform<br>• One customer master file<br>• One digital banker system<br>• Remove in stack<br>duplication<br>• Electronic Identity<br>Verification<br>• Consolidate domestic<br>payment processing<br>LOWER RISK THAN MODERNISE AND NEW BUILD<br>Westpac Market Update March 2025 |
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| UNITE: CONSOLIDATED 20 IDENTITY VERIFICATION PROCESSES TO 1<br>43 Westpac Market Update March 2025<br>TECHNOLOGY<br>FY23 FY24 1Q25<br>DISCOVERY<br>• 20 different verification processes used in<br>Consumer<br>• Inconsistent customer experience<br>• New KYC requirements drove multiple<br>changes<br>• $5.2m spent on compliance changes in<br>FY22<br>SIMPLIFY<br>Build capability<br>• Deliver a single digital IDHub based on<br>customer needs<br>• Partnered with a service partner to link to<br>multiple data sources<br>• Biometrics enabled<br>• Australian Banking Association Scams-Safe Accord compliant<br>Simplify process<br>• Consolidated 20 to 1 electronic ID verification processes<br>• Improved ID pass rate by >10% |
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| INVESTOR RELATIONS TEAM – CONTACT US<br>INVESTOR RELATIONS CONTACT SHARE REGISTRY CONTACT<br>For all shareholding enquiries relating to:<br>• Address details and communication preferences<br>• Updating bank account details, and participation in the dividend<br>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>44<br>Lucy Wilson<br>Head of Corporate Reporting and ESG<br>Catherine Garcia<br>Head of Investor Relations, Institutional<br>Arthur Petratos<br>Manager, Shareholder Services<br>Laura Babaic<br>Graduate, Investor Relations<br>Jacqueline Boddy<br>Head of Debt Investor Relations<br>Justin McCarthy<br>General Manager, Investor Relations<br>James Wibberley<br>Manager, Investor Relations<br>Nathan Fontyne<br>Senior Analyst, Investor Relations<br>Westpac Market Update March 2025 |
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| DISCLAIMER<br>45 Westpac Market Update March 2025<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 advice to investors<br>or potential investors, who should consider seeking independent professional advice depending upon their specific investment objectives, financial situation or particular needs. The material<br>contained in this presentation may include information derived from publicly available sources that have not been independently verified. No representation or warranty is made as to the<br>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<br>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<br>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’, ‘forecast’,<br>‘f’cast’, ‘f’, ‘assumption’, ‘projection’, ‘target’, ‘goal’, ‘guidance’, ‘objectives’, ‘ambition’, or other similar words to identify forward-looking statements, or otherwise identify forward-looking<br>statements. These forward-looking statements reflect our current views on future events and are subject to change, certain known and unknown risks, uncertainties and assumptions and<br>other factors which are, in many instances, beyond our control (and the control of our officers, employees, agents and advisors), and have been made based on management’s expectations or<br>beliefs concerning future developments and their potential effect upon us.<br>Any future benefits or objectives of the UNITE program and other priorities described in this presentation are subject to a number of assumptions, including that the technology simplification<br>will 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 or be met<br>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 and other priorities are subject to ongoing<br>testing and validation as the program progresses. The future timing and costs of the UNITE program and other priorities 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 are subject to<br>the same limitations, uncertainties, assumptions and disclaimers set out in this presentation. There can be no assurance that future developments or performance will align with our<br>expectations or that the effect of future developments on us will be those anticipated. Actual results could differ materially from those we expect or which are expressed or implied in<br>forward-looking statements, depending on various factors including, but not limited to, those described in the section titled ‘Risk factors' in our 2024 Annual Report available at<br>www.westpac.com.au. When relying on forward-looking statements to make decisions with respect to us, investors and others should carefully consider such factors and other uncertainties<br>and events. 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<br>events, conditions or otherwise, after the date of this presentation. |
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