Westpac's Technology Simplification Update

Westpac Banking Corporation (ASX: $WBC) has released its technology simplification update on 27th March 2024. The update outlines the objectives of the UNITE program, which include better customer experience, improved employee experience, and increased shareholder return. The company aims to achieve these objectives through business-led, technology-enabled strategies.

Executive Commentary on Technology Simplification

PETER KING, Chief Executive Officer of Westpac, emphasized the company's focus on growth and return through the technology simplification update. The update highlights the completion of portfolio simplification, progress in core program activities, and the ongoing technology simplification efforts. SCOTT COLLARY, Chief Information Officer, outlined the company's commitment to building customer-centered technology, emphasizing the importance of simplicity, modernization, and protection of customers. MICHAEL ROWLAND, Chief Financial Officer, provided insights into the annual investment spend, with UNITE being a major driver to close the cost-to-income ratio gap to peers.

Summary of Westpac's Technology Simplification Update

Westpac's technology simplification update focuses on accelerating simplification through better customer experience, improved employee experience, and increased shareholder return. The company aims to achieve these objectives by simplifying customer journeys, enhancing employee insights, and improving operational efficiency. The UNITE program is expected to be a significant driver in closing the cost-to-income ratio gap to peers, with a total investment spend of $1.8bn in FY24 and $2bn annually from FY25 to FY28. The company's ambitions include achieving top decile productivity for engineers, consolidating technology foundations, and providing world-class experiences and platforms. The update also highlights the company's commitment to protecting customers through initiatives like Westpac SaferPay and enterprise technology roadmap.