Westpac drives digital banking strategy with the introduction of the Android banking app

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Westpac said more than 800,000 customers with a mobile phone running Android 10+ will be updated to the latest version of its app in the coming weeks.

After a test phase with more than 20,000 customers, the updated app includes functions such as intelligent search so that customers can quickly find banking services or transactions across multiple accounts; a digital card that allows customers to access a digital version of their card in the app that can be used for purchases; a card hub so customers can consolidate their debit or credit cards in one place; and accessibility improvements, including compatibility with screen reading and voiceover technology for customers who may be hearing or visually impaired.

The rollout follows the introduction of the app to the bank’s 1.7 million iPhone customers at the beginning of the year.

“Mobile has become the channel of choice for customers as more than 84% of consumer and corporate digital banking is done through a smartphone or tablet,” said Chris de Bruin, Westpac Chief Executive for Retail and Business.

“We wanted to create an app where we put the customer in control and give them on-demand access to their finances where and when they want.

Westpac’s announcement follows Bendigo and Adelaide Bank as they set out how they intend to leverage the digital capabilities gained through the recent acquisition of Melbourne-based fintech Ferocia to expand their mobile-only digital banking platform.

Xavier Shay, CEO of Up, said the first taxi of that rank next year will be the launch of a new home loan product called Up Home, which uses data analytics to help customers budget, manage repayments and understand what a “healthy” home loan looks like.

During a market briefing on Friday, Ryan Brosnahan, CTO of Bendigo and Adelaide Bank, took the opportunity to rattle off the bank’s transformational success to date.

These included reducing the number of technology applications it operated by 13% from 653 to 570; Begin integrating its Delphi and Alliance businesses with Bendigo products and systems, the first of which will be completed in the next quarter; and establishment of a multi-cloud capability that enables containerized workloads to be moved from Amazon Web Services to Google within a few days.

He also found that the bank has moved 10% of its target state technology apps to the cloud and, for new and updated apps, has deployed more than 80% of that directly to the cloud.

Brosnahan added that in the first half of next year, Bendigo will also roll out a seamless way for customers to authenticate their phones for mobile banking.

“We focus on digitizing the right experiences and interactions with our customers in order to make these interactions easier and more convenient. This focus on digitization through an operational excellence lens enables us to eliminate friction losses, reduce our costs, Improve speed, consistency and scalability for growth. ” and be more productive at the same time, “he said.

For fiscal 2021, Bendigo reported a whopping 172% increase in statutory net income from A $ 193 million to A $ 524 million, while operating costs topped A $ 1 billion mark, driven by the company’s decision to accelerate its technology and transformation became. spend.

The bank spent A $ 165 million on growth and transformation in the fiscal year, significantly more than A $ 91 million a year earlier. Of that, 24% was invested in basic technology, 31% in risk and compliance, and the majority of 35% in growth and productivity.

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