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    WBC   AU000000WBC1

WESTPAC BANKING CORPORATION

(WBC)
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Westpac Banking : 29/11/2021 Westpac rolls out new banking app for more customers as digital banking reaches record levels

11/28/2021 | 06:50pm EST

29 November 2021

  • More than 84 per cent of digital banking now takes place on a smart phone or tablet
  • Nine in 10 Aussies believe it is easier to do their everyday banking via digital channels
  • New Westpac app being rolled out to 800,000+ Android customers

Westpac is bringing its new and improved mobile app to Android customers, as the pandemic continues to accelerate the uptake of digital banking services.

The new app makes it easier, faster, and even more secure for customers to manage their money, with simpler search and navigation tools, enhanced security, personalised banking services and a more intuitive design.

More than 800,000 customers with a mobile running Android 10+ will be upgraded to Westpac's award-winning banking app over the coming weeks following a successful trial with more than 20,000 customers.

The roll-out to Android customers follows the app being introduced for 1.7 million iPhone customers earlier in the year, with a 15 per cent increase in customers using mobile only for digital banking.

"Mobile has become the channel of choice for customers, with more than 84 per cent of consumer and business digital banking taking place on a smart phone or tablet," said Westpac Chief Executive Consumer & Business Banking, Chris de Bruin.

"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.

"It's great we can now bring this better banking experience to even more of our customers with the latest Android roll out. Since first introducing the new app for iPhone, we've seen strong uptake with 700,000 daily users and more than 90,000 customers using our Smart Search feature each week," Mr de Bruin said.

Westpac has also included a range of features to further strengthen digital safety and security when using the new app.

"Westpac offers customers a market-leading digital card security feature through our dynamic CVC which issues a new temporary code every 24 hours via the app to help protect customers from fraud when shopping online.

"Since launching the app we have seen a 178 per cent increase in digital card usage, and customers viewed the dynamic CVC more than 400,000 times each month.

"Today's announcement is the next step in our digital banking strategy which continues to evolve to meet the changing needs of our customers. We will continue to build digital solutions to make banking simpler, faster and even more secure," said Mr de Bruin.

Westpac research* shows nine in 10 (87 per cent) Australians agree it is easier to conduct everyday banking tasks through digital channels, and 75 per cent believe digital banking has made them more conscious of spending.

The Westpac app for Android 10+ & iPhone includes:

  • Smart Search: customers can quickly locate banking services in the app, search transactions across multiple accounts, or even initiate and make payments.
  • Digital Card:customers can access a digital version of their card in the app which can be used for purchases, or if their physical card is lost or stolen. The Digital Card has a dynamic CVC which refreshes every 24 hours for added security.
  • Easier transaction identification: more detailed transaction information to easily identify where you have spent money including business name, location and contact details.
  • Cards Hub:customers can now find their debit or credit cards consolidated in one convenient place and lock a card if it gets lost or stolen, change a PIN, or add new cards to their digital wallet.
  • Savings Goals: it is now easier for customers to track savings goals in the app with new visual progress tracking, as well as set up recurring transfers and share savings goals with a joint account holder.
  • Easy Sign-up: customers can download the app with safe and secure electronic verification, open a new savings and transaction account, and set up their Digital Card all within the app.
  • Accessibility improvements:for customers who may be hearing or vision impaired, including making it compatible with screen reader and voiceover technology.
  • Quicker payments: reduction in number of payment steps from twelve to four, enabling drag and drop transfers, and making it easier for customers to repeat favourite payments.

Customers can visit the Westpac website to find out more about the new app.

Westpac app awards

  • DRIVENxDESIGN Sydney Design Awards 2021
  • Good Design Award Winner 2021
  • Australian Web Awards 2021
  • Australian Access Awards Finalist 2021

* Westpac research commissioned via Lonergan Research, August 2021.

Media Contact:

westpacmediarelations@westpac.com.au

Disclaimer

Westpac Banking Corporation published this content on 29 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 November 2021 23:49:04 UTC.


ę Publicnow 2021
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Sales 2022 19 529 M 14 026 M 14 026 M
Net income 2022 5 236 M 3 760 M 3 760 M
Net Debt 2022 - - -
P/E ratio 2022 14,5x
Yield 2022 5,82%
Capitalization 76 876 M 55 390 M 55 212 M
Capi. / Sales 2022 3,94x
Capi. / Sales 2023 3,82x
Nbr of Employees 40 143
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