Westpac plots multibillion-dollar tech project to improve systems

The bank’s chief information officer, Scott Collary, said the push aimed to eliminate risks and costs that had hamstrung the bank for 15 years since its acquisition of St George at the height of the global financial crisis.the bank said in late 2023 it would lift investment from $1.9 billion to $2 billion a year

“We’ve made a lot of progress on and ... focusing on how we simplify our offers to customers and help the bankers do that,” he said. “Technology will be a big part of that.”Last September, the Australian Securities and Investments Commission sued Westpac for failing to respond to more than 200 hardship requests, which analysts had widely blamed on the bank’s ageing technology systems.

The more than 100 disparate systems for managing operations such as payments, customer identity and collections have sprouted up on top of these, and across its other brands Bank of Melbourne and BankSA. He said Unite would benefit from two years of preparation, and having smaller targets rather than big overarching goals to achieve. Projects likeMr Collary said there were 11 projects in train and another six to launch before the end of the year as part of the strategy.

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